Whoa Nellie !.. Caymans will now report to IRS on accounts owned by Americans

[Divernan]

11. "(T)exts of the new pacts will be made public once an official signing ceremony is held."

Strongly predict the changes will NOT be retroactive, and/or there will be a window of time to allow transfers - either out of the Cayman banks or to dummy foreign corporations to hide true ownership.

Full disclosure: I have no $$$ squirreled away on Grand Cayman, but had a wonderful scuba diving trip there a few years back, and recommend:
a great place to stay - Cobalt Coast resort. It's on the far end of the island, away from the Miami Beach high rise hotels/crowds on 7 mile beach, and the thousands of day trippers from the monster cruise ships. My favorite thing was late night relaxing in the hot tub with the sound of the surf & a magnificent view of the ocean and stars and not a single electric light in sight.
http://www.cobaltcoast.com/;

to eat, the Lighthouse Restaurant. Again WAY out of capitol city of Georgetown (need a rental car to get there), but the most beautiful ocean front restaurant I've been to in all my diving adventures. Great Italian menu, with a dining pier extending way out into the ocean. Get there about an hour before sunset and r-e-l-a-x.
http://www.caymanonline.com/lighthouse/index.shtml;

and to visit,
(1)Queen Elizabeth II Botanic Park.
24 hectares/59 acres of rugged woodland, with a walking path winding through wetland, swamp, dry thicket, mahogany-tree stands, and patches of orchids and bromeliads. There's also recreated traditional Cayman home, garden and farm; a floral garden with flowering plants, and a lake with three islands, home to many native birds.
http://www.botanic-park.ky/.
and (2) Pedro St. James National Historic Site. Really gives you the history of the island/that part of the Caribbean with a "multi-sensory" 3D theatre (indoor rain storm, lightning and thunder) and a restored Great House dating back to 1780.
http://www.pedrostjames.ky/

I had a wonderful time there, back before 2008, when my retirement savings largely vanished (thanks W!), and scuba diving became a luxury I could no longer afford.