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News
05
Expats realise grass is greenest at home
As the economic crisis continues interest amongst expats in return-
in Britain, it appears a large num- ing home.
ber of South African expats want “It has almost surprised expats
to move back home. living abroad how we’ve managed
The managing director of to do things,” she said.
Home-coming Revolution, John Battersby, UK manager of
Martine Schaffer, says her organi- South Africa’s International
sation, which helps expats return Marketing Council, said those
to South Africa, has been taking who feared the worst about the
eight to 10 phone calls a day from safety of the country had been matter entirely,” Battersby stated. homesickness. You got a sense that
people wanting to leave the UK. proved wrong by the elections. In One of the South Africans at there were people who had busi-
“We’ve had a lot more inquiries addition, there has been a ruling the London meeting was Timothy ness plans in their back pockets.”
since the new government came against trade union federation Schultz, a marketing specialist. He Investment ratings agency
in. There’s almost a new stability Cosatu and communications reg- has lived in the UK for nine years. Moody has given a positive ver-
around South Africa,” she said. ulator Icasa with regard to a case “The good times in London are dict on South Africa, stating the
Shortly after Jacob Zuma was against Telkom’s sale of Vodacom definitely over,” he said. “A lot of country would experience a less
inaugurated as president in May, shares. people have already made up severe recession than many other
200 South Africans living in “The election sent all the right their minds and they’re going. countries. Combined with a
London met Schaffer at a discus- signals to the investor community They’ve already got their plans in strong demand for new South
sion of possible business oppor- internationally, including South place.” African bonds this is a positive
tunities in South Africa. Africans abroad.” If the Vodacom Schultz said there appeared to indication of the country’s ability
Schaffer believes the peaceful case “had gone in another direc- be many at the meeting who were to attract investment, Battersby
election had generated greater tion, it would have been another not there “purely because of naive claimed.
Guernsey’s Insurance
Caribbean nations
Industry is faring well,
under attack
says local practitioner Caribbean nations believe they will Caribbean nations said their
be the principal financial victims tourism sector could suffer as a
Guernsey’s Insurance Industry is this stage in the past three years,
of President Barack Obama’s pro- consequence of the legislation
holding up well despite the global which is great news for the
posals to collect more taxes on the aimed at taxing offshore activity.
recession, according to Peter Child Insurance Industry.”
offshore transactions of American North American business people
at the Heritage Group. While some rival offshore juris-
individuals and companies. and holders of offshore accounts
Speaking after sitting on the dictions are reporting decreasing
Caribbean countries have spent make regular visits to meet with
panel at Guernsey Finance’s levels of business, notably in the
decades building up a financial island lawyers and accountants.
‘Captive Insurance – beat the Caribbean, Guernsey has not been
industry to serve companies and They subsequently often take a
trend’ seminar in London in May, adversely affected. The Island was
individuals from the United States holiday, obviously spending money
Peter said that managers across recently listed as the fourth largest
and Europe. They offer low tax in hotels and restaurants.
the board in Guernsey were expe- captive jurisdiction in the world
rates, a straightforward regulatory “The offshore sector feeds the
riencing a marked increase in and the biggest in Europe, accord-
environment and proximity to tourism sector, and the tourism
interest in captives. ing to the trade magazine
American financial markets. sector feeds the offshore sector,”
Peter attributes this surge in Business Insurance.
During May Caribbean ambas- said John Beale, ambassador to the
business enquiries to a number of Peter added that the political
sadors at a Washington event criti- US from Barbados.
factors. He explained: “A percep- stability of the island, and
cised Obama’s proposals, as well as A frequently cited argument
tion that the insurance markets Guernsey’s established history of
legislation from Senator Carl Levin from opponents of Democratic
are hardening has led to an the provision of captive manage-
designed to make it harder for proposals on tax havens is that the
increased interest in the forma- ment services had always been an
American individuals to conceal offshore activities of north
tion of captives. A lot of the attraction for captive owners.
assets offshore. American businesses are not ille-
preparatory work that has been Being placed on the white list fol-
They also criticised proposals gal. Indeed, in some cases they
undertaken by the captive insur- lowing the G20 summit had
from the President that would tax were specifically designed by
ance fraternity in Guernsey dur- raised Guernsey’s profile as a safe
more of companies’ foreign profits. Congress to help companies lower
ing the softer market is now and transparent domicile in
Many companies use subsidiaries their tax burden.
paying off. The Guernsey which to do business, and
in low-tax jurisdictions in the Editor’s comment: One of the
Financial Services Commission strengthened Guernsey’s position
Caribbean to help manage their often overlooked side effects of
has seen more applications for as the premier European captive
foreign income. Obama’s hostility to the offshore
captives this year than it had at domicile.
© Zts A spokesperson for the industry.
www.investmentinternational.com June 2009 Investment International
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