With 146 banks under supervision, the Cayman Islands currently ranks fifth internationally in terms of value of liabilities and sixth in terms of assets. Over 40 of the world’s top 50 banks hold licenses in the Cayman Islands which is a testament to the quality of Cayman’s financial industry, recognized worldwide.
There are more than 10,500 funds regulated and with globally recognized legal, audit/accounting and fund administration services. Cayman has been so successful in this area mostly due to its regulatory framework and a specialization in alternative investments.
Cayman is the second largest captive domicile in the world with more than 670 captives. There is a total of 821 insurance companies licensed and regulated by CIMA, the Cayman Islands Monetary Authority.
The Cayman Islands is an Overseas Territory of the United Kingdom recognized as the world’s sixth largest international banking centre and one of the top 10 international financial centres in the world, with over 40 of the top 50 banks holding licenses here.
Regulated banks in the Cayman Islands represent some 45 countries from around the world. This global representation proves that the Cayman Islands is widely acknowledged as one of the leading offshore financial centres. Where better to trust your wealth and savings as you plan for your future and for generations to come? While the financial services chapter of the Cayman Islands dates back 40 years, the seeds of it were sown as early as the 1700s. Two important legacies of history remain from that era – English common law and tax neutrality (The Cayman Islands has never had a system of direct taxation and instead employs an indirect, consumption-based taxation system). The Cayman Islands has always been an open, free market economy, and from the 1960s onwards, successfully invested its “historic capital” to the benefit of the financial services sector.