The Cayman Islands is the fifth largest financial centre in the world based on the value of deposits with the banks and financial institutions registered here. The Cayman Islands currently has registered approximately 60,000 corporations, 425 banks, 230 trust companies, almost 5,000 mutual funds, 220 mutual fund administrators, 700 insurance licensees and 40 company managers.
The Cayman Islands Fund Administrators Association estimates that the mutual fund industry currently has net assets of $250 - 300 bn. It has further been estimated that banks in the Cayman Islands currently have deposits in excess of approximately $700bn.
The mutual fund industry is growing rapidly as are the captive insurance industries, and structured finance industries.
Advantages of Cayman Islands over other offshore jurisdictions
- Highly skilled and internationally respected work force
- Efficient and experienced court system with the UK Privy Council as the ultimate appellate court
- A regulatory framework that is fully compliant with international financial, banking and prudential standards
- Access via latest technology to all major financial centres and capital markets
- Easily accessible from North and South America and Europe
- Political stability and status as a British Overseas Territory
The Cayman Islands Monetary Authority is responsible for the regulation of insurance companies, banks, trust companies, company management operations and mutual funds and gives effect to the intention of the Cayman Islands government to conform to the principles of the Basel Concordat and Basel Statement.
The Cayman Islands Stock Exchange regulates the listing of companies on CSX. The focus of CSX is on capital markets and its listing rules have been designed specifically to facilitate the listing of mutual funds, specialist debt, depository receipts and derivative warrants. It also lists local and international trading companies.
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The Cayman Islands
Firm Profile
The Cayman Islands