Cayman: A Global Financial Centre
If you heard Cayman is a "tax haven" you've heard wrong! The Cayman Islands is a well-regulated, tax neutral financial centre. And below, Cayman Resident provides brief summaries on Cayman banking, fund management, captive insurance and trust industries, companies, structured finance, currency and the Cayman Islands Stock Exchange. You can also find out here about Cayman's leading ship and aircraft registries.
As a global hub for capital markets and investments, over the past year the Cayman Islands has remained the leading jurisdiction for international hedge funds, the second largest domicile in the world for captives, the number one domicile for healthcare captives, and a leading jurisdiction for banking, trusts, capital markets and fiduciary services.
In 2015 Cayman’s financial services industry was the recipient of a number of prestigious international awards. The Banker Magazine ranked the Cayman Islands, Top Specialized Financial Centre, for the seventh consecutive year. The Cayman Islands was also voted Best Hedge Fund Services Jurisdiction in the 2015 Hedgeweek Global Awards, and at the 2015 US Captive Services Awards, the Cayman Islands was awarded the top prize in the 2015 Offshore Captive Domicile category. Industry awards such as these highlight the jurisdiction’s success in striking the right legislative and regulatory balance with the creation of innovative financial solutions for its clients.
On the dark and moonless night of the 8th of February 1794, a navigational error resulted in ten British ships, including a Royal Navy vessel (HMS Convert), being wrecked on the treacherous coral reefs off East End, Grand Cayman. This event, or so many believe, may have led to Cayman’s current tax neutrality. Read on for more!
With a winning regulatory framework that is continuously enhanced to ensure it meets the needs of licensees and their clients, coupled with new legislation, Cayman’s financial sector is poised for growth. Read about how Cayman’s unparalleled market leadership across key sectors and new financial products such as the LLC that is aligned with the onshore corporate framework of the Delaware LLC, will help secure more business for the country.
While there is no widely accepted definition, it has been suggested unofficially, that a tax haven is somewhere that has little or no taxation, protects personal financial information through laws blocking the sharing of information and exhibits an obvious lack of transparency. Cayman does not meet this definition, as not only do we have strong tax reporting protocols with many leading jurisdictions, the country’s financial industry is also well regulated and the government has adopted several transparent mechanisms that meet international standards.
Click here to learn about how many licensed banks and trusts operate in the Cayman Islands. We also give a brief overview of financial statistics, from the captive insurance industry to CLOs, and the number of companies registered in the Cayman Islands.
Find out what agencies to contact for investment opportunities, which independent directors to contact plus the top business conferences to attend in the Cayman Islands.
The Cayman Islands is recognized internationally for both it’s well regulated ship and aircraft registries. The shipping and aircraft registries are maintained by the Maritime and Authority of the Cayman Islands and the Civil Aviation Authority of the Cayman Islands respectively. Both organisations adhere to international standards and provide a range of world class services to their clientele.