2 May 2013 The Miami-based Offshore Alert
Conference has become a regular draw for representatives of
Cayman's financial services industry in recent years, and this
year's event is no exception with the Cayman Islands lending
strong support through the provision of speakers from both the
financial services industry and Government's Ministry for
Gonzallo Jalles, CEO of Cayman Finance, says a coordinated
approach at the Offshore Alert Conference, which takes place from 5
to 7 May at The Ritz-Carlton in Miami Beach, Florida, allows the
jurisdiction to speak with one clear voice so Cayman's message
is heard unequivocally. This joint public/private approach has been
recently reinforced following other successful joint initiatives
such as the visit to Brazil in March this year, which resulted in
the Cayman Islands signing a Tax Information Exchange Agreement
with that jurisdiction.
"The Cayman islands is extremely well represented at this
year's Offshore Alert conference not only by the volume of
delegates attending but also by those who will be actively
participating by giving presentations," Mr Jalles confirmed.
"The calibre of professionals who will be speaking from and on
behalf of the Cayman Islands should signal how seriously we all
take our job in promoting the solid and exemplary reputation of
Martin Livingston is a Partner with Maples and Calder and will
be joining Mr Jalles, along with Robert Snetiker, Managing
Consultant with the Regulatory Fundamentals Group (New York), who
will be talking on the subject of navigating the regulation
nightmare in offshore transactions. This topic was brought about
following the recent flow of legislation from onshore countries
such as FATCA that forces foreign jurisdictions to abide by onshore
regulatory requirements or face isolation and penalties.
In another session analysing the recent economic crisis in
Cyprus, former Cayman Islands Monetary Authority Chairman Tim
Ridley will join Mr Jalles, along with Richard Rahn, Chairman of
the Institute for Global Economic Growth, based in Washington, DC
and Warren Coates, a consultant for the International Monetary
Fund, also based in Washington, DC. Among other topics, they will
be discussing the causes of the Cyprus crisis and whether a similar
event could be repeated in other OFCs.
A further session will see Dr Dax Basdeo, the Chief Officer in
the Cayman Islands Government's Ministry for Financial
Services, join with Mr Ridley and also Andrew Morriss, the Chair of
Law at the University of Alabama School of Law, to discuss the G8
agenda and taxation and how the 'fair share' argument will
This session will look at attempts by the world's major
governments to tax the wealthy and the potential impact on offshore
"We are very pleased so many well respected professionals
will be sharing their knowledge and expertise with delegates at the
Offshore Alert Conference, all promoting and supporting the Cayman
Islands and the valuable contribution the jurisdiction plays in the
world economy as a whole," Mr Jalles said.
Probably the most significant change from previous practice in Guernsey law under the Companies (Guernsey) Law 2008, which came into effect on the 1 July 2008, was the consignment to history of the concept of capital maintenance, which was discarded in favour of a solvency model as the basis of a company’s ability to pay distributions and dividends.
Please find attached our latest Appleby report which provides a snapshot of data in relation to petition filings and resultant court orders in six of our offshore jurisdictions.
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