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Overview - Cayman Islands: Your Fortune is Guaranteed

By Frances Emery. As the number of China's high net worth individuals grows each year, more and more are becoming privy to the advantages found in offshore financial centers. Whether it is a way to safeguard their investments, to reduce their tax burden, or to plan for an uncertain future, the world's most stable offshore financial jurisdictions can expect an increasingly large percentage of their clients to come from China in the future. The Cayman Islands is one of them. Although it is one of the world's leading offshore centers today, the Cayman Islands did not have an easy start.Its...

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Cayman Enterprise City's Special Economic Zones Foster Unprecedented Innovation in the Region

Over the past decade, Cayman Enterprise City (CEC) has been actively promoting the Cayman Islands and its Special Economic Zones (SEZs) as the perfect destination for knowledge- and technology-driven businesses looking to establish a tangible physical presence. As a result, CEC proudly houses 317 SEZ companies, representing the largest innovation ecosystem in the region.   CEC specializes in facilitating the establishment of offices for startups, mid-sized enterprises, and publicly-listed companies from around the globe within three distinct SEZs: Cayman Tech City, Cayman Maritime & Aviation City, and Cayman Commodities & Derivatives Centre.   Charlie Kirkconnell, Chief Executive Officer of CEC...

Cayman Islands: Amendment Intended To Attract Investment And Benefit Clients

By Ministry Of Financial Services By giving institutional investors more investment options, the Insurance (Amendment) Bill, 2022 is intended to strengthen the Cayman Islands' position in international reinsurance and domestic insurance.Minister of Financial Services and Commerce, the Hon. André Ebanks, will bring the amendment to the Cayman Islands Parliament during its third meeting of the 2021-2022 session, which will begin on Wednesday, 8 June.He also will present the Public Recorder (Amendment) Bill, 2022; and table the Auditors Oversight Authority's Annual Report for the Year Ended 31 December 2021, and Audited Financial Statements for the year ended 31 December 2021.Minister Ebanks said...

Key Trends in Cayman and the BVI for Investment Funds, M&A, and Finance Transactions in 2022

With inflationary pressures coming to the fore in certain areas of the global economy and the continuing impact of Covid-19, there are many important and urgent issues to discuss. In our capacity as offshore legal advisers, we wanted to highlight some of the features from our Investment Funds/M&A and Finance practice from 2021 which we think will continue to trend in 2022, subject to global economic pressures, the recovery from the impact of the pandemic and the economic fallout from the developing conflict in Ukraine.  Series Financing: Many of the legal developments and client trends in 2021 will continue to...

Cayman’s Offshore Banking Sector Shows First-quarter Growth

By Michael Klein   In the first quarter of 2020, the assets and liabilities of Cayman Islands banks both increased for the first time in years.   The number of resident banks declined to 124 at the end of March, down from 125 at the end of 2019 and 133 at the end of 2018. But banking assets grew from US$662.7 billion to $727.5 billion in the first quarter and corresponding liabilities jumped from $662.2 billion to $723.9 billion, Cayman Islands Monetary Authority statistics show.   Since the financial crisis in 2007, cross-border assets and liabilities reported by banks licensed in...

The Future of International Private Banking in the Next "Normal"

By Cheyenna Calderon   COVID-19 has impacted all aspects of life and many of the changes it has brought will be here to stay. Private Banks post-COVID are being called on to reinvent themselves and become more agile and responsive in order to thrive in this new world. For international families and corporate entities that utilize private banks and have assets and interests in offshore jurisdictions like the Cayman Islands, COVID has brought on some enhanced expectations that Private Banks and their Bankers need to meet going forward.   According to the 2020 McKinsey Affluent, Private, and HNWI Customers’ Insights Survey, clients are...

Cayman Islands: Enacted Laws Strengthen Cayman's Financial Services Regime

by Cayman Islands Government   Six laws to strengthen Cayman's financial services regulatory framework, and a seventh that eases the births registration process at the General Registry, came into effect on Tuesday, 7 July.   The Companies Management (Amendment) Law, 2020 adjusts references to the list of equivalent jurisdictions published under the Anti-Money Laundering Regulations (2018 Revision), to jurisdictions designated in accordance with section 5(2)(a) of the Proceeds of Crime Law (2020 Revision).   It also aligns the fitness and propriety provisions under section 18 of the Companies Law with other regulatory laws; and empowers the Cayman Islands Monetary Authority (CIMA) to impose...

The Cayman Islands Tumbles in Top Financial Centers List

By Michael Klein   The Cayman Islands has fallen 31 places and is now only ranked 78th in the Global Financial Centres Index. The index, released twice a year by Z/Yen Group, saw Cayman’s rating drop by almost 100 points to 575.   The British Virgin Islands fell 12 spots and is ranked 72nd, while Bermuda improved two places to 61st and The Bahamas jumped from 105th to 69th position and is now also ranked ahead of Cayman.   The index covers 111 financial centres in total.     Z/Yen Group said its latest index showed high volatility, with 23 centres rising 10 or more...

Cayman Islands - The New Regulatory Regime for Private Funds

The Private Funds Law, 2020 (the "Law") came into force on 7th February 2020 and introduced a requirement for the registration of closed-ended funds (typically, investment funds which do not grant investors with a right or entitlement to withdraw or redeem their shares or interests from the fund upon notice) with the Cayman Islands Monetary Authority ("CIMA"). The Law refers to these closed-ended funds as “Private Funds”. Mutual funds (e.g. open-ended hedge funds) are not caught by the Law and continue to be regulated by the Mutual Funds Law (2020 Revision) as amended. Accordingly, there is now a regulatory regime...