A Few of the Many Reasons to be Proud of Cayman Financial Services.
– Cayman Finance
- Cayman’s legal framework is based on UK Common Law with a specific division of the Cayman Courts focused on financial services.
- UK law enforcement has noted that it has access to Cayman company beneficial ownership information in support of investigations, with a 24-hour turnaround.
- Tax evasion is illegal, and the Cayman Islands does not support it.
- In the Cayman Islands, aiding money laundering and terrorism financing is a crime.
- For nearly 20 years, the Cayman Islands has collected, verified and made available ownership information to authorities around the world through existing information sharing channels with other governments. Thus Cayman was amongst the first in the world to criminalise money laundering by virtue of the Proceeds of Crime Law.
- Unlike what may be stated in movies/TV series, Cayman does not permit anonymous numbered bank accounts, anonymously owned shell companies, or bearer shares.
- Cayman has adopted and implemented US & UK FATCA, the OECD Common Reporting Standard and Country-by-Country Reporting. Therefore, Cayman exchanges tax information with more than 100 jurisdictions to provide global transparency and cross-border cooperation with foreign tax and law enforcement authorities; thus making Cayman a very unattractive place for tax cheats.
- According to the OECD: “No or nominal [low] tax is not sufficient in itself to classify a country as a tax haven.” Therefore, the definitions of ‘tax havens’ by leading international organisations do not apply to Cayman as we have a strong legal, regulatory and legislative foundation.
- Cayman is led by first-rate service providers and world-class fiduciary, legal and accounting services.
- Information in the Cayman Islands beneficial ownership regime is collected and verified by licensed and regulated corporate service providers.
- Cayman adds no additional tax to financial services transactions in the Cayman Islands, but investors (individuals and businesses) are still subject to any taxes owed in their home jurisdiction.
- Funds invested through Cayman vehicles are not simply kept in an ‘offshore bank’ – they are invested in financial markets and infrastructure projects around the world (such as hospitals, schools, roads, power plants, environmental/sustainable development, which increase the quality of life for people around the world).
With thanks to Cayman Finance.
For more information see The Cayman Islands Ministry of Financial Services.