Archive for January, 2016

CAIS announces Jay Leno as 2016 Keynote Speaker

Tuesday, January 26th, 2016

The Cayman Alternative Investment Summit (CAIS), set for February 4-5 in Grand Cayman, announced renowned comedian, actor, writer, producer and television host Jay Leno as its keynote speaker. Leno joins a star-studded line up of special guest speakers at the conference. Other speakers include Jamie Lee Curtis, David Jones, Julia Immonen, Kerry Kennedy, Jonathan MacDonald, Kevin Mitnick, Meghan Markle, and Robert J. O’Neill.

Jay Leno has been one of the most popular late night chat show hosts in America for the last 20 years and was recently inducted into the Television Hall of Fame. He is also a self-confessed petrol-head whose ‘Big Dog Garage’ houses one of America’s greatest collections of ‘supercharged’ cars and motorcycles. Leno’s key-note address will provide CAIS delegates with an insight into his own investment strategies mixed in with a stand up routine.

Since its launch in 2012, CAIS has quickly established itself as a leading conference centered on alternative investments, private equity and hedge fund management.

The conference, with its timely theme “Alternative Investments: Supercharged,” is to attract 500-plus executives from prominent pension plans, endowments, family offices, hedge funds and more.

2015 New Cayman Captive Formations go on growing

Friday, January 22nd, 2016

The Cayman Islands captive insurance industry enjoyed robust new captive formation numbers throughout 2015 with 22 new licences being recorded, which exactly mirrored the previous year’s numbers.

The total number of B, C and D licencees domiciled in the Cayman Islands as at 31 December 2015 was 708, pure captives representing 369 of these, a further 140 being segregated portfolio companies with 124 being group captives. Combined, in 2015, these licencees wrote premiums of USD 12.7 billion, as compared with USD 12 billion in 2014, and held total assets of USD 58 billion, as compared with USD 51.5 billion in 2014.

The Cayman Islands remains the leading jurisdiction for healthcare and group captives, with 34% and 17% of market share, respectively. Cayman captives are increasingly being put to use for innovative lines of business and risk such as insuring; employee medical stop loss, medical groups, cyber/privacy breach and equipment maintenance.

The full statistics is available through the Cayman Islands Monetary Authority (CIMA).

Number of Cayman-registered companies exceeds number of inhabitants in one building in Cayman

Wednesday, January 20th, 2016

Almost all the 20,000 Cayman-registered companies are listed at one 5-story office called Ugland House.

Another 80,000 companies are registered elsewhere in the British overseas territory.

It means that there are now nearly twice as many firms as island residents.

A BBC documentary crew has tried to shine a light into some of the Caymans’ dark corners. It reveals that, with GBP 1.5 trillion passing through the islands’ banks, the Caymans seem to offer a dream lifestyle. But in a place where a 4-bed home costs nearly GBP 2 million, one British couple who moved there revealed the reality of living in a tax-free state that generates income from import duties. Paula and Paul said that while they do not pay tax on their joint income of GBP 40,000, they pay over the odds at the supermarket, where fish fingers cost GBP 8.50 and Hello magazine is GBP 6.

Also, the documentary showed how hard life can be for the island’s natives, with inflated prices and no welfare state to fall back on. For example, retiree Emily, who lives with her daughter and three grandchildren, faces homelessness after struggling to pay a GBP 1,500 monthly mortgage on her decrepit home. Meanwhile, its wealthy residents are busy building luxury seafront homes with several swimming pools and flying their hairdressers over from Los Angeles.

President Obama once said Ugland House symbolised what was wrong with tax havens, saying of the block and its 20,000 firms: ‘Now, that’s either the biggest building or the biggest tax scam on record.’ There are nearly 20,000 companies registered in that building, but, looking through the window, one can see many desks but not a single person at any of them.