China Offshore Summit - Oct 2011
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China Offshore Summit - Oct 2011

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Attractiveness of the Cayman Islands as an International Financial Centre

Attractiveness of the Cayman Islands as an International Financial Centre

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China Offshore Summit - Oct 2011 China Offshore Summit - Oct 2011 Presentation Transcript

  • The Cayman IslandsStability, Quality, Integrity Presented by Chief Officer, Dr Dax Basdeo Ministry of Finance (Financial Services)China Offshore Summit, Shanghai, China27th October 2011
  • Location and Proximity
  • Cayman Islands at a Glance Status British Overseas Territory Capital George Town, Grand Cayman Population 55,672 (2009) Currency Cayman Islands Dollar, fixed to USD (KYD$1=US$1.20) Legislation Based on UK Common Law
  • Government at a GlanceHead of StateHRH Queen Elizabeth IIHRH RepresentativeHE the Governor,Mr Duncan Taylor, CVOElected LeaderPremier, the Hon. W McKeeva Bush, OBE JP
  • Form of Government• Executive: The Governor presides over Cabinet, whose advice must be taken except in matters of defence, external affairs, internal security, the police and the civil service
  • Form of Government• Legislative: 15 elected members representing the Islands six districts; Cabinet members and the Premier are elected by the 15 members• Judicial: Three resident judges, three magistrates and more than 140 Justices of the Peace, some of whom serve as lay magistrates
  • Judicial:Financial Services Division• The aim of the Financial Services Division (FSD) is to more efficiently handle high-profile, complex and document- heavy commercial disputes arising out of the financial services industry in the Cayman Islands
  • Judicial:Financial Services Division• The FSD operates out of a suite of modernised courtrooms, judges chambers and party conference rooms• Up-to-date technology enables the use of Livenote (or similar software systems) and video conferencing facilities
  • Economy at a GlanceNominal GDP US$3.102 billionGDP per Capita US$56,488 (2009)Major Industries Financial Services, TourismTaxation Tax neutral; consumption-based duty system
  • Leading Financial Services Sector• Stable investment environment • Aa3 credit rating by Moody’s • 2009 Bond issue was 4-times over-subscribed• Strong infrastructure and support services• Commitment to integrity • OECD White-listed jurisdiction • 27 TIEAs agreements signed (including China)
  • Financial Services SectorsFunds • There are more than 8,000 registered funds and Cayman maintains a leading global position in the hedge fund market • Broad range of structures available to operate funds in an environment that is stabilised by the clarity of the Mutual Funds Law • Market access, flexible fund structures, positive investor perception and a tax-neutral environment contribute to Cayman’s competitive edge
  • Financial Services SectorsCompanies and Partnerships • Currentregistrations now reaching more than 85,000 companies • Access to Registry data is limited, except where assistance under one of Cayman’s many international cooperation channels is required • Registration of names in a foreign script is permitted as well as having dual names on a certificate • Cayman based companies can merge with foreign companies that are not registered locally
  • Financial Services SectorsBanking & Trusts • Just under 250 banks licensed under the Banks and Trust Companies Law (2007 Revision), including branches of 40 of the world’s 50 largest banks • Regulatory oversight of the banking industry is conducted within the Basel Core Principles • International assets booked through banks in the Cayman Islands stood at US$1.762 trillion (as at 31 December 2010)
  • Financial Services SectorsVessel Registration• Category 1 British Registry, the Cayman Islands Registry is qualified to register vessels of all sizes and classes, from yachts to supertankers• Cayman has earned "white list" categorization by the European Port State Control system and by the US Coast Guard
  • Financial Services SectorsAircraft Registration• The Cayman Islands Aircraft Registry is the registry of choice for many owners and management companies with corporate aircraft ranging from Cessna Citation, Gulfstream, Embraer, Airbus and Boeing Business Jets
  • Financial Services SectorsInsurance • 725 captive insurance companies licensed in the Cayman Islands, the predominant portion is healthcare captives • A popular product offering is the segregated portfolio company structure, which caters to small- to-medium sized insurance companies looking to establish a captive, but who are unable to meet the specified capital requirements individually
  • Cayman Islands Stock Exchange• First offshore stock exchange to be granted ‘approved organisation status’ by the London Stock Exchange (1999)• First (and still only) offshore exchange to become a member of the Intermarket Surveillance Group (2001)• Affiliate member of the International Organisation of Securities Commissions; designated by the UK Inland Revenue as a ‘recognised stock exchange’• More than 3,000 issues approved for listing (mainly mutual funds and debt listings)
  • Accolades • Cayman Islands recognised as The Banker’s “Leader of Specialist International Financial Centres” for 2 consecutive years (2010) • International Monetary Fund (2009) report: “Cayman’s legal framework is comprehensive, the money laundering offense is in compliance with the requirements of the UN Conventions” • US Government Accountability Office and Department of Justice acknowledged Cayman as on of their best partners, due to excellent record of cooperation (2008)
  • Contact InformationDepartment of Commerce and InvestmentPO Box 10087Grand Cayman KY1-1001Cayman Islands+1 (345) 945-0943Financial Services Secretariatwww.caymanfinance.gov.ky+1 (345) 244-2278
  • The Cayman IslandsStability, Quality, IntegrityPresented by Chief Officer, Dr Dax BasdeoMinistry of Finance (Financial Services)China Offshore Summit, Shanghai, China27th October 2011