Wednesday, January 20, 2016

Financial business in Cayman Islands - what you need to know

The Cayman Islands are the sixth largest financial service center in the world, and the financial services are the second most important industry for the country. The islands have an excellent reputation in the special business sector for offshore transactions because of their political and economic stability. There are no monetary exchange controls, and the earned capital gains are tax-free in the Cayman Islands.

Even when there exist no monetary exchange controls, there are strict regulations in place against financial crime and money laundering. The financial and banking sectors cooperate with other countries in this matter.

The financial service industry has grown over the last four decades, and today many worldwide financial institutions and fund managing companies have branches here in Cayman. These companies generate and manage all kinds of international financial transactions for hedge funds, captive insurance, and trusts. Another service offered is the management of partnerships and incorporations or registrations of vessels and aircrafts.

This is only a small insight into the cultural customs in the Cayman Islands. Much more to this topic you will find in my book

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