The global recession has caused some major industrialised economies to label offshore financial centres like the Virgin Islands as “tax havens” while ramping up regulatory pressure against the financial services industry.
That pressure and a desire to grow has led one offshore law firm with a VI presence to diversify the services it offers, opening an office in Luxembourg.
According to Ray Wearmouth, managing partner of Ogier’s VI office, the firm’s recently opened Luxembourg office will allow clients more choices when registering a company or investment fund.
Firms choose which jurisdictions to practise in based on the demand they anticipate from clients, Mr. Wearmouth explained.
See the Feb. 2, 2012 edition for full coverage.