The Cayman Islands is one of the largest financial centres in the world. Not only is it a domicile of choice for banks and trust companies, but it is the second largest domicile for captive insurance companies, and the leading domicile for investment funds.
The Cayman Islands has earned its reputation for integrity, innovation, regulatory transparency and continues to excel as a domicile. Noted below are some of the highlights about Cayman’s Financial Services and Regulatory Regime.
Cayman’s Financial Services
- World’s 5th largest financial center in terms of banking deposits
- 276 Banks and Trust Companies, including 40 of world’s top 50
- Over 10,000 Mutual Funds
- Stock Exchange
- Shipping Registry
- 764 Captive Insurance Companies
- Depth of professional support infrastructure i.e. auditors, attorneys, managers, etc.
Cayman Regulatory Regime
- Regulatory body is the Cayman Islands Monetary Authority (“CIMA”), a Statutory Authority, but operationally independent of Cayman’s Government
- CIMA is Deputy Chair of the Group of International Financial Centre Supervisors; Executive member of the International Association of Insurance Supervisors (IAIS); and a member of the International Organization of Securities Commissions (IOSCO).
- Cayman has signed a FATCA Model 1 intergovernmental agreement with the U.S.
- Cayman has committed to the OECD Convention on Mutual Administrative Assistance in Tax Matters
- Cayman has been confirmed as one of the vice chairs of the Peer Review Group of the Global Forum on Transparency and Exchange of Information for Tax Purposes.
- Cayman has full income tax transparency with the USA, proactive tax reporting with 27 members of the European Union, and full Tax Information Exchange Agreements with 30 countries around the world.
- Cayman’s all crimes anti-money laundering legislation has been evaluated by the IMF and by the FATF as being one of the very best in the world.