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词条 Offshore magic circle
释义

  1. Definition

  2. Criticism

  3. Endorsement

  4. Multi-jurisdiction firms

  5. See also

  6. Notes

  7. References

  8. External links

{{short description|multi-jurisdictional tax haven law firm}}{{see also|Tax haven|Corporate tax haven}}{{Taxation}}Offshore magic circle is the set of the largest multi-jurisdictional law firms who specialise in tax havens (especially the Caribbean triad of Bermuda–Cayman–BVI, and the Channel Islands duo of Jersey–Guernsey), and increasingly in modern corporate tax havens (especially Dublin, Singapore and Luxembourg).[1]

Definition

The term is a derivation of the widely recognised London "magic circle" of top law firms, and is widely used in the offshore legal industry.[2][3][4][5] The term has also become used to describe the offshore legal industry in a more pejorative sense (e.g. when the general media reports on paradise papers–type offshore financial scandals),[6][7][8][9] and is therefore more sparingly used, or found, in major legal publications (e.g. Legal Business).

There is no consensus definition over which firms belong in the offshore magic circle. A 2008 article in the publication Legal Business (Issue 181, Offshore Review, February 2008) suggested a list, which has been repeated by others[10], and is simply the top 10 offshore law firms, but excluding Gibraltar–specialist Hassans.[11]{{efn|The odd one out is offshore law firm Hassans, a Gibraltar-based law firm which ranks 9th in terms of total lawyer numbers, one place ahead of 10th ranked Bedell, however, Hassan's is not a "multi-jurisdictional" offshore law firm.}}

{{columns-list|colwidth=20em|
  • Appleby
  • Bedell
  • Carey Olsen
  • Conyers Dill & Pearman
  • Harneys
  • Maples and Calder
  • Mourant Ozannes
  • Ogier
  • Walkers

}}

A 2017 study published in Nature into offshore financial centres (see Conduit and Sink OFCs), showed the depth of legal connections between classic "offshore" tax havens (called Sink OFCs), and emerging modern "onshore" corporate tax havens, (called Conduit OFCs). The study showed how dense the legal relationships have become between modern economies and "offshore" tax havens via Conduit OFCs, and the rise in offshore magic circle firms setting up offices in modern corporate–focused tax havens, like Dublin.[12][13][14]

Criticism

In the wider legal community, it has been suggested that the 'magic circle' label for offshore firms is self-promoting. Not only does the group suggested by Legal Business seem large (with nine firms, as opposed to the five firms in the original London magic circle), but it also appears to contain a fairly high percentage of all the specialist offshore law firms, including almost all the significant Channel Islands firms.[11]

The major offshore firms do not use the 'magic circle' terminology. Edward Fennell, a legal columnist for The Times, has expressed dim views of law firms designating themselves as part of an offshore magic circle.[15] However, the concept of an offshore magic circle is actively promoted by legal recruitment consultants who hope to persuade London lawyers to spend a few years working in an offshore jurisdiction.[10]

Endorsement

The Chambers legal directory in its 2008 edition, recognised the move towards multi-jurisdictional specialist offshore firms, and included a new ranking for global offshore specialist firms, rather than by jurisdiction.[16] Arguably this was the first defined "offshore magic circle", although the directory did not use the term.

That Chambers list included the same names as the list produced by "Legal Business" in its 2008 Offshore Review article. In addition, Chambers stated that single-jurisdiction offshore specialist firms (e.g. Hassans), no matter how good, would not be considered in this new Global – Offshore category.[17]

The Lawyer magazine produces a list of the top twenty offshore law firms by number of partners, published each February.[18]

Multi-jurisdiction firms

The following table sets out the offshore jurisdictions in which the principal multi-jurisdictional offshore firms have offices (correct as at June 2016). The table does not list "sales" offices, such as London, Zurich, Dubai or Hong Kong. Dublin is included in this table due to the move of Maples, and of Walkers, into the "onshore" corporate tax haven sector, where they now compete with the main Irish law firms who specialise in taxation (e.g. Matheson (law firm), A&L Goodbody and Dillon Eustace).

Multi-jurisdiction offshore law firms
FirmLawyers (2016)[11]BermudaBVICaymanDublinGuernseyJerseyMauritiusOther"Home" jurisdiction
Appleby210YesYesYesYesYesYesIsle of Man, Seychelles Bermuda
Bedell Cristin84YesYesYes Jersey
Carey Olsen188YesYesYesYes Channel Islands*
Conyers128YesYesYesYesAnguilla Bermuda
Harneys139YesYesYesYesAnguilla[19], Cyprus British Virgin Islands
Maples291YesYesYes Cayman Islands
Mourant Ozannes186YesYesYesYesYes Channel Islands*
Ogier173YesYesYesYesYesLuxembourg Jersey
Walkers180Yes[20]YesYesYesYesYes Cayman Islands

See also

{{div col|colwidth=30em}}
  • Panama Papers
  • Paradise Papers
  • Tax haven
  • Tax shelter
  • Corporate tax haven
  • Conduit and Sink OFCs
  • Matheson
  • Ireland as a tax haven
{{div col end}}

Notes

{{notelist}}

References

1. ^{{cite web|url=https://www.ft.com/content/8aff482c-c4a3-11e7-b2bb-322b2cb39656|title=‘Offshore magic circle’ law firms fear Paradise Papers fallout|publisher=Financial Times|date=17 November 2017}}
2. ^{{cite web|url=https://www.ft.com/content/8aff482c-c4a3-11e7-b2bb-322b2cb39656|title=Offshore Magic Circle law firms fear Paradise Papers fallout|publisher=Financial Times|date=10 November 2017|author=Madison Marraige|quote=The “offshore magic circle”, a term given to the top firms based in the Caribbean and the Channel Islands that specialise in helping clients move money to low-tax countries, include Ogier, Mourant Ozannes, Walkers, and Maples and Calder, as well as Appleby.}}
3. ^{{Cite web|title=Race to the top|url=http://www.cml.ky/blog/race-to-the-top-in-the-offshore-legal-world/|publisher=CML Recruitment|date=10 March 2010}}
4. ^{{Cite web|title=Offshore law firms in Caribbean uprooted in aftermath of Hurricane Irma | url=http://www.legalweek.com/sites/legalweek/2017/09/12/like-a-warzone-offshore-law-firms-in-caribbean-uprooted-in-aftermath-of-hurricane-irma/|publisher=LegalWeek|date=12 September 2017}}
5. ^{{Cite web|title=Appleby, the offshore magic circle firm | url=https://www.bbc.com/news/business-41878881|publisher=BBC News|date=5 November 2017}}
6. ^{{Cite web|title=Appleby, the offshore law firm with a record of compliance failures|url=https://www.irishtimes.com/business/appleby-the-offshore-law-firm-with-a-record-of-compliance-failures-1.3280860|publisher=Irish Times|date=November 2017}}
7. ^{{Cite web|title=Why we are shining a light on the world of tax havens again|url=https://www.theguardian.com/news/2017/nov/05/why-shining-light-world-tax-havens-again-paradise-papers|publisher=The Guardian|date=5 November 2017}}
8. ^{{Cite web|title= Paradise Papers leak reveals secrets of the world elite's hidden wealth|url=https://www.theguardian.com/news/2017/nov/05/paradise-papers-leak-reveals-secrets-of-world-elites-hidden-wealth|publisher=The Guardian|date=5 November 2017}}
9. ^{{Cite web|title= What is the Offshore Magic Circle?|url=https://www.thetimes.co.uk/article/what-are-the-paradise-papers-5zmq0vt9r|publisher=The Times|date=6 November 2017}}
10. ^1 {{Cite web|url=http://www.hamilton-recruitment.com/portfolio-items/offshore-magic-circle-in-their-own-words/|title=Offshore Magic Circle : In Their Own Words|date=17 January 2017|publisher=Hamilton Recruitment}}
11. ^1 2 {{cite web|url=http://www.thelawyer.com/the-offshore-top-30-2016/|title=The Offshore Top 30 2016: The rankings|publisher=The Lawyer|date=22 February 2016|deadurl=no|archiveurl=https://web.archive.org/web/20160227062949/http://www.thelawyer.com/the-offshore-top-30-2016/|archivedate=27 February 2016|df=}}
12. ^{{Cite web|title=Law firm Walkers doubles up on Dublin office space in the IFSC | url=https://www.businesspost.ie/property/law-firm-walkers-doubles-dublin-office-space-ifsc-408090|publisher=Sunday Business Post|date=4 February 2018}}
13. ^{{Cite web|title=MaplesFS plans to add staff after Dublin office move | url=https://www.irishtimes.com/business/financial-services/maplesfs-plans-to-add-staff-after-dublin-office-move-1.3071980|publisher=Irish Times|date=5 May 2017}}
14. ^{{Cite web|title=Mourant opens Dublin office | url=https://jerseyeveningpost.com/news/2008/01/15/mourant-opens-dublin-office/|publisher=Jersey Post|date=January 2008}}
15. ^{{cite news|url=http://www.timesonline.co.uk/article/0,,28012-2208456_2,00.html|title=The Times & The Sunday Times |website=Timesonline.co.uk |date=16 April 2016}}
16. ^{{cite web|url=http://www.chambersandpartners.com/Global/Editorial/36193 |title=Offshore – Global–Wide |website=Chambersandpartners.com |accessdate=2016-04-16}}
17. ^{{cite web|url=https://www.chambersandpartners.com/15649/553/editorial/2/1|title=Global Guide OFFSHORE — GLOBAL-WIDE | website=Chambersandpartners.com |date=2018}}
18. ^{{cite web |url=http://www.thelawyer.com/regions/offshore/ |title=Offshore | The Lawyer | Legal News and Jobs | Advancing the business of law |publisher=The Lawyer |date= |accessdate=2016-04-16 |deadurl=no |archiveurl=https://web.archive.org/web/20130119061533/http://www.thelawyer.com/regions/offshore/ |archivedate=2013-01-19 |df= }}
19. ^https://www.harneys.com/jurisdictions/anguilla/
20. ^{{cite web|url=http://www.walkersglobal.com/index.php/bermuda|title=Taylors in association with Walkers|publisher=Walkers|accessdate=21 September 2016|deadurl=no|archiveurl=https://web.archive.org/web/20170110234820/http://www.walkersglobal.com/index.php/bermuda|archivedate=10 January 2017|df=}}

External links

  • [https://www.chambersandpartners.com/15649/553/editorial/2/1#3793_editorial Chambers Law Firms OFFSHORE – GLOBAL–WIDE]
  • Ifcforum.org
{{DEFAULTSORT:Offshore Magic Circle}}

8 : Tax avoidance|Offshore finance|Offshore law firms|Offshore magic circle|Corporate tax avoidance|International taxation|Law firms|Corporate lawyers
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