Offshore Banking in the Cayman Islands
All over the world the Cayman Islands is considered as a sophisticated, efficient, diverse and thriving offshore financial centre. This financial services jurisdiction maintains its banking industry as a cornerstone of its success.
The Cayman Islands is famous for its stability, commercial strength, innovative legislation, Government support as well as the absence of corporate, income, capital gains, payroll and withholding taxes on domestic or foreign entities.
Currently, the banking system of the Cayman Islands consists over 389 banking companies that include 43 of the world’s largest 50 banks and the Basle Committee on Banking Supervision which is a regulatory body.
Around 30 banks hold the Category “A” licenses allowing them to carry on business with both residents and non-residents, while the remaining banks hold Category “B” licenses and are mostly restricted to offshore transactions with non-residents. Banks licensed in the country represent more than 60 countries.
The Cayman Islands is an active member state of the Basle Committee’s Offshore Group of Bank Supervisors.
The jurisdiction maintains an anti-money laundering regime extending to the proceeds of all serious crime defined as a so-called ‘gateway’ legislation.
By the way, the banking industry is one of the largest employers in the country, which ensures an experienced work force able to meet the market needs.