A safe haven
Denounced by some as shady tax havens that facilitate capital flight, praised by others as providing a much needed bolthole free from the turbulent politics back home, offshore centres continue to divide opinion. The Cayman Islands is a far larger player than most in this sphere, especially with respect to Latin America. Vincent Manancourt asks whether new global transparency initiatives, such as the OECD’s Common Reporting Standards, will destroy the main pillar of the islands’ economy or else precipitate a much-overdue change in perception
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