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Recognised as one of the world's leading global financial services centres, the Cayman Islands prides itself in providing a wide variety of professional services, including banking, funds, company formation, insurance, structured finance, vessel and aircraft registry, and the Cayman Islands Stock Exchange.
Over the last decade, the industry has focused on two main objectives: building a world-class specialisation in institutional business to complement private client offerings and developing strong international cooperation channels.
The success of Cayman’s financial services is attributed to its sound regulatory regime, political and economic stability, and tax neutral platform, supported by highly skilled and experienced service providers. Additionally, the Cayman Islands is vigilant in ensuring adherence to recognised and relevant international standards, and is committed to supporting global efforts to fight financial crime.
Playing a vital role in the Island’s economy, financial services generated CI$1.01 billion of the GDP in 2011 (42% of the total economy). It accounted for 28% of all employment and 35% of all government revenue. The following sectors make up the Cayman Islands financial services sector:
- With 250 banks, Cayman currently ranks fifth internationally in terms of value of liabilities booked in the Cayman Islands and sixth in terms of assets booked. It has branches of 40 of the world’s 50 largest banks.
- There are more than 9,500 funds under licence with globally recognised legal, audit/accounting and fund administration services .
- Cayman is the second largest captive domicile in the world with more than 700 captives, writing more than US$7.7 billion of premiums and with US$36.8 billion of assets under management.
- Companies and Partnerships
- Regulated service providers offering professional services within an established legal regime.
- Structured Finance
- Infrastructure and aircraft financing, Special Purpose Vehicles (SPVs), focus on institutional clients.
- A secure legal framework based on English Common Law.
- A market listing facility for institutional products with current listings in excess of 3,000.
- Vessel Registration
- More than 1900 registered vessels, Category 1 British Registry, world’s largest registry for super yachts.
- Aircraft Registration
- More than 173 registered aircraft both corporate and private.
These sectors underpin the stability, integrity and quality of the Cayman Islands financial services sector with many attributes being validated by several third-party reviews. The Caribbean Financial Action Task Force (CFATF), established in 1990 and of which the Cayman Islands is a founding member, has completed three peer evaluations (1995, 2002 and 2007) in addition to external evaluations on standards of financial regulation by KPMG in 2000, and the International Monetary Fund in 2003 (report published in 2005). The Cayman Islands financial services sector was also reviewed by the U.S. Government Accountability Office (July 2008).
Reinforcing its international cooperation efforts and key to facilitating the continual flow of information between OECD countries, the Cayman Islands has a number of Tax Information Exchange Agreements in place. Click here to view the international cooperation fact sheet.