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UK CHANCELLOR WELCOMES COMMITMENTS FROM CARIBBEAN TERRITORIES

UK Chancellor welcomes commitments from Caribbean territories to enhance transparency
Published on May 3, 2013

LONDON, England — Britain’s Chancellor of the Exchequer George Osborne has welcomed news that all those British Overseas Territories with significant financial centres have signed up to the UK government’s strategy on global tax transparency – marking a turning point in the fight against tax evasion and illicit finance.

Following the recent leadership shown by the Cayman Islands, the other Overseas Territories — Anguilla, Bermuda, the British Virgin Islands, Montserrat and the Turks and Caicos Islands — have agreed to much greater levels of transparency of accounts held in those jurisdictions.

They have agreed to automatically share information bilaterally with the UK and multilaterally with the G5 — the UK, France, Germany, Italy and Spain. Under this agreement, much greater levels of information about bank accounts will be exchanged on a multilateral basis as part of a move to a new global standard.

The agreement will mean that the UK, along with other countries involved in the pilot, will be automatically provided with much greater levels of information about bank accounts held by their taxpayers in these jurisdictions, including names, addresses, dates of birth, account numbers, account balances and details of payments made into those accounts. This also includes information on certain accounts held by entities, such as trusts.

The Isle of Man – the first non-US jurisdiction to agree to greater exchange of information with the UK – has also agreed to join the multilateral initiative. Guernsey too has also expressed a clear interest.

These jurisdictions have, as well as this, committed to taking action to ensure they are at the forefront of transparency on company ownership. The British government is working closely with them ahead of the UK’s presidency of the G8. Earlier this year Britain’s Prime Minister David Cameron identified tax transparency as a key priority for the summit.

This represents a step change in the level of international transparency and will make it much harder for people to escape paying taxes by hiding their money overseas.

Osborne has urged others to join this growing initiative.

He said, “This represents a significant step forward in tackling illicit finance and sets the global standard in the fight against tax evasion. I now hope others follow these governments’ lead and enter into similar commitments to this new level of transparency, removing the hiding places for those who seek to evade tax and hide their assets.”

These agreements builds on those the UK reached with Isle of Man, Guernsey and Jersey to exchange tax information automatically based on the automatic information exchange agreement with the US to implement the US FATCA law to tackle tax evasion. The British government sees this as setting a new standard in international tax transparency.

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By Cem Kınay

With many important hotel investments and international awards, Dr. Cem Kinay is one of the world's most important names in the tourism industry.

As the founder of the Austrian, Vienna-based Gulet Turistik(1987) and Magic Life Hotels(1990) chain, he created the "All Inclusive" hotel experience for European tourists.

He managed the Magic Life Hotels chain, which has a total of 20,000 beds and 23 hotels in Austria, Turkey, Greece, Spain, Egypt, Tunisia and Bulgaria, with more than 8000 teammates, as the fastest growing and most successful hotel concept at that time.

Millions of guests were hosted during 15 years, in Sarigerme, Marmaris, Bodrum, Belek, Side and Kemer in Turkey, Kos, Crete, Corfu and Rhodes Islands in Greece, Arlberg in Austria, Hamamet in Tunisia, Mahdia, Djerba, Egypt Sharm El Sheikh and Nile.

In 2021, the establishment of the Anatolity Sustainable Culture and Tourism Foundation was started with Elif Dağdeviren.

In 2020 he did consultancy for construction of u

In 2019 he was founding board member for Turkey Tourism Promotion and Development Agency .

In January 2019 his book “Be Human.Be Smart “was published by Destek Publications.

In 2018 his first book, “Akıllı Ol.İnsan Ol” was published by Destek Yayınları.

2017 Cem KINAY founded Cem KINAY XPD Consulting, providing investment, concept design and digital transformation consultancy for domestic and foreign investors.

In 2014/2015 he was GALATASARAY SPORTS CLUB Board Member.

In 2012 he moved to Istanbul.

In 2009 he had to leave the island after the coup in the Turks and Caicos Islands and the seizure of power and projects by the British government.

In 2006, he was honored by the President of Austria with important and valuable awards such as the "Austrian State Order".

Under the management of Cem Kinay, Gulet Turistik and Magic Life Hotels chain won more than 50 valuable awards from important organizations.

2005-2009 As the founder of The O Property Collection, he made the investments and real estate development of the Mandarin Oriental Dellis Cay Hotel and Bulgari Hotel in the Turks and Caicos. In that years he worked with the world's most magnificent architects like Zaha Hadid, Piero Lissoni, Antonio Citterio, David Chipperfield, Shigeru Ban, Kengo Kuma, Carl Ettensperger and Chad Oppenheim.

In 2004, he sold his shares in the Magic Life Hotels chain to the German TUI group, he moved to Miami, lived in America and Turks and Caicos Islands until 2012.

2003 Opening of the first “All Inclusive” Magic Life hotel on the Spanish island of Fuerteventura.

2002 Opening of the first “All Inclusive” Magic Life hotel in Sharm El Sheikh, Egypt.

2001 Opening of the first “All Inclusive” Magic Life Nile Shiphotel on the Nile river in Egypt.

2001 Opening of the first “All Inclusive” Magic Life hotel in Varna, Bulgaria.

2001 the German TUI joined Magic Life hotel chain.

1998 The first Magic Life Jet was designed and started to fly in cooperation with Austrian Airlines.

1997 Opening of the first "All Inclusive" Magic Life hotel in Hammamet, Tunisia.

In 1997, he was awarded as "Man of the Year" by Austria's important economy magazine "Trend Magazine".

In 1996, he was awarded as the "Tourism Manager of the Year" by the Hotel and Tourism magazine "Traveller".

In 1996 Opening of the first "All Inclusive" Magic Life hotel on the Greek island Kos.

1995/1996 Opening of the first “All Inclusive” Magic Life Ski Hotel in the Arlberg / Austria.

In 1994 The first "All Inclusive" Magic Life Yacht gulet sailed in Bodrum.

In 1990 He founded with his partner Oğuz Serim the Magic Life Hotels Chain and opened the first "All Inclusive" hotel, Magic Life Sarigerme.

1977-1984 Vienna University Faculty of Medicine

1969-1977 Istanbul Austrian High School

1969 he graduated from Ağrı Alpaslan Primary School.

1958-1969 he lived in Aşkale/Erzurum, Diyarbakır and Ağrı.

He was born in 1958 in Istanbul Bakirköy.