The history of the financial services sector in the Cayman Islands is a tale of rapid growth. The foundation was laid in the mid-1960s when legislation was passed to take advantage of the country’s status as a tax-free jurisdiction, ushering in the start of the country’s ascent into the financial services realm.
Today, the Cayman Islands is one of the world’s most respected offshore centers, being a leading light in banking and financial services.
With well-developed sectors that include banking, captive insurance and reinsurance, company registration, hedge funds, investment funds and companies, vessel and aircraft registry, trusts and securities, its status as a leading provider of sophisticated offshore financial services is firmly grounded.
Enhanced by a robust regulatory and compliance framework, the world’s top banks, law firms and accounting firms have a major presence in Cayman and the country is also a global leader in ship registration, remaining the flag of choice for super yachts.
This array of financial services is supported by excellent infrastructure, including secure digital communications and easy airlift from the U.S. and Europe, within a positive environment of political, social and economic stability.
The Cayman Islands enjoys one of the highest standards of living in the Caribbean, and with its ideal climate and quality of life, it has drawn and developed a high-level talent pool of professionals to deliver expert services to international clients.
This favorable global reputation goes a long way in attracting investors and major players in the industry.
Several new high-end resorts and developments are set to come on stream, serving as a significant signpost of a healthy level of investor confidence.
It is Kimpton’s first project outside of North America. Upscale and contemporary, the 10-story boutique hotel and its multiple restaurants will appeal to both residents and visitors. Dart is planning another hotel on Seven Mile Beach, which will connect Camana Bay to the beach.
On the other end of the Seven Mile Beach strip, the Howard Hotel Group is planning to transform the failed Treasure Island Resort into a Margaritaville Resort. It is expected to open in November 2016.
Plans are moving forward for an eco-friendly five-star resort in the Beach Bay area in the Bodden Town district. The upscale resort will capitalize on the area’s secluded location and natural beauty, offering a decidedly different experience from the Seven Mile Beach corridor.
In Frank Sound, the Ironwood group is seeking to build an ambitious golf resort comprising of a town center, championship golf course and residential communities.
It all adds to Cayman’s superior lifestyle, and what makes these islands the jurisdiction of choice for offshore financial services on a global scale.