Cayman named top specialist centre
(CNS): Despite the country’s continued economic woes there was some good news for the financial services industry this week. The Cayman Islands came first in the category of specialised financial centres in The Banker’s 2010 IFC ratings place. The leading finance magazine awarded Cayman the top specialised financial centre for the second year running in this year’s rankings released this month. The jurisdiction increased its margin over other jurisdictions such as Bermuda, Jersey, Guernsey, Malta, Gibraltar, Monaco and Cyprus. The Banker’s ranking of international financial focuses on the level of international business and the value offered to institutions seeking to expand their overseas operations.
Anthony Travers, Chairman of Cayman Finance said it was another objective finding. “(It) reinforces the fact that Cayman is regarded by institutions, if not by stubborn popular press, as a successful and transparent tax neutral jurisdiction from which to base international operations,” he added.
“This result comes at a time when Cayman has just signed its twentieth tax information exchange agreement and statistics from the Islands’ regulating body CIMA show a continuingly robust performance by the financial services industry over the past year. Most importantly the financial crisis has been negotiated without the need to introduce corporate, income, capital gains, payroll or property taxes, the absence of which is likely to enhance Cayman’s attraction in the immediate future.”
Statistics from the Cayman Islands Monetary Authority (CIMA) note that Cayman still maintains US$1.795 trillion in deposits and interbank bookings and is the world’s largest domicile for hedge funds, healthcare insurance captives and catastrophe bond transactions.
The Cayman Islands is recognised as one of the top international financial centres in the world, with over 40 of the top 50 banks holding licences on the island.
Category: Business
Well done to everyone involved and thank you. Reading this article made me proud of our Financial Industry, I do not work within it, I have not made any meaningful contribution to it, but I am proud of the achievements of all the people over the last 50 years. Again, well done and thank you all. Travers, you da man!!