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ARTICLE · 03 OCTOBER 2013

Why The Cayman Islands Have Staying Power

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The positive contribution of offshore financial centres sometime gets lost in the debate about regulation and transparency, but it is important to recall why centres like the Cayman Islands exist in the first place, suggests Paul Byles, Director at Caledonian Global Financial Services.

Cayman IslandsFinance and Banking
Paul Byles, Managing Director, First Regents Bank & Trust
Paul Byles, Managing Director, First Regents Bank & Trust
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The positive contribution of offshore financial centres sometime gets lost in the debate about regulation and transparency, but it is important to recall why centres like the Cayman Islands exist in the first place, suggests Paul Byles, Director at Caledonian Global Financial Services

The only thing more prominent than the proliferation of global tax and regulatory initiatives is the question regarding the future sustainability of offshore financial services centres.

At first glance it seems a reasonable question: after mounting pressure from the OECD and major overhauls of their regulatory and cross border cooperation frameworks, coupled with numerous regulatory reviews (and the occasional blacklist), it should come as no surprise that these financial services centres might buckle under the pressure.

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