GEORGE TOWN, Cayman Islands, Thursday September 7, 2017 – The Cayman Islands has been named the world’s number one specialized financial centre in The Banker magazine’s 2017 survey. This is the ninth consecutive year the Cayman Islands has maintained the top spot in the highly-regarded global survey.
Jude Scott, CEO of Cayman Finance – the agency mandated to protect, promote, develop and grow the Cayman Islands financial services industry – said the latest award is further evidence that the Cayman Islands is unmatched as the world’s premier global financial hub.
“The Cayman Islands is the leading jurisdiction for international hedge funds, the world’s second largest captive insurance company domicile, the leading jurisdiction for healthcare captives, and a leading jurisdiction for capital markets, trusts and banking. Our company register is at an historical high with regards to the number of active companies,” he said.
“We’re seeing growth across the industry; a clear demonstration of the confidence our clients have in the quality of the Cayman Islands.”
Scott added that Cayman provides significant benefits to countries around the world and to the smooth operation of global capital markets.
“In particular, Cayman benefits onshore jurisdictions by facilitating more competitive international trade and enabling effective inward investment to help grow their economies.
“Our jurisdiction’s commitment to excellence in client service, balanced effective regulatory standards, and a transparent globally responsible tax system is serving us well,” the Cayman Finance CEO said.
Guernsey and Jersey are ranked second and third respectively in the specialized financial centres list, with the Bahamas and Bermuda closing out the top five places in the survey.
The Banker magazine is part of the Financial Times Group, a globally recognized and respected finance publication, and its international financial centre (IFC) rankings are based on data ranging from financial markets indicators to economic potential and business environment factors.
The ranking focuses on the level of international business and the value for institutions seeking to expand their international operations. In recognition of the fact that data for specialized financial centres is seldom consistent with that for mainland financial centres, The Banker has surveyed each specialized IFC and has compiled a separate table using information relevant to these locations.