The Cayman Islands is the jurisdiction of choice for top investors worldwide and it is not because of its "tax haven" status!
To be a top offshore financial services jurisdiction you need to have the following:
- political and economic stability,
- tax neutrality,
- a responsive legal system,
- a stable banking environment,
- a sound regulatory regime,
- absence of exchange controls
- the presence of highly sophisticated service providers.
All these factors, as well as Cayman’s status as an overseas territory of the United Kingdom and its international cooperation regimes in the areas of tax information exchange, regulation and law enforcement, provide the necessary level of confidence to ensure a hospitable financial environment.
That confidence is built on Cayman’s status as a transparent, cooperative jurisdiction that already meets or exceeds the full range of globally-accepted standards for transparency and cross-border cooperation with law enforcement and tax authorities. Cayman became an early adopter of automatic data exchange, signing onto agreements such as the E.U. Savings Directive, OECD’s Common Reporting Standard, U.S. FATCA, and country-by-country reporting principles under BEPS. The OECD’s Global Forum in 2017 assessed our jurisdiction to be “largely compliant” with the international standard for transparency and exchange of information, the same rating given Germany, Canada and Australia.
This commitment to the highest standards is why Cayman continues to attract service providers such as lawyers, accountants and administrators of the highest calibre, making the jurisdiction attractive to foreign investors. The wealth of international expertise available in Cayman is one of the key factors making Cayman a jurisdiction of choice. Clients have access to a wide array of services, including trusts, structured finance, insurance, banking, reinsurance, company and asset management, vessel and aircraft registration, and stock exchange listings.