In a move that mimics those of several other companies shifting their operations out of the offshore haven provided by the Caribbean islands, satellite navigation company Garmin has announced plans of shifting its incorporation from the Cayman Islands to Switzerland.

The proposed move has already passed muster in the boardroom and will be put on the table for vote before the shareholders on May 20.

Citing its 'growing' footprint in Europe in the recent years as one of the governing principles of the change, Min Kao, Chairman and CEO, stated, "The Swiss office will provide a base for expansion of certain corporate functions in Europe and a more favorable structure from which it would be possible to acquire or partner with European businesses".

According to the company, if the shareholders approve of the redomestication and it faces no objection at the Grand Court of Cayman Islands, the move will result in the formation of a new company also by the name of Garmin to replace the existing one in the Caribbean as the primary public holding company of Garmin. The shares of the old company will be swapped by the shares of the Swiss company to smooth the way for the shareholders.

If all goes according to plan the move is expected to be effective on June 27.