Paul Scrivener explains why the Cayman Islands has come to be known as one of the world’s leading international financial centres
Whilst the Cayman Islands started its financial services industry on the strength of private banking business, in recent years the focus has been very much towards institutional business, a key factor in Cayman becoming one of the world’s leading international financial centres. Cayman vehicles are frequently utilised by large corporate groups and financial institutions to structure transactions in an efficient and cost-effective way by virtue of the tax neutral and proportionate regulatory environment available in the Cayman Islands. Whether those vehicles facilitate legitimate tax deferral on foreign source trading income, serve a treasury function, hold intangibles or enable an international joint venture, they provide true economic benefits for the shareholders and other stakeholders of those onshore groups and institutions.
