Tax evasion doesn’t happen in Cayman says Travers

| 03/09/2009

(CNS): Chair of the Cayman Islands Financial Services Association, Anthony Travers, has taken to the media circuit again this week promoting the country’s financial services sector. The Chair of the Cayman Islands Stock Exchange told Bloomberg Television that tax evasion has been “off the table” in Cayman for more than a decade and that the jurisdiction was not a tax haven. He said the Cayman Islands was always surprised that it was characterized as such considering the treaties the jurisdiction has entered into over the years.

“We are actually somewhat surprised by the characterisation of the Cayman Islands as a tax haven given the record that we have with tax transparency and the treaties we have entered into over the past twenty years,” he said. We had a number of treaties particularly with the United States and 27 treaties under the European Union Savings Directive, none of which were brought into the calculation when the OECD brought out there list.”

He explained that Cayman had now entered into the right kind of treaties according to OECD and was now white listed but that really just re-established the status quo. Travers explained that the Cayman Islands was not a tax haven because it was not dependent on bank secrecy like Liechtenstein, Monaco and Switzerland.  Travers added that Cayman had no reason to be concerned about what was happening to business in those jurisdictions as it did not have the same banking model. Travers noted that increased transparency has always improved business flows into the CaymanIslands.

“The Cayman Islands has always been a tax transparent jurisdiction, it’s not a jurisdiction where people evade tax,” he said. “Tax evasion has been off the table as far as the Cayman Islands is concerned for well over ten years.”

Travers also noted said that the indirect tax regime which Cayman has relied upon for more than 200 years was unlikely to change despite the fact that the islands are facing a short term financial problem which required FCO approval for further borrowing.

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  1. Anonymous says:

    It would be much better if people like Mr. Travers could run for office in this country rather than the candidates we have to pick from right now.  Who at McKeeva’s side has any experience or education to stand up for Cayman on the international stage? No-one.

  2. A lone voice in the dark says:

    yeah right!!!  And pigs might fly…….

  3. Twyla Vargas says:

    THANK YOU AGAIN Mr. Traves, and I will go as far as to say an Expatriate with a  Caymanian heart.  Listen to the voice of the people and Walk good.

    • Anonymous says:

      "an Expatriate with a Caymanian heart" do you realise how prejudiced a statement this is?

      • Concerned Caymanian says:

        You are interpreting it as prejudiced. What if it means simply that he has the good of Cayman at heart?

        • Anonymous says:

          Tek no notice of the touchy ex pat Twyla – I received and overstood what you said.  Kind words.

          From another ex pat with nothing but pure love for Cayman and its people.

      • Twyla Vargas says:

        YES I CERTAINLY DO !!!, and I do not have a prejudice bone in my body.  In case you read and o not understand my caymanian talk.  I meant just what I said.  Now to break it down into little pieces, and make tiles out of them. 

        My personal comments regarding  a man who does not know me personally is  mi speak as I see ya, and that is to say him naw from yaw, but im bin livin yaw long nuff fe know ow passive de Caymanians dem is and have a passive heart like us.  Get the message?    Nothing prejudice.  It is high time we Caymanians put down some armor towards expats. who want to be our friend, and it is also high time that those expatriates who live among us until their hair turn grey and they using wheel chair, accept and adopt  that we drink bush tea and eat breadfruit and turtle meat.  Am I understood more?,

    • Anthony Travers says:

      For the record ,although I do not normally post comments,it seems to me that Ms Vargas’ statement is the opposite of prejudiced.It seems kind and ,on both  points , entirely accurate.

      I remember 35 years ago when  I arrived that all Caymanians were similarly welcoming.It was for that  reason that I stayed. 

      • Anonymous says:

        Me too, Mr Travers-I arrived just before you. The expat/Caymanian tension has always been there but it was of a less virulent, less hostile kind than now. But then, there were only about 1000 of "us" and 10000 Caymanians, quite different from now!

        Keep up the good work.

  4. Anonymous says:



     The Govt have to realise how much we need need someone of his calibre – When are the going to give him an official appointment – it is concerning that the ones in Govt  dont have his depth of knowledege or experience – there are no second chances on this 

    I am sick of people moaning about caymanian or not caymanian he has made the island his home , his boys  represent Cayman in sport and  Cayman wouldnt have what we have today in respect of Financial / Legal services  if it wasnt for him – He doesnt get paid for this which is more than can be said of others 


  5. Darth Evader says:

    What the hell Travers talking about now? I been here for 25 years for exactly that purpose. Oh, never mind, I guess that’s tax avoidance!

  6. Anonymous says:

    Tell em Tony!

  7. Anon says:

    Nice work getting the message out Mr. Travers….even some of the local journalists do not seem to understand that non-tax compliant business is something no one in Cayman touches any more.

    Therefore signing all these tax treaties really makes no difference except to make our position stronger.

    • Anonymous says:

      Niceness, good work Mr Travers – lets just hope they eventually get the message!