Renowned tax neutrality, currency stability and English proficiency built global reliance on the Cayman Islands’ financial services sector, uplifting its strategic influence managing almost $6 trillion in alternative assets out of this British overseas territory hub today. This sector plays a vital role in the Cayman Islands economy, generating CI$1.74 billion of the GDP in 2017 (44.1% of the total economy). The sector is supported by a strong regulatory framework and a culture of compliance with international standards. Financial services directly drive over half of the economic activity through prime verticals spanning offshore insurance, shipping registers, securities funds administration, and trusts. This is in addition to over 600 banks and allied financial firms together catalyzing significant white collar employment for its 65,000 strong community while nurturing a thriving professionals ecosystem over seeing robust governance frameworks administered in this industry.
The Cayman Islands has over 120 Tax Information Exchange Agreements in place, and it has been a legal requirement in Cayman to adhere to recognized and relevant international standards. However— continuous enhancements now prioritize real time data integrity upgrading, climate risks integration covering parametric solutions crafting and exploring blockchain applications cooperation given increasing digitization of financial services transactions globally though strong cybersecurity protocols adherence take responsibility amidst sharper transparency drive by OCED partners regarding this sector.
As the jurisdiction of choice for global financial services firms, the sector remains pivotal to the economy. Tax neutrality, currency stability and use of English have cemented the Caymans’ position managing over $6 trillion in alternative assets through industry-leading financial services expertise. Offshore insurance, funds administration, trusts and other financial services verticals directly drive over half of GDP.
With over 600 banks and related financial services firms established, the jurisdiction also nurtures a thriving professional community of 65,000 employed in the financial services industry.
Well positioned to advise niche financial jurisdictions navigate complex transitions, our specialist consulting provides customized analysis assessing resilience gaps, reporting infrastructure hardening scopes and ideas guiding Cayman players futureproof governance practices responsibly upholding strategic strengths continually!
