About the Cayman Islands Financial Sector

The Cayman Islands is the world’s fifth largest financial centre. To be successful in this competitive industry requires political and economic stability, a responsive legal system, a stable banking environment, a sound regulatory regime, tax neutrality, and the presence of highly sophisticated service providers. All these factors, as well as Cayman’s continued status as an overseas territory of the United Kingdom and its cooperation with the United States and the European Union, provide the ground work to a successful Financial Industry.

The presences of the Cayman Islands Monetary Authority (“CIMA”), through their insurance division, gives the Cayman captive domicile a clear and carefully enforced regulatory environment. The sound regulatory regime, government support and support from the Insurance Managers Association of Cayman (IMAC) facilitates the success of the Cayman Islands as a leading captive domicile.

CIMA, is one of the 184 members of the International Monetary Fund (IMF) organization. A recent report released by the International Monetary Fund (IMF) assessing supervision and regulation in the Cayman Islands' banking, insurance and securities industries, as well as its anti-money laundering regime, recognized the jurisdiction's comprehensive regulatory and compliance frameworks. "An extensive program of legislative, rule and guideline development has introduced an increasingly effective system of regulation, both formalising earlier practices and introducing enhanced procedures," noted IMF assessors. The report further stated that "the supervisory system benefits from a well-developed banking infrastructure with an internationally experienced and qualified workforce as well as experienced lawyers, accountants and auditors," adding that, "the overall compliance culture within Cayman is very strong, including the compliance culture related to AML (anti-money laundering) obligations...".

The international financial base, exceptional regulatory regime and the untiring commitment of all service providers within the juristiction, bodes well for the continued success, development and high standards for the Cayman Islands as a domicile of choice.