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CAYMAN ISLANDS

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Overview - Cayman Islands: Your Fortune is Guaranteed

By Frances Emery. As the number of China's high net worth individuals grows each year, more and more are becoming privy to the advantages found in offshore financial centers. Whether it is a way to safeguard their investments, to reduce their tax burden, or to plan for an uncertain future, the world's most stable offshore financial jurisdictions can expect an increasingly large percentage of their clients to come from China in the future. The Cayman Islands is one of them. Although it is one of the world's leading offshore centers today, the Cayman Islands did not have an easy start.Its...

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The Future of International Private Banking in the Next "Normal"

By Cheyenna Calderon   COVID-19 has impacted all aspects of life and many of the changes it has brought will be here to stay. Private Banks post-COVID are being called on to reinvent themselves and become more agile and responsive in order to thrive in this new world. For international families and corporate entities that utilize private banks and have assets and interests in offshore jurisdictions like the Cayman Islands, COVID has brought on some enhanced expectations that Private Banks and their Bankers need to meet going forward.   According to the 2020 McKinsey Affluent, Private, and HNWI Customers’ Insights Survey, clients are...
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Cayman Islands: Enacted Laws Strengthen Cayman's Financial Services Regime

by Cayman Islands Government   Six laws to strengthen Cayman's financial services regulatory framework, and a seventh that eases the births registration process at the General Registry, came into effect on Tuesday, 7 July.   The Companies Management (Amendment) Law, 2020 adjusts references to the list of equivalent jurisdictions published under the Anti-Money Laundering Regulations (2018 Revision), to jurisdictions designated in accordance with section 5(2)(a) of the Proceeds of Crime Law (2020 Revision).   It also aligns the fitness and propriety provisions under section 18 of the Companies Law with other regulatory laws; and empowers the Cayman Islands Monetary Authority (CIMA) to impose...
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The Cayman Islands Tumbles in Top Financial Centers List

By Michael Klein   The Cayman Islands has fallen 31 places and is now only ranked 78th in the Global Financial Centres Index. The index, released twice a year by Z/Yen Group, saw Cayman’s rating drop by almost 100 points to 575.   The British Virgin Islands fell 12 spots and is ranked 72nd, while Bermuda improved two places to 61st and The Bahamas jumped from 105th to 69th position and is now also ranked ahead of Cayman.   The index covers 111 financial centres in total.     Z/Yen Group said its latest index showed high volatility, with 23 centres rising 10 or more...
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Cayman Islands - The New Regulatory Regime for Private Funds

The Private Funds Law, 2020 (the "Law") came into force on 7th February 2020 and introduced a requirement for the registration of closed-ended funds (typically, investment funds which do not grant investors with a right or entitlement to withdraw or redeem their shares or interests from the fund upon notice) with the Cayman Islands Monetary Authority ("CIMA"). The Law refers to these closed-ended funds as “Private Funds”. Mutual funds (e.g. open-ended hedge funds) are not caught by the Law and continue to be regulated by the Mutual Funds Law (2020 Revision) as amended. Accordingly, there is now a regulatory regime...

Cayman Islands

Country: Cayman Islands Region:Caribbean Currency:Cayman Islands Dollar (KYD) Languages: English Time Zone: UTC-5 Phone Code: 1-345 Communications: Good Formation Cost:US$3,500 – US$4,500 Formation Time:3-5 business days Maintenance cost:US$2,500 – US$3,500 The Cayman Islands is one of the world’s leading international financial centres and is a politically stable jurisdiction thatoffers companies a tax neutral platform for mutual funds, private equity funds,holding structures, structured finance, insurance companies and listing vehicles. The Cayman Islands is also home to the world’s 50 largest banks and is the second largest offshore jurisdiction for captive insurance. Approximately eight out of ten of the world’s hedge funds...

Cayman Islands

Country: Cayman Islands Region:Caribbean Currency:Cayman Islands Dollar (KYD) Languages: English Time Zone: UTC-5 Phone Code: 1-345 Communications: Good Formation Cost:US$3,500 – US$4,500 Formation Time:3-5 business days Maintenance cost:US$2,500 – US$3,500 The Cayman Islands is one of the world’s leading international financial centres and is a politically stable jurisdiction thatoffers companies a tax neutral platform for mutual funds, private equity funds,holding structures, structured finance, insurance companies and listing vehicles. The Cayman Islands is also home to the world’s 50 largest banks and is the second largest offshore jurisdiction for captive insurance. Approximately eight out of ten of the world’s hedge funds...
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Economic Substance Requirements for Cayman Islands Companies

The Cayman Islands International Tax Co-operation (Economic Substance) Law, 2018 (the “Economic Substance Law”), which is part of the OECD's global Base Erosion and Profit Shifting (BEPS) initiative, was passed on 17 December 2018 and came into effect on 1 January 2019. The Economic Substance Law will be implemented, including by further regulations and guidance to be provided, by the Cayman Islands Tax Information Authority (“TIA”). All international offshore financial centres (including Bermuda, BVI, Jersey, Guernsey and Hong Kong) already have or will implement similar legislation. To whom does the new Economic Substance Law apply? All companies incorporated under the...
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New Economic Substance Requirements in the Cayman Islands

The Cayman Islands enacted The International Tax Co-Operation (Economic Substance) Law on 1 January 2019 (the “Law”). The Law requires entities engaged in certain relevant activities to have demonstrable “economic substance” within the Cayman Islands, in accordance with the standards established by the OECD and the EU to combat base erosion and profit shifting (BEPS). WHO DOES THE LAW APPLY TO? Currently, the Law applies to Cayman entities that are defined as “relevant entities” conducting “relevant activities”. Relevant entities will include most Cayman Islands exempted companies, limited partnerships and Cayman LLCs except investment funds or entities through which investment funds...