PRIVATE & INTERNATIONAL BANKING

The Cook Islands achieves top rank in technical compliance following an Anti-Money Laundering/Countering the Financing of Terrorism Mutual Evaluation review. The Cook Islands has received one of the highest assessments in the latest Mutual Evaluation report and is one of two members of the Asia Pacific Group on regular follow up reporting. FSC Commissioner, Louise Wittwer, said the review was a significant achievement for a jurisdiction of this size and reflective of the very high level of commitment from the Cook Islands Government and Crown Agencies to ensure their anti-money laundering legislative framework meets international standards. The review culminated in...

PRIVATE & INTERNATIONAL BANKING REPORTS 2018

The Cook Islands Anti Money Laundering/Countering the Financing of Terrorism (“AML/CFT”) regime is officially one of the best in the world. The APG is a regional body of the Financial Action Task Force (“FATF”), the independent inter-governmental body that develops and promotes policies to protect the global financial system from money laundering and terrorist financing. The Cook Islands MER was tabled and adopted at the APG’s annual meeting held in Kathmandu, Nepal (21-27 July 2018). The APG has 41 member countries from around the Asia/Pacific region all of which were in attendance at the meeting represented by 520 delegates. The...

PRIVATE & INTERNATIONAL BANKING REPORTS 2018

Article - Asia Outbound Company Formation and Funds Guide 2018 Introduction Country: Cayman Islands Region:Caribbean Currency:Cayman Islands Dollar (KYD) Languages: English Time Zone: UTC-5 Phone Code: 1-345 Communications: Good Formation Cost:3500-4500 USD$ Formation Time: 2-3 days Maintenance cost:2500-3500 USD$ The Cayman Islands is one of the world’s leading international financial centres and is a politically stable jurisdiction thatoffers companies a tax neutral platform for mutual funds, private equity funds,holding structures, structured finance, insurance companies and listing vehicles. The Cayman Islands is also home to the world’s 50 largest banks and is the second largest offshore jurisdiction for captive insurance. Approximately eight...

FUNDS & FUNDS SERVICES JURISDICTION 2014

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...

PRIVATE & INTERNATIONAL BANKING OVERVIEW - EXECUTIVE SUMMARY 2014

By Adam Skuse Spiraling government debt, borrowing difficulties, growing unemployment and calls to increase tax. While such stories come as no surprise when talking about Greece, Italy and the other ailing economies of the old world, few would expect to find the sandy shores of the Cayman Islands - a name synonymous with wealth - troubled by similar problems. However, the debt of the Cayman Islands government is expected to reach around $600 million by June next year, up nearly 500 percent from a decade ago; while this year will be the third time in four years that it will...

PRIVATE & INTERNATIONAL BANKING OVERVIEW - EXECUTIVE SUMMARY 2014

Country:                     British Virgin Islands Region:                      Caribbean Currency:                   US dollar (USD) (US$) Languages:                English Time Zone:                 UTC -4 Phone Code:              +1284 Communications:      Good Formation Cost:        900 - 1700 USD$ Formation Time:       1-2 days Maintenance cost:     400 - 800 USD$ The economy is highly dependent on tourism and financial services. The BVI has significant mutual fund and trust sectors. The Financial Services Commission ensures independent and effective supervision...

FUNDS & FUNDS SERVICES JURISDICTION 2014

Country:                  British Virgin Islands Region:                    Caribbean Currency:                 US dollar (USD) (US$) Languages:              English Time Zone:               UTC -4  Phone Code:             +1284 Communications:      Good Formation Cost:        900 - 1700 USD$ Formation Time:       2 - 4 days Maintenance cost:     400 - 800 USD$ The economy is highly dependent on tourism and financial services. The BVI has significant mutual...

FUNDS & FUNDS SERVICES JURISDICTION 2018

Executive Summary: The economy is highly dependent on tourism and financial services. The BVI has significant mutual fund and captive insurance sectors. The Financial Services Commission ensures independent and effective supervision of financial institutions. The BVI is a reasonably cheap jurisdiction compared to competing Caribbean countries, and has relatively strong professional services. The government is responsive to the country business needs, and its legislation is mostly flexible and straightforward. No-tax offshore vehicles (IBCs) are available, and domestic taxes are not high in any event. The BVI has emerged as a leader in emerging market corporate finance. COUNTRY: BRITISH VIRGIN ISLANDS...

FUNDS & FUNDS SERVICES OVERVIEW - EXECUTIVE SUMMARY 2020