Archive for April, 2015

Cayman Captive Delegations Heads to RIMS 2015

Monday, April 27th, 2015

A Cayman delegation is heading to New Orleans to the annual Risk Management Society (RIMS) conference that will be held from April 26 to April 29 to talk to the thousands of risk managers that will be in attendance about the benefits of domiciling their captive insurance companies in the Cayman Islands.

The Insurance Managers Association of Cayman (IMAC), the private sector industry body that has responsibility for promoting Cayman’s captive insurance industry to its target markets around the world, has been sending representatives to this particular conference for many years.

IMAC Chair Kieran O’Mahony will be one of the attendees. “As one of the largest events of its kind, RIMS is a key event for us. We are able to speak to hundreds of people about what captives are, how they work, what types of risk they are particularly useful for and of course about the offshore jurisdiction’s leadership in this area and why it makes clear business sense to use our commercially-minded products.”

Representatives from the Cayman Islands Monetary Authority (CIMA) will also be on hand to meet with potential and existing Cayman captive owners to discuss their business plans.

The representatives invite RIMS attendees to drop by their booth #813 to discuss how domiciling in the Cayman Islands will benefit their captives.

IMAC Member Receives Highest Captive Industry Award

Tuesday, April 21st, 2015

Ian Kilpatrick, founder of Advantage International Management, has received the captive insurance industry’s most prestigious award, the Captive Insurance Companies Association’s (CICA) Distinguished Service Award at the CICA 2015 International Conference.

Ian Kilpatrick has contributed to the broader understanding of captives as well as assisted in the growth and success of the industry. He is also one of the great characters of the captive insurance industry.

Among Ian Kilpatrick’s great achievements in his career include being a founding member of the Insurance Managers Association of Cayman (IMAC), founding Crusader International Group of Companies, now Advantage International Holdings, which expanded from the Cayman Islands to South Carolina, Arizona and Washington DC and most recently as serving as the captive industry’s voice in interfacing with the OECD.

Malaysian PM says 1MDB money is not kept in Cayman

Saturday, April 18th, 2015

State investment vehicle 1Malaysia Development Berhad (1MDB) has not parked money in the Cayman Islands, said Prime Minister of Malaysia Datuk Seri Najib Razak.

According to him, the Cayman Islands is a tax haven used merely for registration purposes and there was nothing wrong with having an account there.

He said there were some 200 Malaysian companies with accounts in the Cayman Islands. Najib added: “They keep money overseas because they have debts outside. Rather than bring money back, they keep it overseas and make profit through foreign exchange rates and others.” He said that, after a while, the money will be brought back to Malaysia.

Cayman Islands Selects 2 New Marketing Agencies

Wednesday, April 15th, 2015

As competition from neighboring Caribbean nations is growing rapidly, the Cayman Island Tourism Board (CITB) decided to explore new options to support the Creative and Public Relations needs of its business.

To select new marketing partners, CITB enlisted RSW/Agency Search, a company that provides organized and proven methodology for marketers seeking new agencies. CITB reviewed the credentials of around 100 firms. Finally, 4 PR and 4 Creative agencies were selected to present.

According to Mark Sneider, the President of RSW/Agency Search, “The two incumbent agencies had done a great job over the previous 10 years supporting the needs of the Islands. However, the winning agencies – BrightRed/TBWA and CoynePR – outperformed them on a number of different levels.”

Deadline extended for risk assessment surveys

Saturday, April 11th, 2015

According to Cayman Finance officials, when it comes to tackling money laundering and terrorist financing in the Cayman Islands, an industry is to work together in order to create awareness and solutions to this issue. The firm recently hosted a free informational seminar regarding the Cayman Islands Government’s Money Laundering/Terrorist Financing National Risk Assessment Surveys, which are currently underway. Based on the feedback provided at the seminar, officials are extending the survey deadline in order to facilitate greater participation.

Jude Scott, CEO Cayman Finance: “We were pleased to hear the survey deadline had been extended. This is a great example of Cayman Finance facilitating meaningful dialogue between industry and government to achieve a mutually beneficial outcome and we plan to continue to offer these opportunities to the industry”.

He added, “The results of these surveys are very important to the future of the Cayman Islands financial services industry, so Cayman Finance wanted to provide an opportunity for individuals to gain a better understanding of the process, while having the chance to have their questions answered.”

The Risk Assessment Survey deadline is extended to April 24, 2015. Officials expect to receive more participation from particularly the securities industry.

Cayman real estate portal makes buying easy

Thursday, April 9th, 2015

Those who wish to sell, rent, buy or have someone manage a property in the Cayman Islands, can get use of one online real estate marketplace that is trying to make it a “one-stop-shop” experience. easyCayman is an online real estate marketplace that provides a resource for individuals and professionals to be able to find and share vital information about real estate, mortgages and home management in the Cayman Islands.

easyCayman is a DMS affiliated company established in 2013.

Developer Javier Chaos, the brains behind the site, says that his goal was to make easyCayman a user-friendly website that is very simple for anyone to use. “We have found many real estate agents are jumping on board because this site gives them more exposure. We don’t charge anyone to put a listing or charge anyone to have a listing on easyCayman,” Chaos explained. “The idea of easyCayman was to have one place to help people living in Cayman or moving to Cayman lives much easier when looking for a property. Also making the real estate agent’s life much easier, having one place to go.”

Italy removes Cayman from its Black Lists

Monday, April 6th, 2015

Italy has removed the Cayman Islands from its “black list” because the jurisdiction already has the Tax Information Exchange Agreement (TIEA) in effect.

On April 1, Italy’s Minister of the Economy and Finance, Pier Carlo Padoan, signed two decrees that modify Italy’s “black lists”. The two decrees follow the guidelines laid down in Italy’s 2015 Stability (Budget) Law. The Stability Law specified another black list under which expenses incurred in transactions with residents in a jurisdiction would not be deductible.

The “non-deductibility of costs” list now therefore includes 46 tax jurisdictions, while 21 including the Cayman Islands have been cancelled as already having TIEAs in effect. Also, Alderney, Guernsey, Jersey, the Isle of Man, Gibraltar, the British Virgin Islands, Anguilla, the Netherlands Antilles, Aruba, Belize, Bermuda, Costa Rica, the United Arab Emirates, the Philippines, the Cayman Islands, the Turks and Caicos Islands, Malaysia, Mauritius, Montserrat, and Singapore have been removed from the black list.

Cayman moves up GFCI rankings surpassing Channel Islands and Bahamas

Thursday, April 2nd, 2015

The Cayman Islands has taken a big leap in the most recent rating of financial centres, the Global Financial Centres Index 17 (GFCI 17). In the March 2015 report, Cayman moved up 15 spots in the global listings since 2014, surpassing competing jurisdictions like the Channel Islands, Bermuda and the Bahamas.

Jude Scott, CEO of Cayman Finance said: “The Cayman Islands was ranked at 54 in the last report published in September and it is indeed very pleasing to see the significant move upwards to 39 in the rankings”.

According to the index, the Cayman Islands is the 2nd highest ranked jurisdiction in the Latin America and Caribbean region.

“The index is partly based on perception and we therefore think that this is a positive reflection of how representatives of the world’s financial services industry views the Cayman Islands,” added Scott.

New York, London, Hong Kong and Singapore remain the 4 leading global financial centres in the report.

The Global Financial Centres Index provides profiles, ratings and rankings for 82 financial centres, drawing on 2 separate sources of data, instrumental factors and responses to an online survey. The GFCI is compiled of responses of an online questionnaire completed by international financial services professionals. In the GFCI 17 over 2,000 respondents participated in the survey.