A stall advertising an infamous tax haven is on display at this year’s Conservative Party Conference.
Several attendees have posted pictures of the Cayman Islands stall which looks to have garnered considerable interest among the conference’s suited delegates.
Hosted by the island’s tourism board Visit Cayman Islands it appears to promote tourism to the island from the outset, but a deeper look shows a more sinister side to the organisation.
Listed under the page “operate your business” their website promotes the Cayman Enterprise City (CEC) in Grand Cayman, which boasts government concessions such as “100-percent foreign ownership, 100-percent exemption from taxes, 100-percent exemption from import duties, and five-year work/residency visas for staff”.
The CEC also provides a 10-day setup of operations that covers obtaining trade certificates and work visas, allowing companies to easily establish a physical presence with offices in Cayman that generate income from a tax-neutral jurisdiction.
The Conservatives have received significant pressure to clamp down on such havens following the Panama Papers leak in 2015.
Cayman Islands were heavily implicated in the release of the sensitive documents, but there has been little response from Britain’s ruling party despite promises to crack down on the abuse.
Last year’s Tory Manifesto contained no detail on the party’s plans for tackling tax avoidance, despite Labour publishing a 10-page booklet devoted to policies for tackling tax avoidance by wealthy individuals and corporations.
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