Unlike other offshore financial centres, the Cayman Islands is in the unique position of being a top international banking centre and one of the leading jurisdictions for the creation and administration of trusts, the world’s leading domicile for offshore funds, the second largest captive insurance centre and a world leader in structured finance. The jurisdiction stands as the only offshore international financial centre to possess such breadth and depth in financial services.
Private and institutional investors are attracted to the Cayman Islands because it has been able to demonstrate consistently that it can provide the prerequisites for discerning clients, including:
Many of the world’s top lawyers, accountants, fund administrators, trust companies, corporate service practitioners and other financial services professionals operate in the Cayman Islands. Consequently, that expertise and more importantly, the innovative legislation that has grown out of it, has attracted business to the Cayman Islands.
The jurisdiction has undergone a number of enhancements to its financial services regulatory regime over the past few years, continuing its commitment to adhering to the highest international regulatory standards. Cayman adheres to the Basel Core Principles for effective Banking Supervision, the International Association of Insurance Supervisors (IAIS) principles for insurance regulation, the International Organization of Securities Commissions (IOSCO) principles for regulation of investments business and the Financial Action Task Force (FATF) Forty Recommendations on anti-money laundering.
The BVI is the recognised leader in offshore corporate activity with the largest companies registry in the offshore world. The BVI Business Companies Act now forms the basis and impetus for this growth and the jurisdiction has been rightly praised for offering quick, flexible and cost effective solutions for many offshore structuring plans. Trust, Partnership, Mutual Fund and Insolvency legislation also has all been passed within recent years allowing the BVI to take its place as a premier international business jurisdiction serving a truly global client base.