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Cayman Finance Disputes Australian Senator's Criticism

by Mike Godfrey, Lowtax.net, Washington
16 October, 2015

Cayman Finance has responded to recent comments from Australian Labor Senator Sam Dastyari, who criticized the Australian Prime Minister's use of Cayman Islands vehicles to manage his investments.

Jude Scott, the CEO of Cayman Finance, said: "The statement unfortunately seeks to perpetuate a common misconception that the Cayman Islands is a tax haven." He added that the fact that Dastyari acknowledged that the activities of the Prime Minister were perfectly legal suggests that the statements were merely politically motivated.

"Clients using Cayman Islands vehicles are required by their resident countries to pay the tax relevant to them under their laws, and indeed based on the statements of the Prime Minister this appears to be the case in this instance," added Scott.

"We are therefore surprised that Dastyari would conclude that the use of Cayman Islands vehicles is 'unfair' or 'not right'."

"As much of the world now knows, the Cayman Islands has demonstrated significant leadership in the area of cross border cooperation on tax matters, be it our signing of over 30 tax information exchange agreements, our industry's compliance with FATCA or our status as one of the early commitment countries under the OECD's Common Reporting Standards," concluded Scott.

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