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Offshore News 2009

The G-20 summit which took place in April 2009 was one of the central events which had great impact on the offshore community this year. The result of the summit was the report of the OECD where financial centres were classified by their compliance with the “internationally agreed tax standards”, and a great number of the most popular and reputable offshore centres, among them Switzerland, Luxembourg and Belgium, were included on the so called “grey list”. International Financial Centres were urged to implement the OECD standards of transparency and effective exchange of information. According to these requirements, jurisdictions continued more active negotiations over commercial agreements and TIEAs, to achieve the amount of agreements that was set up by OECD.

The fall of the number of newly incorporated companies was stated in one of the most popular jurisdictions - in the British Virgin Islands. However, the figures reported for 2008 are still the third-best in the whole record.