Cayman Finance – the promotional agency for the island’s financial services industry – has noted recognition by 'The Banker' magazine of its position as the top specialized financial centre for the second year running, in its 2010 IFC Rankings, released in August.
The Banker magazine's ranking of international financial centres is based on a number of factors, including the size of the territory's financial services industry, the level of international business, and its offerings to prospective investors.
The Chairman of Cayman Finance, Anthony Travers, said of the results: “This is yet another objective finding that reinforces the fact that Cayman is regarded by institutions as a successful and transparent tax-neutral jurisdiction from which to base international operations.”
“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) show that USD1.795 trillion is held in the jurisdiction in deposits and interbank bookings, and the Cayman Islands is still the world’s largest domicile for hedge funds, healthcare insurance captives and catastrophe bond transactions.
A comprehensive report in our Intelligence Report series giving a country-by-country analysis of offshore investment funds, stock exchanges and trusts, with an analysis of the US QI regime, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.aspTags: tax | offshore | business | banking | financial services | insurance | hedge funds | tax havens | international financial centres (IFC) | Cayman Islands | services | Cayman Islands
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