“I do not think it is fair any longer to refer to any of the overseas territories or crown dependencies as tax havens. They have taken action to make sure that they have fair and open tax systems.”
UK Prime Minister David Cameron, July 2013
An International Financial Centre
The Cayman Islands has, over the past four decades, established itself as a respected international financial centre, providing finance structures that enable efficient global flow of capital, based on a platform of English Common Law, transparency, and strong infrastructure.
Use of Cayman structures, such as captive insurance companies, creates wealth everywhere, for example by enabling companies to provide lower cost insurance, or to insure against events that the commercial market considers uninsurable.
The Cayman Islands is committed to providing a stable, responsible and responsive business environment and does not condone money laundering, tax evasion or any other criminal activity. Cayman has not only complied with all international regulatory initiatives, becoming a standard- setter in its own right for the adaptation and implementation of programmes designed to halt these types of activities, but has been and remains an active participant in the discussions around the development of these regulations.
Since 1979 when the Insurance Law was first passed in the Cayman Islands, this jurisdiction has become a major centre for international insurance business. The Cayman Islands is the second largest domicile for captives and holds the number one position worldwide for healthcare captives.
George Town, Grand Cayman: 18 January 2017
The Cayman Islands insurance management industry enjoyed remarkable success in new captive, international insurance and reinsurance and life and annuity company formations during the 4th quarter of 2016, with a tot...