Word: cricos
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Harvard established the Cayman CRICO in 1976 and added the Barbados CRICO in 1986 in order to take advantage of a favorable tax treaty between the U.S. and the island. But the Barbados company has been dormant since the treaty expired in March 1989, and Creasey says he is looking to move...
Creasey said he might attempt to have the Barbados CRICO designated a "surplus lines carrier," which means it could gain legal standing in the U.S. to write policies...
Hamish McClurg, an attorney in Bridgetown Barbados with responsibility for the CRICO there, declined to comment on the company last week...
Dwight Merren, an administrator for the Midland Bank Trust, which administers the Cayman Island CRICO, said he did not believe a move is imminent for the Barbados company. Hesaid he believed the lower taxes paid by theoff-shore company would make it difficult to leavethe Caribbean...
Indeed, a review of the tax records of bothcompanies shows that each are in good financialhealth. The Cayman CRICO, the more prosperous ofthe two, had more than $50 million inundistributed earnings and nearly $155 million inreserve for outstanding claims...