The Cayman Islands, one of the most important financial centers in the world.
CAYMANCAYMAN NATIONAL CAYMAN NATIONAL NATIONAL CN BANK & TRUST CAYMAN NATIONAL BANK, LTD. SECURITIES, LTD. TRUST Co. LTD. (ISLE OF MAN) LTD. FUND SERVICES LTD. RETAIL BANKING INVESTMENT MGMT OFFSHORE ISLE OF MAN BASED SECURITIESCONSUMER LENDING. CORPORATE TRUST, CORPORATE, TRUST & ADMINISTRATION OF BROKERAGE PENSIONS & FUND BANKING INVESTMENT FUNDS MGMT CAYMAN NATIONAL CAYMAN CAYMAN AON CAYMAN FUND SERVICES NATIONAL NATIONAL NATIONAL (ISLE OF MAN) LTD. BANK LTD. (DUBAI) LTD. INSURANCE BROKERS LTD. ADMINISTRATION OF REPRESENTATIVE REPRESENTATIVE INVESTMENT FUNDS OFFICE OFFICE PANAMA DUBAI
PHASE 1- The Origins1794 Ten vessels, which were part of a convoy escorted by HMS Convert, were wrecked on the reef of Gun Bay, on the East End of Grand Cayman, with the help of local settlers, there was no loss of life. A member of the Royal Family was onboard and in gratitude for the settlers, King George III decreed that Cayman should never be taxed.1943 Census. Seamen, agriculture, services, construction and fishing. Persons employed 2,531.1952 Owens Robert International Airport, Barclays Bank opened a branch.1953 Cayman Airways1960 The Companies Law was established, Companies Registrar Office was opened.1960 Royal Bank of Canada1963 Canadian Imperial Bank of Commerce1966 Bank & Trust Companies Regulations, Trust Law and Exchange Control Regulations Law1970 Cayman Island Dollar1974 CI decided to delink the currency from Sterling to USD. KYD$1.00=USD$1.20 Population 13,0001975 Cayman National Bank was established1976 7,521 Registered Companies 126 Bank & Trust with assets of US$ 21.9 billion 1 Captive Insurance Company
PHASE 2 – More laws and international agreements1976 The Confidential Relationships (Preservation) Law was enacted to protect confidential information in the possession of financial services professionals.1979 The Insurance Law was enacted, to enhance and regulate growing captive insurance industry.1984 Cayman Islands entered into Narcotics Agreement with US, maturing into Mutual Legal Assistance Treaty.1986 16,791 Registered companies 456 Banks & Trusts with assets of US $202 billion 6 Company Managers 107 Captive insurance companies.
PHASE 3 – And more laws1993 Enactment of Mutual Funds Law, Trust Law and other legislation continued to be amended to maintain Cayman’s edge in financial services.1996 37,919 Registered companies 575 Banks & Trusts with assets of US $507.8 billion 75 Company Managers 378 Captive insurance companies 121 Mutual Funds administrators 1,379 Mutual Funds1997 STAR Trust Legislation
CAYMAN ISLANDS TODAY BANKS & TRUST Sept 2008 Sept 2009 Class A 19 18 Class B 258 251 FIDUCIARY SERVICES Trusts (U) 54 53 PTC’s 0 17 Companies Management 73 81 INSURANCE Clase A 28 27 Clase B 773 779 FUND MANAGEMENT Funds Registered 9,640 9,218 Fund Administrators 99 100 ECONOMIC INDICATORS (2008) Nominal GDP US$ 2.7 billion GDP per capital US$ 48,303 GDP growth in real terms 1.1% Total Imports US$ 1.05 billion Inflation 4.1% Unemployment rate 4.0% Population 52,000Source: Cayman Islands Monetary Authority, September 2009.
BANKING SECTOR 80 79 75 70 60 50 44 40 30 27 21 20 14 10 10 0 Middle Caribbean Asia & Canada & South Europe USA East & & Central Australia Mexico America Africa AmericaSource: Cayman Islands Monetary Authority, September 2009.
BANKING SECTOR International Financial Centres Banking Liabilities Total = US $4.6 trillion $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 Bahamas Netherland Panama Singapore Hong Guernsey Cayman Jersey IOM Antilles Kong SAR Islands LiabilitiesSource: Bank of International Settlements, June 2009.
BANKING SECTOR Individual vs. Institutional Bank Deposits in Cayman Islands Banks (Total Deposits = US $1.67 trillion) 3% 97% Individual InstitutionalSource: Cayman Islands Monetary Authority
FUNDS SECTOR Investment Managers of Cayman Islands Hedge Funds by Region 61% North America 26% Europe 8% Caribbean 4% Asia 1% Latin America 1% OtherSource: Cayman Islands Monetary Authority
INSURANCE SECTOR Captive Domiciles by Percentage of Total Captives (Total Captives = 5,119) Other 4% Other US 15% Bermuda 19% Switzerland 1% BVI 8% Luxembourg 4% Turks & Caicos 3% Vermont 11% Barbados 5% Labuan 1% Cayman Islands Dublin 3% 15% Guernsey 7% Singapore 1% IOM 3%Source: Cayman Islands Monetary Authority
INSURANCE SECTOR Cayman Islands Captives by Risk Location (as at March 2008) 1% 3% 1% 4% 90% North America Worldwide Caribbean & Latin America Africa, Asia & Middle East EuropeSource: Cayman Islands Monetary Authority
INTERNATIONAL FINANCIAL CENTERS External Position of banks in all currencies vis-a-vis all sectors (In billions of US Dollars) 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 Cayman France Germany Japan Netherlands Switzerland United USA Islands Kingdom Dec. 2006 Dec. 2007 Dec. 2008 Mar. 2009Source: Bank of International Setlements, June 2009.
TAX INFORMATION EXCHANGE AGREEMENTS (TIEA’s)1) United States of America 27 November 20012) Sweden 1 April 20093) Finland 1 April 20094) Norway 1 April 20095) Denmark 1 April 20096) Faroe Islands 1 April 20097) Greenland 1 April 20098) Iceland 1 April 20099) Ireland 23 June 200910) Netherlands 8 July 200911) New Zealand 14 August 200912) UK 15 June 200913) France 5 October 2009Cayman Islands has implemented the EU Savings Directive via bilateralagreements with all 27 EU Members States on an exchange of information basis.Cayman Islands has been elected a member of the OECD Steering Group. September 2009.MOU Panama 31-May-2004MOU Jamaica 10-Oct-2003MOU SEC 23-May-2005MOU Bermuda 30-June-2005MOU Isle of Man 30-June-2005MOU US Commodities Future 11-Jan-2006MOU Brazil 07-Mar-2006MOU Canada 16-May-2006MOU Jersey 21-Aug-2006MOU Argentina 13-Feb-2008MOU UK 21-Feb-2008MOU Malta 18-Feb-2009MOU SC BrazilTIEAS in “advanced stages”: Mexico, Italy, Germany, Australia, Portugal and Canada
Major Foreign Holders of US Treasury Securities, August 2009 (USD Billion) Switzerland Taiwan Luxembourg Russia Hong Kong Brazil Carib Bnkng Ctrs*** Oil Exps** UK* Japan China $0 $200 $400 $600 $800Source: US Treasury Department*Include Channel Islands and Isle of Man** Venezuela, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates*** Bahamas, Bermuda, Cayman Islands, Netherlands Antilles and Panama
Cayman National Trust Co. Ltd. Cayman National Bank and Trust Company (Isle of Man) Limited 62 Forum Lane, Suite 6201, Camana Bay, Cayman National House, 4-8 Hope Street, Douglas Grand Cayman, Cayman Islands Isle of Man, IM1 1AQ, British Isles Tel: (345) 640-5441 +44 (0)1624 646901 Cayman National Bank Ltd., Oficina de Representacion Cayman National (Dubai) Ltd. Edificio Ocean Business Plaza, Piso 15, Oficina 1502. Office 41, Oasis Centre, Sheikh Zayed Road,Ave. Aquilino de la Guardia y Calle 47, Urbanización Marbella Dubai, United Arab Emirates Panama, Republica de Panama Tel: + 971 4 339 7644 Tel.: (507) 340-6282 www.caymannational.com