Friday, May 06, 2011

FATCA bites

CayCompass reports that hundreds of concerned Cayman and American citizens packed a seminar on the US Foreign Account Tax Compliance Act (FATCA). The mood of the meeting was clearly subdued and the comments under the article reflect a general view that FATCA will impact on Cayman's usefulness as a centre for evading US taxes.

The question is, will Cayman's leadership be able to shift the local economy beyond being a secrecy jurisdiction, or are the locals facing doom?


Anonymous Anonymous said...

Economies like the Cayman Islands are are in trouble with FATCA as long as they stick with the US Dollar. Perhaps pegging their currencies with the Euro (or the Cayman's case the Pound) would be better. Their economy going to suffer anyways - so perhaps pulling the plug on the dollar would be the way to go.

When US tourists complain the Carribean is expensive because because of the switch - tell them to blame FATCA.

6:29 am  

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