The Cayman Islands’ Ministry of Financial Services & Home Affairs has hired law firm Baker Botts to provide counseling and advocacy services for the British-controlled territory in Washington.
Scope of the work includes outreach for the Cayman Islands' government regarding international taxation and public policy matters to U.S. officials including members of Congress, the Treasury Department and the White House, according to documents filed with the Justice Department in September.
Boasting the highest standard of living in the Caribbean, the Cayman Islands have long been a major international financial center — now the fifth-largest banking hub in the world — as well as a notorious tax haven.
A “tax neutral” jurisdiction, no one pays income tax, corporate tax or capital gains tax on the islands. Instead, government revenue comes from a series of indirect taxes and duties on imports, as well as work-permit fees from its sizeable expatriate workforce.
Last year, the Cayman Islands Ministry of Financial Services retained San Francisco-based law firm Pillsbury Winthrop Shaw Pittman for a similar outreach services, to provide legislative and public policy advice regarding the Ministry’s education and advocacy program in the U.S.
Baker Botts’ contract with the Cayman Islands brings the firm a fixed, $12,500-per-month fee.
Houston-based Baker Botts staffs more than 725 lawyers globally.