As one of the world’s leading financial services centres, the Cayman Islands continues to build on four decades of providing excellent products and services, today boasting a reputation for sound regulation, transparency and international cooperation.
Established in the 1960’s, the Cayman Islands’ practically non-existent financial services sector required much-needed exposure. Unrest in another offshore financial centre provided the right opportunity and increased investor attractiveness to the island, drawing American business further south. This combined with the fact that the Cayman Islands has never had a system of direct taxation and instead employs an indirect consumption-based taxation system enabled the industry to boom into the first class sector it is today.
In 1965, the Bank of Nova Scotia Trust Company became the first trust company in Cayman. In 1966-67, the Cayman Islands Government passed amendments to the Banks and Trust Companies Regulations Law (1960) to further facilitate the flow of business. Additionally, in 1967 a young chartered accountant from the UK set up the first accountancy firm on Grand Cayman for the London-based company Pannel Fitzpatrick & Co., which opened new doors and allowed other firms to capitalise on the opportunity of establishing themselves in a tax neutral jurisdiction.
Since then, major law firms such as Maples & Calder, Walkers and Appleby have established themselves in the Cayman Islands. Similarly, large accounting firms such as KPMG, Ogier, Ernst & Young and Deloitte have brought their expertise to the jurisdiction.This first class service and wealth of knowledge, combined with the sound legal and regulatory framework has enabled Cayman to become a leader in captive domiciles, hedge fund registrations and an international banking center.