Head of 'Cayman Fiscal Model' study to speak at OffshoreAlert Conference
By OffshoreAlert, March 23, 2010
The former U. S. Government official and economist who oversaw the recently-completed review of how to sustain the Cayman Islands as a viable economy will discuss his findings at the upcoming OffshoreAlert Conference on Offshore Financial Centers.
James Miller, who was a member of former US President Ronald Reagan's Cabinet and a former Chairman of the US Federal Trade Commission, will offer his thoughts on how Cayman – and, by extension, other OFCs – can keep their economies afloat in the modern era.
His report was notable for its emphasis on maintaining the competitiveness of Cayman's offshore financial services sector so it would not lose ground to rival jurisdictions such as Bermuda and the British Virgin Islands.
Jim Miller
Jim Miller oversaw a recently-completed independent review of Taxation, Fiscal Management & Regulation Reform in the Cayman Islands that was ordered by the UK Government upon concerns that Cayman was spending itself into bankruptcy.
A recognized expert in managing budgets, Mr. Miller will provide advice on how OFCs can balance their finances in the modern era at The 8th Annual OffshoreAlert Financial Due Diligence Conference, which will be held at The Ritz-Carlton, South Beach on May 2-4, 2010.
It is "clear" that the Cayman Government's existing financial levies on the financial services sector – which accounts for nearly 40% of direct Government revenue – are "very close, if not beyond, the point of maximizing revenue", according to the report.
"Do not impose direct taxation" was the first of the report's "Major Recommendations". Imposing such a tax "would be extremely deleterious to the very mobile financial services industry" and "would put the Cayman Islands at a competitive disadvantage compared to other international financial centers" and would "drive away business".
Difficulties obtaining work permits, either at all or in a timely manner, have long been a bane of offshore financial services providers in OFCs. Continuing on its pro-business theme, Miller's report recommended that Cayman's Government "increase the number of work permits, reduce work permit fees, and make the guest worker program more flexible".
Miller will expand on his report's findings at The 8th Annual OffshoreAlert Financial Due Diligence Conference, which will be held at The Ritz-Carlton, South Beach on May 2-4, 2010.
He will take part in a session entitled 'Offshore Financial Centers – The State & Future of the Industry'. Other panelists include Michael Foot, who recently completed a review of British OFCs for the UK Government, and other speakers from the USA, Cayman Islands, Bermuda and the Bahamas.
The conference will bring together more than 300 pro- and anti-offshore advocates and neutrals from more than 30 countries to discuss all aspects of OFCs, including products, services, tax issues, fraud, asset recovery, money laundering, compliance, investigations and intelligence-gathering.
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