The Cayman Islands is a British Overseas Territory located in the Caribbean, 480 miles south of Miami, Florida and 180 miles West of Jamaica. It is known not only for its scuba diving and sparkling turquoise water, but also for its prominence as an offshore financial centre. It is one of the top five international financial centres in the world by volume.
There are several advantages to using Cayman as a jurisdiction including:
• English law jurisdiction
• Judiciary of exceptional talent and quality with a financial services division
• Strong international reputation and investor familiarity
• Cost effective and efficient
• Tax neutral
• No requirement for resident directors
• No regulatory requirement of prior approval to issue or transfer shares
• Minimal reporting requirements
The Cayman Islands offers a variety of structures, e.g., exempted companies, exempted limited partnerships, segregated portfolio companies and, of course trusts. They are established for a number of reasons. The most common is as tax-efficient vehicles that can be used to simply hold property and investments or as part of a more complex financial structure.
Although the Cayman Islands is not the only jurisdiction to offer this type of financial offshore service it is highly sought-after because of its well-established legal system that is based on Common Law, it is a politically stable British Overseas Territory, it has flexible corporate structures and, increasingly attractive in the fast paced world of international finance, speedy registration. Companies can be registered within 24 hours provided all the right information and documents are provided.