Captive Insight Vol I | Page 42

CAPTIVEINSIGHT

In September 2013, the CIG formally asked the United
Kingdom to extend its membership in the OECD/Council
of the Europe Convention on Mutual Administrative
Assistance in Tax Matters (the convention) to the
Cayman Islands.
In a CIG press release on the matter, the Minister for
Financial Services, Wayne Panton, commented ‘Our
formal request to join comes after many months of
substantive discussions between Cayman and the UK,
and it underscores our continued commitment to
proactive participation in matters related to international tax
cooperation’.
The actions of the Cayman Islands and other similar British
overseas territories have not gone unnoticed. Recently, after
the G20 Summit in St. Petersberg, UK Prime Minister David
Cameron said, “I do not think it is fair any longer to refer to
any of the overseas territories or crown dependencies as tax
havens. They have taken action to make sure that they have
fair and open tax systems.”

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insurance

TAX

FFI

Cayman

negotiations

Tax Transparency and New
Islands Captive Formations

CIG

It would appear that most captives would not be considered
FFIs and as such would be treated as an NFFE. NFFE’s
would be required to certify this classification to its US
withholding agents in order to prevent the 30 H