Located in the Western part of the Caribbean Sea is the British Overseas Territory (BOT) of the Cayman Islands – a small but booming region with an economy that can equally compete with the biggest countries in the world. Aside from being a tax-efficient jurisdiction, the Cayman Islands is home to top financial industries globally trusted by international clients and corporations.
According to the Cayman Islands Monetary Authority (CIMA), medical practice liability, medical malpractice coverage, assumer workers compensation risk, as well as workers compensation hold the largest lines of coverage reinsured by captives in the islands. On the other hand, healthcare captives make up at least half of all the captives in the island’s jurisdiction. Worldwide, the Cayman Islands rank second among the biggest captive insurance markets.
The Cayman Islands is the top offshore destination for hedge funds. Currently, the region is a home to over 11,000 regulated funds, cementing its rank as one of the leading financial centers in the world. All these were possible because of the Cayman government’s dedication to creating policies that favor and attract international fund managers. It’s quite easy to register new entities on the islands as long as they meet the requirements.
For many years, the Cayman Islands have been recognized for its international banking opportunities. According to recent data, there are 18 domestic banks in the islands and 140 foreign-controlled banking institutions that are either branches or subsidiaries. The head offices of these banks are usually in the United States, Europe, South America, Asia, and Canada.
According to LOM Financial Cayman, private and institutional investors are attracted to the region because of its professional infrastructure, English common law framework, and robust regulatory framework. The Cayman Islands is also a stable economic and political jurisdiction, and does not directly levy any personal, corporate, or property taxes.