The Cayman Islands financial services industry has evolved as one of the world’s most important financial centres, helping to ensure the flow of the global economy and providing professional services second-to-none in many aspects of the industry, such as fund management, the formation of private and commercial trusts and captive insurance.
Enacting cutting edge legislation, such as that which permits non charitable purpose trusts (STAR trusts) and the Insurance Law (2010) has helped, among other things, to further Cayman’s reinsurance industry and has facilitated the jurisdiction’s ability to flourish where others have floundered.
In addition, the Cayman Islands regulatory regime adheres to international regulatory standards, helping the jurisdiction reach the exceptionally high levels of service it does today, required within the global financial services industry. The Cayman Islands Monetary Authority is a member of the International Organization of Securities Commissions (IOSCO) and the Cayman Islands has twice chaired the Caribbean Financial Action Task Force.
The Cayman Islands Government has also signed over 30 tax information exchange agreements with the governments of other countries and has agreed to sign a Model 1 inter-governmental agreement with the US Government in relation to meeting its obligations under the Foreign Account Tax Compliance Act (FATCA).