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Article: Grey skies in the Caribbean; Tax and the Cayman Islands.
- Article from:
- The Economist (US)
- Article date:
- May 23, 2009
CopyrightCOPYRIGHT 2009 Economist Newspaper Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The taxmen circle the white beaches
THE seas round the Cayman Islands may be blue, the sands white and the coral reefs a rainbow, but to the OECD, an economic group of rich countries, the Cayman Islands are grey. On May 14th the OECD ruled to keep the British colony on its list of unco-operative tax havens.
That has miffed the Cayman Islanders. In April the OECD gave a clean "white" grade to rivals such as Jersey, Guernsey and Barbados. These lists rank a financial centre's willingness to share information about offshore bank accounts with tax authorities around the world. To get on the white list, a dozen or so tax-information exchange treaties are ...