Two Sides of Cayman: Number one for offshore deals, 1000 families on welfare

According to this recent report on Mergers and Acquisitions by an offshore services provider, in the 2nd quarter of 2013 the Cayman Islands was the top destination for offshore deals.

According to this report on the Cayman News Service website “almost 1,000 homes are receiving direct financial help from government on a long term basis and almost 1,800 more households are receiving some other form of assistance”. For context, the population of the Cayman Islands is 57.000, meaning that – as a very conservative estimate – at least 10% of the population need some sort of government support.

2 signs that secrecy is still good business: Cayman registration income up 50%; Citywealth mag preparing 2014 awards

Between May and July of 2013, the Cayman Islands General Registry collected 50% more in fees than in the same period of 2012. According to the article in CNS Business, the Cayman Financial Service  Ministry will also “be working with the industry on Cayman’s action plan to deal with beneficial ownership of offshore companies, which arose from the UK’s G8 agenda.”

In the meantime, City Wealth magazine is preparing for the third edition of its International Financial Centre Awards in London on the 23rd of January 2014.

Jurisdictions covered are:

• Bahamas
• Bermuda
• Cayman Islands
• Cyprus
• Gibraltar
• Guernsey
• Hong Kong
• Isle of Man
• Jersey
• Luxembourg
• Malta
• Singapore
• Switzerland

@US and UK govts, EU, G8, G20, OECD and co: whatever you’re doing about tax havens, it doesn’t seem to be working yet.