Cayman Islands Financial Services – A World Class Finance Hub
If you think about banking offshore, the first country that pops into your head is often Cayman. However, the truth is that this is not the shady jurisdiction Hollywood portrays. In fact, it is a very secure and regulated jurisdiction that adheres to well-established international professional standards and does not allow shady back-alley deals to take place.
The Cayman Islands financial services industry has been a global leader for decades and is firmly positioned to continue bringing innovation to its clients around the world. This is a testament to the hard work and collaboration of government and the industry itself.
A World Class Finance Hub
The Cayman financial sector offers a full range of services from banking more on businessinsider.com and insurance to trust and investment. The industry is backed by an efficient regulatory system overseen by the Cayman Islands Monetary Authority (CIMA).
This includes 43 of the 50 largest banks and more than 600 trust companies, as well as supporting ancillary services such as asset management, wealth planning, and asset protection.
It is a competitive and thriving industry that attracts top-tier talent, including seasoned professionals from the world’s most prestigious firms. This concentration of a high calibre of financial and banking brainpower is what helps to make the Cayman Islands a world-leading financial centre.
With a highly-respected professional accountancy society, the Cayman Islands is home to a large network of accountants, lawyers and certified financial analysts who all share the same dedication to excellence in their field. This level of expertise is difficult to find elsewhere in the world today.
As a result, the Cayman Islands financial industry is able to offer an array of specialised products and services that are unmatched in any other jurisdiction. These include tax-neutral and tax-free accounts, asset protection and wealth management, offshore bank account remittances, and much more.
Among the many reasons for this success is that Cayman is not a tax haven, but rather a genuinely tax-neutral jurisdiction that works with the tax laws of its clients’ home countries to ensure seamless integration of their accounts. This is crucial in light of a growing concern for transparency and worldwide cooperation.
The Cayman Islands’ financial services sector is a leading player in the global banking market and the sixth-largest by size, with more than $1.7 trillion in assets under management and a diverse client base.
With a resiliency and commitment to innovation that has helped it through decades of challenges, the Cayman Islands financial services industry has proven its resilience in the COVID pandemic and will continue to innovate to maintain its leadership role in the global financial sector for years to come.
As the global economy continues to evolve, it is critical that the financial services industry continue to evolve to meet market demands and stay compliant with good governance standards. The industry will benefit from further collaboration between the Government, the Regulator and the Cayman Finance representative body to enhance the sector’s resiliency and international leadership.