News about the Cayman Islands in the Foreign Press

Wednesday, March 10, 2004

US companies to bring home money banked in Cayman

WASHINGTON, USA - According to Bloomberg News, the US Senate will approve a tax holiday for overseas earnings in an attempt to get US companies to bring home more than $400 billion in profits they have banked in countries where taxes are lower, such as the Cayman Islands.

SA investors get burned by Cayman fund

JOHANNESBURG, South Africa - Personal Finance reports that South African fund managers investing in Lancer, a New York-based fund registered in the Cayman Islands, have been forced to write down the value of this investment to zero, because Lancer's fund managers were involved in nefarious activities. 

Best manoeuvre for US firms is to change domicile to Cayman

EDINBURGH, Scotland - According to The Scotsman, one reason British firms are able to buy up US companies so often is the relative costs imposed by the Internal Revenue Service. Can there be any surprise that US executives see it is only sensible to move to lower tax jurisdictions? The best manoeuvre for a sizeable American firm is to change their domicile to places such as the Cayman Islands.

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