December 22, 2006. According to the Cayman Islands Monetary Authority (CIMA), the country's financial regulator, the number of financial institutions setting up shop in Cayman's thriving offshore sector rose 7% in fiscal year 2005.

In accordance with the report of CIMA, there were 570 banks and trusts in the Cayman Islands and the world's top banks had branches or subsidiaries there.

Licenses for the offshore business rose 7% and the number of mutual funds increased significantly. Insurance and mutual fund had the most growth.

On December 5, 2006, it was revealed that International assets booked through banks in the Cayman Islands had stood at USD 1.26 billion.

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October 23, 2006. Butterfield Bank (Cayman) Limited started offering a Gold mortgage as a  Butterfield Lifestyle Mortgages product. The product is expected to suit the clients with a high disposable income who wishes to make the available cash work harder.

As the bank announced, the benefits of the new product are a variable interest rate of prime +0.5%, a pre-approved Butterfield VISA Gold credit card and preferential insurance terms with Island Heritage.

A loan is subject to credit approval. As with all Butterfield Lifestyle Mortgages, the loan can be established on a fixed rate basis and payment options are available.
According to Maureen Watler, Head of Personal Lending at Butterfield Bank, the Butterfield Gold Mortgage is for people who intends to buy a substantially larger home. A 10% down payment, up to 25 years repayment term, a low interest rate and low bank fee are the conditions set for both existing and new clients.

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August 14, 2006. Two new facts confirm the healthy growth of Cayman Islands Financial services sector.

The Jersey Financial Services Commission has included the Cayman Islands – the biggest offshore banking jurisdiction – into the list of states and territories having an equivalent anti-money laundering legislation.

The Cayman Islands Monetary Authority considers this to be an important benefit to Cayman-based financial institutions and their customers doing business with Jersey-based financial institutions. Now, if the customer meets Cayman's customer identification requirements, Jersey's customer identification procedures will be satisfied, which will save time and money that could have been spent processing and providing know-your-customer documentation to Jersey.

The listing of Cayman was preceded by months of discussion between the Cayman Islands Monetary Authority (CIMA) and its Jersey counterpart and CIMA's participation at international forums pressing for mutual recognition of equivalent frameworks of anti-money laundering and counter terrorist financing among jurisdictions.

Cindy Scotland, CIMA Managing Director, expressed her satisfaction about Jersey having been added to its list and added that CIMA is continuing to hold bilateral negotiations with regulators in countries which have not listed Cayman Islands as having equivalent anti-money laundering and counter terrorist financing frameworks.

The 2nd fact is related to banking sector.

Cayman Islands Bankers' Association (CIBA) has emphasized that the banking industry is very essential for the economy of Cayman Islands as this sector accounts for approximately 25% of the Cayman Islands' GDP.

The impact study was carried out by a Miami-based research company, StratInfo, that previously carried out a study for the Florida International Bankers Association. The methods it uses are focused on the major economic links between banking and the economy, including the payment of fees and indirect taxes to the government, income of bank employees and banks' purchases of professional and administrative services from other economy sectors.

In accordance with the report endorsed by the Cayman Islands Financial Services Association, the banking sector contributes USD 500 million to the economy; USD 407 million of this sum is direct impact, while the remaining is indirect and induced one.

Mr Eduardo D'Angelo P. Silva, CIFSA Director and CIBA President, suggested that as far as the banking sector is a core part of the financial sector as well as the most established one in the jurisdiction, it is necessary to quantitatively understand the way it contributes to the economy.

The study revealed the importance of the employment for the banking sector, comprising 8% of total employment in the Cayman Islands, while salary and wage is related to expenditure accounted for 62.5% of the total economic impact.

The study estimated direct contribution to government revenues at USD 32.2 million or about 6.4% of the total impact.
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June 2, 2006. Several changes and re-appointments were recently made in the board of directors of the Cayman Islands Monetary Authority. Dr Christopher Rose and Professor William Gilmore were appointed as the new members of the board, and Dr Warren Coats was re-appointed. All appointments were made on behalf of the Cabinet for a three-year term. The terms of the previous members of the board, Ms Letitia Solomon and Sir Alan Traill, expired in March and April, respectively.

Dr Christopher Rose has academic qualifications in science, medicine, law, finance and business from institutions in Canada and the UK. He is the member of the Canadian Bar Association, Bar of England and Wales, Chartered Institute of Arbitrators, Institute of Chartered Financial Analysts, Cayman Islands Society of Financial Analysts, Royal College of Physicians and Surgeons of Canada and the College of Physicians and Surgeons of Ontario. He is also known for numerous publications.

Professor William Gilmore is professor of international criminal law at the University of Edinburgh. Previously he was the Head, Crime Unit and Assistant Director, Legal Division for the Commonwealth Secretariat in London. He has published numerous books and articles, the latest is 'Dirty Money: The Evolution of Money Laundering Counter Measures'. He is the member of the Select Committee of Experts on the Evaluation of Anti-Money Laundering Measures (Council of Europe). He holds an LLM and a PhD from the University of London, an MA from Carleton University, and an LLB from the University of Edinburgh.

Dr Coats is an economist who has worked 26 years with the International Monetary Fund; also he has worked with the Board of Governors of the Federal Reserve System and for the World Bank as part of its World Development Report team. Dr Coats has taught at the University of Virginia, the University of Hawaii and George Mason University. He has also published numerous articles on monetary and banking systems. He holds a BA from the University of California, Berkeley, and a PhD from the University of Chicago.

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Our latest offshore news
30/09/2006
Welcome to join our discussions
on Offshore Companies, Incorporations,
Jurisdictions, etc..
22/08/2008
Cable & Wireless has announced that its principal operations in the Channel Islands, the Caribbean, Panama, Macau, and Monaco are expected to invest more than USD 400 million in Caribbean telecommunications development.
12/08/2008
According to 2nd quarter figures released by the CIMA, more than 10 000 investment funds have been registered in the Cayman Islands, which is a key milestone achievement by Cayman financial services industry.
29/07/2008
Following the US Senate hearing held on July 24, the US Congress intensified its attention to offshore finance.
12/07/2008
Mr Carlyle McLaughlin Jr. has been appointed as the Chairman of the Board of Directors of the (CIMA). This appointment will become effective on July 27, 2008.
25/06/2008
The largest offshore law firm in BVI Harney Westwood & Riegels, announced the merger with C.S. Gill & Co, a firm based in the Cayman Islands. The office of the merged firm is expected to be opened on September 1 in George Town, Grand Cayman. Kieron O'Rourke, the head of investment funds sector of the BVI firm, and fellow partner Tim Clipstone will relocate to Cayman from Harney's BVI office.
24/06/2008
The CIFSA has responded to a recent report by the Public Accounts Committee (PAC) of the UK's House of Commons that was looking for corrections as regards a misrepresentation of the standards of regulation within the UK's Overseas Territories mentioned in the report.
15/06/2008
The Cayman government has announced that its legislature will shortly debate new legislation aimed to strengthen Cayman anti-money laundering defences.
06/06/2008
The EU has revised a list of countries with satisfactory anti-money-laundering controls and excluded the Cayman Islands and the British Virgin Islands from the "white list".
26/05/2008
It has been recently revealed that CIMA was part of the CFATF team that evaluated the anti-money laundering and counter-terrorist financing regime of the BVI.
15/05/2008
On May 12, 2008, the Cayman Islands Government and the Turks and Caicos Islands Government signed an agreement to develop Lands Registry in Turks and Caicos.
25/04/2008
Project managers are completing a bid aimed to establish a local professional chapter in Cayman that is to make the jurisdiction attractive for investors and businesses.
12/04/2008
Moody's Investors Service said that Cayman's maintenance of its favorable government foreign currency bond rating shows the economic resilience of this offshore jurisdiction in the face of uncertainty that surrounds the US economy.

12/04/2008 According to the announcement made by the Government of Belize on April 10, two important Memoranda of Understanding have been recently signed by the jurisdiction.

26/03/2008
CIMA has broadened its network of agreements with overseas regulatory bodies by concluding Information Exchange Agreement with Washington.
01/03/2008
Recently, CIFSA has made the following suggestion - although the Cayman Islands' service providers and the Regulatory Authority performs many activities to combat money laundering, certain international financial centres fail to recognise the Cayman anti-money laundering regime.
28/02/2008
On February 21, 2008, the Cayman Islands Monetary Authority (CIMA) and the United Kingdom's national regulator of financial services and markets Financial Services Authority (FSA) signed a memorandum of understanding.
01/02/2008
The Cayman Islands Monetary Authority released CIMA's Year in Review, 2006-2007 report to disclose its operations for the financial year ending on June 30, 2007 and indicators of financial sector's performance in the Cayman Islands.
15/01/2008
Deutsche Bank has been named as best private bank in the Cayman Islands in the Private Banking and Wealth Management Survey 2008 for the 2nd time.
01/12/2007
US journalist John Fund has recently been invited by CIFSA to comment on US Congressional criticisms of the Cayman Islands and other offshore financial centres.
20/11/2007
On November 16, the Cayman Islands Monetary Authority celebrated its 10-year anniversary.
10/11/2007
Two legal giants, Walkers of the Cayman Islands and Mourant du Feu & Jeune are engaged in merger talks, which could lead to the creation of the world's biggest offshore law firm.
17/10/2007
CIFSA has welcomed changes to the insolvency legislation in the Cayman Islands that will soon be introduced. The changes include the licensing of practitioners and measures to help with cross-border insolvencies.
28/09/2007
The Board of CIMA has approved the implementation of the new Basel II framework, which will be implemented in Cayman between 2010 and 2012.
09/09/2007
Financial Secretary Kenneth Jefferson has told lawmakers that Cayman economy strengthens as in 2006 the jurisdiction maintained its international ranking of 6th place for total banking assets held by it, and the growth of the Cayman economy outpaced the growth of the United States.
05/09/2007
On August 31, 2007, the Cayman Islands Legislative Assembly passed the Freedom of Information Bill into law. This bill is to become law on January 1, 2009.
23/08/2007
CIMA has released the report entitled "Look Forward Report: 2007-08", which describes the Authority's mission, goals and objectives, as well as indicates its strategies, tactics and work projects that will be undertaken during this fiscal year.
15/06/2007
Two Cayman government agencies providing assistance to entrepreneurs and small business owners - the Cayman Islands Investment Bureau (CIIB) and the Cayman Islands Development Bank (CIDB) - are planning to work more closely together.
30/05/2007
Financial Secretary Kenneth Jefferson said that in the next financial year (July 2007 - June 2008) strong growth of the Cayman economy is expected to continue. He predicted growth in GDP at 3.5%.
13/05/2007
Recently, the Cayman Islands Financial Services Association (CIFSA), launched 4 years ago, reflected on its achievements in the promotion of an international image of financial services industry in the Cayman Islands.
27/04/2007
In accordance with the Global Financial Centres Index (GFCI) provided by the City of London Corporation evaluating the competitiveness of 46 major financial centres located all over the world, the Cayman Islands is among the most competitive financial centres in the world. It has been ranked 16th in the list.
19/04/2007
The Universal Postal Union has ranked overnight courier service of the Cayman Islands Postal Service as the 5th best in the world. So, Cayman courier service is among the best in the world, which is very essential for every offshore jurisdiction.
02/04/2007
In March, the General Registry of the Cayman Islands Government enhanced Cayman Islands financial services offer by introducing an Arabic language facility. The facility is aimed to enable registration and other certificates to be issued with a company's name not only in English, but also in Arabic.
22/03/2007
Cayman Islands-based real estate investor plans to invest $10 billion into the infrastructure of India. The investment will be made by Trikona Capital over the next several years. The company aims to solve the problems of India by being socially conscious.
09/03/2007
The Cayman Islands Stock Exchange continues its growth, which was confirmed by Financial Secretary Kenneth Jefferson on March 5, 2007. He announced that the Cayman Islands Stock Exchange continues to be self-sufficient and profitable.
03/03/2007
According the Cayman government, the Cayman Islands is going on maintaining its leadership position in international financial services and national economic performance and is moving ahead of its competitors. Cayman's ratings have been raised by an international credit rating agency and an independent provider of economic information, Moody's.
16/02/2007
Butterfield Bank announced the record income for the Group for the full year 2006. Its net income reached $134.1 million. Butterfield Bank (Cayman) Limited made a great contribution to the performance of the Group as it has reached a record net income of $53.4 million, which is up 16.5% year on year ($7.6 million).
19/01/2007
One of the most important annual conferences, Cayman Business Outlook 2007, took place in Cayman. It offered a glimpse of the Cayman future as it discussed numerous topics including how the US has positioned itself as the world's government in the 21st century and regional immigration trends influencing business.
12/01/2007
Deutsche Bank has been awarded as the best private bank in the Cayman Islands in the Euromoney private banking survey 2007. Located in Cayman, Jersey and Guernsey, Deutsche Bank for the first time has been indicated in the top spot of the rating.
11/01/2007
Maples and Calder, the offshore law firm, has acted as Cayman Islands counsel to the issuer, ADIB Sukuk Company Ltd. in establishing its USD 5 billion sukuk issuance programme. This is the 1st Islamic-compliant bond to be listed on the London Stock Exchange.
23/10/2006
Butterfield Bank (Cayman) Limited announced providing a Gold mortgage as a  Butterfield Lifestyle Mortgages product. A 10% down payment, up to 25 years repayment term, a low interest rate and low bank fee are the conditions set for both existing and new clients.
14/08/2006
Jersey has included Cayman Islands into the list of states and territories having an equivalent anti-money laundering legislation.
02/06/2006
Government of the Cayman Islands announced the changes in the board of directors of the Cayman Islands Monetary Authority. Dr Christopher Rose and Professor Willian Gilmore were appointed, and Dr Warren Coats was re-appointed for a three-year term.