May 2007 Archives

International Regulatory & Judicial News Alert provided by Capital Conservator Treasury Services

TROUBLE COMING FOR CAYMAN TAX PARADISE?

In recent months, these "offshore" operations of U.S. companies have been under renewed scrutiny in Congress, where some lawmakers say the U.S. Treasury is losing millions of potential tax dollars. Many U.S. firms have subsidiaries registered in the Cayman Islands. Big energy players such as El Paso Corp., Transocean Inc. and GlobalSantaFe Corp. have local subsidiaries. So do hotelier Marriott International Inc., aerospace giant Boeing Co. and food producers Sara Lee Corp. and Coca-Cola Co.

http://www.latimes.com/business/la-fi-offshore15may15,1,5929350.story?coll=la-headlines-business

Legislative amendments to allow for the formation of Private Trust Companies has been introduced in the Bahamas, Parliamentary Secretary, Ministry of Finance, Michael Halkitis has revealed. According to Halkitis, these amendments demonstrated the government's "firm commitment to ensuring the delivery of superior financial services to local and international clients." "This is a progressive step in the continued growth and development of our financial services industry and of our economy," he told last month's Private Trust Company seminar.

Continue reading "Bahamas to Improve Private Trust Laws"