Cayman Islands Summary

Introduction

The Cayman Islands, which this year celebrate the 500^th anniversary of their discovery by Christopher Columbus, are one of the world’s most sophisticated financial centres, and have continued to consolidate their position as the offshore domicile of choice for banks, insurance companies and investment funds. At the end of the first quarter of 2003, 485 banks, over 4,300 investment funds and over 600 insurance companies were licensed or otherwise regulated in the Cayman Islands.

Many of the world’s largest banks are represented in the Cayman Islands and they engage in a broad range of banking activities including: asset finance, structured finance, capital markets transactions, international lending, securitisations, asset management, insurance, fiduciary services and investment fund administration. In addition to this internationally-orientated banking, there is a retail banking sector engaged in the usual range