The gods of global tax do not often have a sense of humour. Right now, however, they might chuckle at a little storm that has hit the Cayman Islands.

In recent years, these pleasant Caribbean islands have prompted ire from social justice groups – and some western finance ministries – by playing host to numerous hedge funds and other financial vehicles. As an offshore centre, the Cayman Islands have been a handy place for financiers when they did not want to pay onshore taxes.