26-Mar-2014

Cayman Islands Tax System Transparent and Open for Business

In a special edition of BBC’s HARDtalk, Stephen Sackur spoke to Cayman Islands Premier the Honorable Alden McLaughlin to reflect on Cayman’s past, present and future.

A tax rate of zero has turned the Cayman Islands into one of the most scrutinised offshore financial domiciles in the world. Featured on BBC HARDtalk, Premier Alden McLaughlin told Stephen Sackur that Cayman has been actively engaged, and has complied with every international regulatory initiative in the last two decades.  Cayman deserves an image as a solid and transparent domicile.  “In many respects we are actually ahead of the UK, certainly in terms of beneficial ownership” replied Premier McLaughlin. Premier McLaughlin also noted Cayman’s 33 Tax Information Exchange Agreements (TIEAs) and its partnership with the Organization for Economic Cooperation and Development's (OECD) Multilateral Convention on Mutual Assistance in Tax Matters.

Premier McLaughlin went on to explain to the BBC that international regulators, onshore authorities and the OECD had found Cayman has one of the best and most robust regulatory regimes in the world, "As the premier of the Cayman Islands, I have no difficulty, and my government has absolutely no difficulty, in complying with what are international standards” he stated proudly.

Throughout the 25 minute interview Sackur labeled Cayman as one of the strangest and most unbalanced micro-economies in the world. When challenged by Stephen Sackur over Cayman’s reputation as a tax haven, the premier explained that the territory "is an open, transparent jurisdiction”

The Insurance Managers Association of Cayman (IMAC) launched a new brand in 2013 to promote the integrity and transparency of Cayman in international markets with the tagline “Cayman Islands.  Clearly Better Business”. Premier McLaughlin reiterated the message behind the IMAC brand as establishing the Cayman Islands as an appropriate, business conducive environment with a well-established infrastructure including world-class service providers and a transparent and open approach to business.

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