Obama victory confirms old headaches for offshore

(CNS Business): President Barack Obama’s decisive win in the US Presidential elections yesterday ensures a continuation of the aggressive stance towards low- or no-tax jurisdictions that has been a marked strategy of his first administration. An early issue in the campaign and the subject of several attack ads had been Romney’s personal use of offshore accounts in jurisdictions such as the Cayman Islands and Bermuda, and the relatively low tax he pays as a result. Had he won, US policy towards offshore might have taken a new direction. “Obama's demagoguery is not good for Cayman's financial industry. It augments the image built up by popular culture that places such as Cayman and Switzerland somehow are rogue regimes,” Dan Mitchell of the Cato Institute told CNS Business earlier this year. Read more and comment on CNS Business