Several offshore financial centers fell in the rankings, reflecting, Z/Yen suggested, a growing mistrust of offshore finance in an atmosphere of stronger regulatory limits. The Cayman Islands and Malta both dropped four places in the index, Isle of man dropped three. Out of the 11 offshore centers included in the index, only the British Virgin Islands retained their former ranking at 40th place.
The Z/Yen Group noted though that the relatively high scores brought in by Jersey and Guernsey indicate an increasing legitimacy of offshore business models, and a more diversified list of products that allow the islands to offer more than simply low taxes.
The highest ranked countries in the Index were London, New York, Hong Kong and Singapore, unchanged from the last index. Hong Kong and Singapore, while not officially offshore centers, provide many similar services to mainland clients.
