Rich pull out of tax havens
(Wealth Bulletin): A combination of tax amnesties, hostile governments and tougher economic conditions are encouraging Europe’s wealthy to play it safe. They are increasingly moving their wealth back onshore, to the detriment of offshore centres which have all lost large volumes of funds. An estimated 25% of offshore funds, or $520bn (€383bn), has left since the beginning of 2008, according to research compiled by Wealth Bulletin. Most of these outflows are down to Europeans and Americans moving their money in the face of growing pressure to declare assets to tax authorities. Switzerland, the world’s largest offshore centre by assets, has lost about a fifth of those assets in the last two years, according to research.
Category: Business
For those with business interests domiciled in the Caymans, some kind of binding statement from the Administration as to the guarantee of present and future secrecy would be appropriate and would keep client companies from leaving.
Switzerland signed access agreements with major countries, exposing many clients to examination without approval of their assets, leading to prosecutions. Some kind of assurance as to whether the Caymans will follow is appropriate, yet no statement seems to have been made!
Having governments gang up on citizens like an OPEC cartel is unethical, but happening, all so the governments can line their pockets with paper. If the beneficiaries of the companies have uncertainty then it is appropriate that the Cayman Administration make a definitive statement as to present and future guarantees and assurances that information will be kept confidential.
Key word being "confidential", not a blanket swearing to secrecy, and subject to an agreeable definition of "confidential".