The Cayman Islands is another misleading jurisdiction. What the law says and what happens do not appear to line up in this jurisdiction. Under the Cayman Islands Banks and Trust Companies Law 1995 and in the Confidential Relationships (Preservation) Law of 1995 banking staff and government officials face civil and criminal sanctions if information is disclosed without authorization which on the surface sounds good BUT a number of laws permit the enforcement of foreign judgments or the disclosure of information in response to a court order, supposedly in the investigation of criminal activity and drug use or drug dealing. Additionally the Caymans are in a number of Mutual legal Assistance treaties. Take the celebrated case of John M. Masterson. He was the owner of the defunct Guardian Bank & Trust Limited of Grand Cayman, who provided the IRS with over one year's worth of Cayman bank records on thousands of U.S. taxpayers hiding funds; despite Cayman’s secrecy laws and nothing seemed to happen to him?

The Caymans do not have anonymous bearer share corporations.

If you go to the Cayman Islands you will see on average about 10 cruise ships a day in the harbor. This equates to about 25,000 tourists a day just from cruise ships each paying a head tax and spending say $50 a day each on average. Then you have the deep sea fishing, beach front hotels on their seven mile beach, expensive restaurants, and other tourist attractions. The tourism industry has proved to be too valuable to the Caymans so they sold out on privacy to preserve their tourist industry. Imagine if they were tagged as some sort of renegade country and all tourists returning from the Caymans started to get detailed luggage and body searches when arriving back home. Well pretty soon the word would get out and that would be the end of their tourism industry.

We can think of no good reason to use the Cayman Islands for anything.

For more information on offshore jurisdictions click here: http://www.panamalaw.org/

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