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Business
Check in with our guide to
Cayman
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Cayman’s thriving industry
grows deeper roots
The Cayman Islands has enjoyed a strong global reputation for its finance industry for decades. Anyone involved in funds knows that Cayman is the jurisdiction of choice for investment funds and captive insurance. They also know that it is a well-regulated jurisdiction, which finds the necessary balance that enables it
to facilitate and foster business on an international scale.
Over the past 10 years or so, global regulation has been fully embraced by Cayman, above and beyond standard due diligence, including: enhanced anti-money laundering requirements, Beneficial Ownership Registration, automatic exchange of tax information requirements, including the US Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standards. Necessary global regulation will continue, and only those that participate will have a seat at the global market table.
The question is: what does this mean for the future of Cayman as a leading financial jurisdiction?
Cayman continues to enjoy some unique statistics such as: more lawyers and accountants per capita than most onshore jurisdictions, leading jurisdiction for healthcare captives, representing almost one third of all captives, by
far the world’s leading jurisdiction for international hedge funds and the world’s biggest banking center with banking assets in the region of US$1.026 trillion, as well as holding one of the highest GDPs in the world.
Both businesses and high net worth persons remain not only confident
in Cayman, but they are increasingly relocating, together with their families, to Cayman.
To sum it up nicely, Moody reaffirmed Cayman’s Aa3 government bond rating
in April 2018, stating Cayman: ‘is wealthier and growing faster than other countries with the same credit rating’. Previous Moody reports lauded that: “The Cayman Islands benefits from decades of stable institutions and respect for the rule of law. The Cayman’s Worldwide Governance indicators results are among the highest in the region and in the top 20th percentile of all rated sovereigns, including highly developed countries. A long history
of policy consensus and a consistent macroeconomic approach is a key support of its economic development.’
Indeed, the future looks bright for Cayman.
By Sophia Harris, founder of law firm Solomon Harris
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150 | destination Cayman 2019