Thursday, May 28, 2015

Bermuda's Tax Loopholes Enticing for Walkers

Bloomberg reported:

Walkers Global doesn’t offer English or U.S. legal services, but the 400-lawyer international offshore law firm with roots in Grand Cayman, counts companies from those countries as its clients, including Blackstone, The Carlyle Group, Merrill Lynch and others.

This month, it announced two expansions: Opening an office in Bermuda; and the launch of Walker Professional Services, which will provide companies in Cayman with a registered office, registered agents, corporate secretarial services and other services. It hopes to launch Walker Professional Services by mid-June, marking its re-entrance to what it calls “the corporate and fiduciary services business,” after selling a similar business in 2012.
Carlyle has hundreds of Cayman Islands subsidiaries.  Walkers spread internationally since its Cayman founding in 1964.  Both Walkers and Carlyle make huge money avoiding U.S. corporate taxes.  It's the water in which they swim and drive their yachts.