Cayman Islands "Tax Shelter to the world"
-U.S. oil and gas companies have at least 882 subsidiaries located in oil-free tax havens such as the Cayman Islands...
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"Our little region over here that has never bothered anyone..." - Henry Stimson, U.S. Secretary of War |
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Cayman Islands |
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Caribbean Net News is published by Cayman Net Ltd, a media publishing and communications company based in the Cayman Islands. Established in 1999, Cayman Net Ltd produces high quality print publications and two associated news-oriented web sites: www.caymannetnews.com and caribbeannetnews.com |
Revolution Risk: Zero: Plenty of dough, no taxes -- with the world's rich spending money in this playground, who needs taxes? |
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Ranked as the fifth largest offshore financial center in the world, the Cayman Islands is also the second largest captive insurance center. The number of banks registered in the Cayman Islands is fast approaching 600 (with 47 of the world's 50 top rated banks) and close to 400 captive insurance companies. Also, over 34,000 companies are shown in the Cayman Islands Registry of Companies. This is largely due to the country's tax laws and confidentiality legislation. Further, there is a 30 year Government guarantee against any direct taxation including capital gains tax, property taxes, inheritance tax, or withholding taxes. |
What are 'good guys' supposed to think about the Cayman Islands?
Security Exchange records show that by January 2001, Enron had incorporated subsidiaries in a number of offshore banks: 692 accounts in the Cayman Islands, 110 accounts in Turks and Caicos Islands, 43 accounts in Mauritius, 9 accounts in Bermuda, 5 accounts in Barbados, 4 accounts in Puerto Rico, 2 apiece in Hong Kong, and one each in Aruba, the British Virgin Islands, Guam, Gernsey, and Singapore. |
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| President Bush, who has said he disapproves of U.S. companies setting up subsidiaries in tax havens, was a director of a Texas oil company when it decided to do just that. In 1989, Harken Energy Corp. set up Harken Bahrain Oil Co. in the Cayman Islands to oversee a drilling contract with the government of Bahrain. Center for Public Integrity |
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