Cayman Islands Unveils New Plan To Crack Down on Tax Evasion

The Cayman Islands government has introduced a new action plan to fight tax evasion to assert that they do not help taxpayers hide assets offshore. Offshore Tax Compliance Partner Kevin Packman says the effort began a few years ago after it was labeled as a tax haven under the Stop Tax Haven Abuse Act.

If you were in one of these jurisdictions, the presumption was that you were up to no good," Mr. Packman said. "Instantly they pushed back. I see this plan as more of the same, where they're saying, 'We're not doing anything wrong.'"