Offshore Accounts an Offshore Bank Essay

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• Competitiveness in the Euro currency markets (Cayman Islands.com)

Depositors can also invest globally. There are minimal reporting requirements, and strong client confidentiality, and the Cayman Islands, being under British jurisdiction, has political and economic stability (Benefits of Cayman Offshore Banking)

Some of the Comnaonies in Cayman Islands

Famous U.S. companies located on Cayman Island include:

Deloitte (accounting)

Financial Consulting & Accounting Ltd.

Custom Accounting Solutions

Media Works

Xanadu Distributing Ltd. (Marketing)

Ford - Vampt Motors

Mercedes-Benz - Ultimate Imports Ltd.

Hi-Tech Electronics Inc.

Britannia Magazine

Alphasoft Ltd. (telecommunications)

(http://www.ecayman.com/)

Others are Coca-Cola, Oracle, and Intel that all use the Islands to avoid paying taxes

"One quarter of the 100 largest contractors with the U.S. federal government, including Altria Group Inc. And Tyco International Ltd. have had subsidiaries in the Caymans, according to a study by the Government Accountability Office.

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" (Evans (May, 2009). Seagate is one of these companies.

Altria, Tyco, Coke and Oracle still have subsidiaries in the Caymans, as well as Santa Clara, California-based Intel Corp., which is the world's largest chipmaker.

The Future for Cayman Islands

The U.S. government recently cracked down on offshore banking threatening to tax its companies who have moved there and this has hurt the economy of the Island. Britain stepped in 2010 with a three-year plan to help establish the economy and make the Islands a more reputable place for banking. Whether or not this will prompt more companies to move there and whether or not offshore banking will continue, despite restrictions of the U.S., is still to be seen. (WOB. Cayman Island's offshore banking)......

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