Conservative MPs Andrew Rosindell, Martin Vickers, Bob Stewart and Henry Smith criticised the UK government’s plans to introduce more transparency to the islands while on a five-day trip paid for by the Cayman Islands government. The wives of Stewart and Vickers (who are also their employees) were also funded to join the trip and the total cost was over £18,000. The Cayman Islands has been widely criticised for its financial secrecy. The Tax Justice Network ranks it as the third most important financial secrecy jurisdiction in the world, claiming it offers “low-tax, regulation-light environment for financial players”.
As well as being secretive, the Cayman Islands is also considered a ‘tax haven’ because it does not charge corporation tax or capital gains tax. It hosts around 100,000 companies despite having a population of just 60,000 – about the same as Inverness.
— source theferret.scot | Oct 7, 2018