The Cayman Islands’ continued commitment to a legislative and regulatory framework focused on stability, transparency and innovation is positioning the jurisdiction as an industry leader. With detailed technical analysis of the latest trends and developments, our exclusive report will showcase Cayman's position as a premier IFC.
In an exclusive interview, IFC Review speaks with the Cayman Islands Monetary Authority (CIMA) about recent regulatory developments and initiatives in the jurisdiction, considering the challenges and opportunities which lie ahead for Cayman’s financial services industry.
Mourant's Sara Galletly and Louise Somers look at recent and upcoming developments in the international tax transparency regimes of the OECD's AEOI standard, the US Foreign Account Tax Compliance Act (FATCA) and Country-byCountry Reporting (CbCR), as well as the economic substance (ES) regime.
Megan Paget-Brown, CEO of Cayman International Arbitration Centre, discusses and evaluates the new Beneficial Ownership Transparency Act, which aims to combat money laundering and tax evasion, ensuring accurate beneficial ownership disclosure.
Starting off the report's focus on FinTech in Cayman, Douglas Spencer, founder of Monetaforge, discusses the ways blockchain technology is transforming finance by enhancing security, efficiency and transparency through innovations such as smart contracts and tokenization.
Laura Birrell, CEO and co-founder of Parallel, outlines the unique opportunities available to investors as the Cayman Islands integrates blockchain and cryptocurrency into its real estate market, while Lucy Frew from Walkers LLP showcases the regulatory changes which are fostering innovation and attracting major global players to the Cayman Islands, including the VASP Act and support for digital identification.
Carey Olsen's Bernadette Carey and Daniel Watler outline the advantages of Cayman's legal system for fostering the growth of attractive, efficient structures for private clients and generating practical, robust solutions when conflict arises.
The Cayman Islands is considered a top destination for private fund structures, trusts and family offices. In this report, we hear from Harjit Kaur on the fund structures available in Cayman and the key features of the Private Funds Act, Matthew Howson and Henry Mander on the unique roles of trustees, enforcers, and beneficiaries in Cayman STAR trusts, and Robert Lindley and Lana Dixon on the attractiveness of Cayman as a location for establishing family offices.
Chancery ESG’s Winston Connolly analyses the industry discussions shaping voluntary ESG practices as investor demand grows and significant regulations remain unestablished.
As global risks rise, wealthy individuals seek alternative residencies. Daniel Altneu from Bedell Cristin showcases what the Cayman Islands offers: tax neutrality, safety, high living standards, and pathways to British citizenship, attracting many HNW families.
IFC: Looking back at CIMA's journey since 1997, what do you think have been its defining achievements? As a primary supervisory authority for the financial services in the country, The Cayman Islands Monetary Authority (CIMA or ‘the Authority’) has played a pivotal role in establishing the Cayman Islands as one of the world’s most respected financial centres. Since its establishment, CIMA has significantly progressed as a sophisticated and mature supervisory authority by strengthening its regulatory framework, adopting the relevant international standards and supervisory best practices.
The Authority represents the Cayman Islands in various global forums, including the Financial Stability Board, the Caribbean Financial Action Task Force (CFATF), the Bank for International Settlements (BIS), the International Organisation of Securities Commissions (IOSCO), the International Association of Insurance Supervisors (IAIS), and the Group of International Financial Centre Supervisors (GIFCS). CIMA not only contributes to developing global standards for financial services regulation, but also ensures that the jurisdiction adheres to these standards and best practices. To foster effective supervision and combat financial crime, CIMA has to date entered into over 65 MMOUs/MOUs with international organisations and jurisdictions worldwide.
CIMA has implemented a range of supervisory tools and issued numerous policy measures to support and provide guidance to the industry stakeholders for complying with relevant legislative obligations. The Authority maintains close collaboration w…
This article looks at recent and upcoming developments in the international tax transparency regimes…
This article looks at recent and upcoming developments in the international tax transparency regimes…
This article looks at recent and upcoming developments in the international tax transparency regimes…
This article looks at recent and upcoming developments in the international tax transparency regimes…
This article looks at recent and upcoming developments in the international tax transparency regimes…
The Beneficial Ownership Transparency Act, 2023 (the BOTA) was passed on 24 November 2023 and commenced on 31 July 2024, although enforcement is expected to begin in early 2025, with the exact date yet to be confirmed. The BOTA marks a significant milestone in the Cayman Islands’ efforts to enhance corporate transparency and align with international standards and commitments to combat money laundering, tax evasion, and terrorist financing.
The government first decided in 2021 to convert from a decentralised beneficial ownership disclosure regime—where companies maintained their own records of controlling persons—to a centrally held register compliant with Financial Action Task Force (FATF) recommendations. The BOTA expands the scope of the previous beneficial ownership reporting regime (BORR). The previous BORR applied only to companies, LLCs, and LLPs, but the new BOTA brings new entities into scope and applies to all “Legal Persons,” including companies, LLCs, LLPs, foundation companies, and, for the first time, exempted limited partnerships and limited partnerships. Trusts and registered foreign companies remain out of scope. The comprehensive nature of the Act necessitated amendments to several other key statutes, including the Companies Act, the Limited Liability Companies Act, and the Limited Liability Partnership Act, among others that reference beneficial ownership provisions.
Purpose And Scope
The BOTA’s primary…
In recent years, there have been a number of legal and regulatory changes in the Cayman Islands FinT…
In recent years, there have been a number of legal and regulatory changes in the Cayman Islands FinT…
In recent years, there have been a number of legal and regulatory changes in the Cayman Islands FinT…
In recent years, there have been a number of legal and regulatory changes in the Cayman Islands FinT…
In recent years, there have been a number of legal and regulatory changes in the Cayman Islands FinT…
The Cayman Islands offers many advantages to global families: the structures available are modern and flexible; the jurisdiction's legislation is continually updated in line with the market and evolving international rules; and the legal system is supported by a well-developed ecosystem of lawyers, professional fiduciaries, and A specialist judiciary. The jurisdiction is also tax-neutral and values privacy highly. All of these factors combine to offer an environment that fosters the growth of attractive and efficient structures for private clients for the longer term. But, most importantly, they also generate practical and robust solutions when conflict arises.
Trust Disputes
Cayman Islands trusts remain a popular way to preserve family assets and to control how, when, and in what amounts wealth is passed down to future generations. Settling assets on trust can serve important asset protection functions, and professional trustees can ensure that valuable family and business assets are protected for generations to come, even in the event of the all-to-common family breakdown among members of the beneficial class of the trust.
However, the role of trustee of a Cayman Islands trust is not one to be accepted on a whim: in a modern and highly regulated world, which now includes families who may have generated their wealth in novel ways and individuals with a greater propensity for litigation, the position can bring with it exposure to great risk and liability. Raw family wounds, generational rifts, and suspicions of wrong-doing are the bread and butter of trust disputes in the modern world and are on the rise.
Administering a trust can become even…
The Cayman Islands is a leading jurisdiction for the establishment and operation of private funds, o…
The Cayman Islands is a leading jurisdiction for the establishment and operation of private funds, o…
The Cayman Islands is a leading jurisdiction for the establishment and operation of private funds, o…
The Cayman Islands is a leading jurisdiction for the establishment and operation of private funds, o…
The Cayman Islands is a leading jurisdiction for the establishment and operation of private funds, o…
In 2022, the Cayman Islands Government reported that it was embarking on development of an ESG polic…
In 2022, the Cayman Islands Government reported that it was embarking on development of an ESG polic…
In 2022, the Cayman Islands Government reported that it was embarking on development of an ESG polic…
In 2022, the Cayman Islands Government reported that it was embarking on development of an ESG polic…
In 2022, the Cayman Islands Government reported that it was embarking on development of an ESG polic…
As we have all seen in recent years, obtaining an alternative right of residence (in some cases citi…
As we have all seen in recent years, obtaining an alternative right of residence (in some cases citi…
As we have all seen in recent years, obtaining an alternative right of residence (in some cases citi…
As we have all seen in recent years, obtaining an alternative right of residence (in some cases citi…
As we have all seen in recent years, obtaining an alternative right of residence (in some cases citi…