Lots of fun stuff going on in the Cayman Islands this spring, according to its tourist bureau. A fishing tournament, a music festival, a carnival named after “the tracks left in the sand by sea turtles as they crawl onto the beach to nest.” What you won’t find out from the tourist websites is what a team of researchers from Stanford, Columbia and Yale recently discovered: The Cayman Islands has quietly become the main conduit through which Chinese companies raise money by selling shares to foreigners. The Cayman Islands — an island chain south of Cuba and east of Mexico’s Yucatán Peninsula that is a British territory but has its own laws — has long been an international tax shelter because it has no corporate income tax. But China wasn’t a big presence there. As recently as 2002, only 1.7 percent of the outstanding equity issued in tax havens worldwide consisted of equity issued by Chinese shell companies in the Caymans, the researchers calculated. By 2020, the team found, Chinese shell companies in the Caymans accounted for 52.5 percent of all outstanding equity issued in tax havens. Chinese companies’ issuance of equity in Bermuda accounted for an additional 3.4 […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
