Cayman Is No. 1 Specialised Financial Centre
The Banker’s 2010 IFC ratings place the Cayman Islands first for specialised financial centres
LONDON, Sept. 9 /PRNewswire/ – The leading banking and finance magazine, The Banker, has named the Cayman Islands as the top specialised financial centre for the second year running in its 2010 IFC Rankings released this month.
Cayman has, for the second year running, been awarded first place by an increased margin over other jurisdictions such as Bermuda, Jersey, Guernsey, Malta, Gibraltar, Monaco and Cyprus.
The Banker‘s ranking of international financial centres is based not simply on the size of the financial services industry in each location, but focuses instead on the level of international business and the value offered to institutions seeking to expand their overseas operations.
Anthony Travers, OBE, Chairman of Cayman Finance said of the results: “This is yet another objective finding that reinforces the fact that Cayman is regarded by institutions, if not by stubborn popular press, as a successful and transparent tax neutral jurisdiction from which to base international operations.
“This result comes at a time when Cayman has just signed its twentieth tax information exchange agreement and statistics from the Islands’ regulating body CIMA show a continuingly robust performance by the financial services industry over the past year. Most importantly the financial crisis has been negotiated without the need to introduce corporate, income, capital gains, payroll or property taxes, the absence of which is likely to enhance Cayman’s attraction in the immediate future.”
Statistics from the Cayman Islands Monetary Authority (CIMA) note that Cayman still maintains US$1.795 trillion in deposits and interbank bookings and is the world’s largest domicile for hedge funds, healthcare insurance captives and catastrophe bond transactions.
The Cayman Islands is recognised as one of the top international financial centres in the world, with over 40 of the top 50 banks holding licences on the island.
SOURCE Cayman Finance