Home Offshore Jurisdictions Insights
With the ever changing political and economic global landscape, Mike Farley, Global Head of Fiduciary Investment Services at ZEDRA - Jersey, discusses the considerations...
Over the past few months the issue of offshore jurisdictions and the role they play in the global economy has come under extreme scrutiny, especially from onshore governments seeking to increase tax revenues. The recent Panama Papers Leak has only served to fuel the flame and has resulted in more people who know very little or nothing at all about offshore jurisdictions calling for their demise.
Last week HMRC launched the new Worldwide Disclosure Facility (WDF) – a new online facility which provides a ‘last chance’ to those who want to disclose a UK tax liability that relates wholly or partly to offshore interests. Unlike previous facilities, the WDF offers very little in the way of carrot, and rather more in the way of stick given the new sanctions that are set to be introduced in 2018.
The Cayman Islands Limited Liability Companies Law, 2016 (the “LLC Law”) has now been enacted and will be brought into force by a separate commencement order which is expected to be published later this month.
The Government of the Cayman Islands has this week gazetted a bill to repeal the statute that has frequently – and mistakenly – been described as Cayman’s banking secrecy law.
In the context of the Panama Papers expose' and their implications, you queried the timeliness of Jamaica's plans to establish "offshore financial services business", sought insight into the "Government's thinking" on how Jamaica will proceed, and questioned whether it still sees this industry "as a feasible option". You asserted that if the "rules are changed" (presumably as a consequence of the Panama Papers), the legislative framework may require rethinking and a redefinition of our strategy.
We caught up with offshore taxation practitioners to find out which jurisdictions are currently important to them.