Savills opens office in Caribbean tax haven
The Cayman Islands – described by the Financial Times as having “a reputation for clandestine financial activity” – is the latest location for a Savills branch.
The office is located in the Caribbean Plaza on Grand Cayman’s Seven Mile Beach and is the first fully branded Savills office in the region. The firm says it will complement its existing network of associates and affiliated partners in Barbados, Grenada, British Virgin Islands, St Kitts, Bahamas, St Lucia and Antigua.
The office will be headed by Canadian Paul Young – “a seasoned residential and commercial real estate professional and long-term resident of the Cayman Islands” according to the Savills press release.
This high profile tax haven is well known for having more registered businesses than it has people.
The BBC says the Caymans are home to over 9,000 mutual funds, some 260 banks and 80,000 companies; during the international downturn the islands signed agreements on sharing tax information with Britain, France, Germany, Italy and Spain as part of an apparent drive against tax evasion.
