Banking secrecy in the Cayman Islands

The offshore jurisdictions are commonly thought to be highly secretive, with banking secrecy being an important part of what those jurisdictions offer to businesses and individuals who use them. For example, in 2000, the U.S. Treasury Department issued an advisory notice stating that extra vigilance was required in doing business in the Cayman Islands: “The Cayman Islands remains committed to strict bank secrecy, outside of a limited suspicious transaction reporting and international cooperation regime.” 

 

Writing on blackboard: Estate Planning, with a circle of sub-categories around it

Wealth management step by step

With a focus on promoting the Cayman Islands as a leading jurisdiction for private clients, wealth management, and the administration of trust and estates,...

Birth of a Market: The US Treasury Securities Market

Kenneth Garbade, a senior vice president at the Federal Reserve Bank of New York, has written extensively on the development of the market for US Treasury securities, including at least nine single- or co-authored articles (most of which appear in Economic Policy Review).   

 

Every ending is a new beginning

Before we look out towards the year ahead and imagine what new beginnings may be in store for 2019, it is worth first looking...

EU blacklist presents new offshore challenges

On Dec. 5, the EU Council agreed on a blacklist of 17 countries that the European finance ministers consider uncooperative in tax matters. They...

The future of Cayman is bright

In line with the positive reinforcement of offshore to be found in this edition of the Cayman Financial Review I thought it would be...

Not even good fiction Treasure Islands:

Have you ever read a book or article about a topic in which you have some expertise and realised that much of what you have read is dead wrong?  

The value of customer insight in retail banking

Even though topics such as customer insight, segmentation or loyalty have been recurrent themes in the financial services industry for the last ten years, it was not until the credit crisis began that many institutions in Latin America started to perceive and understand the value of these concepts.

In the interests of justice

While local schools, some businesses and many professionals have been on a lengthy summer hiatus, the same cannot be said for the local judiciary....

Friend or foe? Judicial review developement

Judicial review – the process by which a person who is aggrieved by administrative action may, under certain conditions, seek review by a court of the lawfulness of such action – is a concept that has in recent years attracted much attention throughout the common law world.   

 

Without direct taxes, how does the Cayman Islands generate its revenue?

The Cayman Islands is often portrayed as a tax haven. And indeed Cayman does not have any corporation tax, income tax, inheritance tax and...

Bermuda – finding the right balance of regulation

The Bermuda Monetary Authority has to find the right balance to allow business to thrive while maintaining international credibility at the cutting edge in growth markets such as insurance linked securities.    

 

Shining a bright light on captive insurance

The captive insurance industry was criticized by the New York Department of Financial Services (NYDFS) earlier last year when Superintendent Benjamin Lawsky issued a report calling for an immediate national moratorium on the use of captive insurance companies... 

 

 

Custody can play a key role

Having thus far weathered a difficult economic period, firms in the Cayman Islands are finding that, with the right sort of preparation, a flexible approach, and a willingness to adapt, significant opportunities remain for businesses to grow.

‘One bank’ approach and global strength a boost for Cayman

As we look ahead into a new era of international financial services, the key selling-points for financial services firms, wherever they are based, will be an ability to demonstrate a high degree of stability, specialist and sophisticated expertise and impressive global reach.

Successfully promoting Cayman

In January 2018, the Cayman Islands Branch of the Society of Trusts and Estates Practitioners held its inaugural International Wealth Structuring Forum at the...

2009 – Celebrating the 35th anniversary

Back to: Cayman National Corporation profile 2009 – Celebrating the 35th anniversary 1974 - Cayman National Bank and Trust Company Limited (CNB) opened for business 1976 - Cayman Overseas Bank...
For Sale sign in front of a (slightly blurry) house with a pool

2018: a bumper year for real estate

A comparison of statistics produced by the Cayman Islands Real Estate Brokers Association (CIREBA) for 2018 versus 2017 makes for interesting reading and underscores...

Money, Markets & Sovereignty

A central theme of this book is that such a dramatic expansion of trade could not have occurred without an international currency with which to pay for it. The gold standard – national currencies convertible into gold at fixed prices – provided such a world currency and other virtues as well.

Sleeping with an elephant

While one could speak generally of Cayman companies that do business in Cayman, we are finding the greatest impact of this in the liquidation of Cayman hedge funds, particularly in those instances where the investment management, administration and/or assets are in the United States.
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