London law firm says new offices in world’s most notorious tax haven will help it tackle the climate crisis

London law firm Chancery Advisors has claimed that its plans to open an office in the Cayman Islands will help it tackle the climate crisis.

The City of London law firm said that opening new offices in the notorious tax haven will help it facilitate offshore hedge funds and activist investors in forcing firms to act in line with the principles of the ESG agenda.

Speaking to City A.M. Chancery Advisors partner Dan Harris claimed the huge amounts of “investible capital” that flow through the Cayman Islands could be used to accelerate the green transition.

Chancery’s plans for its new Cayman Islands offices come after the EU put the British overseas territory on its tax haven blacklist, after it claimed the offshore jurisdiction lacks “appropriate measures” to prevent tax abuse.

The Cayman Islands became popular as a safe harbour for tax avoiders due to having no income taxes, no property taxes, and no capital gains taxes. Instead, the archipelago relies entirely on indirect taxation to fund itself.

Harris said that while setting up offshore funds is the “bread and butter” of any Caymans Islands based firm, Chancery plans to generate most of its revenues through working with companies already based on the islands in the Caribbean Sea.