The secretive tax haven that is home to the world’s hedge fund industry is poised for a radical overhaul. The taxes are to remain light, but the Cayman Islands are set to become a lot less shady.
Beset by angry foreign politicians and under pressure from sweeping global regulatory changes, the world’s sixth largest financial centre (population 56,000), has until now staunchly resisted tinkering with its highly successful economic model.
New proposals from the islands’ all-powerful Cayman Islands Monetary Authority, however, will make for a significant departure from past form.
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