The Cayman Islands is home to the World’s 6th largest international financial centre (IFC), holding pole position as the offshore hedge funds domicile, globally. Cayman also hosts the world’s second largest captive insurance centre and is a world leader in structured finance.
If you work in the finance sector or the supporting financial services, such as law or accountancy, you will already be fully aware of Cayman’s ranking in the global industry. What sustains and promotes Cayman’s success as a financial sector may not be overly obvious if you don’t live here, however it goes far over and above just a good reputation. There are a few points worth highlighting for people who are considering a move to the Cayman Islands, confirming this is a great career move as well as the perfect lifestyle choice:
- The Cayman Islands is a UK Overseas Territory (UKOTS). This means the UK has sovereignty over the Cayman Islands, resulting in a responsibility to ensure their security and good governance. For a small country of circa 65,000 residents, having the weight of the UK behind it brings numerous benefits – but at it’s most simple, being a UKOTS provides the financial industry with the foundation for a safe, secure, and well-regulated environment to do business.
- The Cayman Islands Government is pro-business, extremely stable and supports the financial services industry with a positive policy. As a result, the infrastructure and governance of the Cayman Islands is therefore set up to sustain the growth of the financial services sector.
- The regulation in the Cayman Islands, via the government and independent body, CIMA (Cayman Islands Monetary Authority), is well regarded globally and brings credibility to the jurisdiction and to all those that work here.
- As the Cayman Islands infrastructure is pro business, the reaction to new trends and technology, such as FinTech, including initial coin offerings (ICOs) and cryptocurrencies is highly responsive and supportive,highlighting the jurisdictions’ forward thinking, thorough approach to new business trends.
The Cayman Islands government and financial industry have worked hard in the last 5 years, in particular to ensure Cayman remains off the EU blacklist. There is continuous pro-active networking and engagement between those governing Cayman’s financial services sector, and a range of international jurisdictions with whom Cayman do business, communicating the Islands’ continued commitment to high standards in the industry.
The backdrop for people considering the move to Cayman? The country is safe, has excellent infrastructure and the local government values the work of the industry. Many local scholarship programmes and internships are also offered, so companies can help train the local workforce and contribute on a more meaningful level to the local community. In addition, a move to Cayman will look good on your CV and you will have the opportunity to connect with highly revered professionals at the top of their game.
An in-depth overview for Hedge Fund Managers and those interested in becoming involved within the local Financial Services Industry in general, Cayman Finance has some excellent resources: Click here