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Offshore Banking in the
Cayman Islands One of the first things you'll notice about
Grand Cayman is its affluence. Don't look for beach vendors or hair braiders
along Seven Mile Beach -- they're prohibited in this nation. The Cayman
Islands enjoy one of the highest standards of living in the hemisphere,
so expect to see nice cars, well-maintained streets, and signs of prosperity. Much of that affluence comes from its successful
tourism industry, 70of its national product. Most visitors arrive from
the States, although which part of the US varies by time of year. During
the winter season, many come from the East and Midwest; in hot summer
months a great number of Texans and Southerners make their way to these
islands, which are cooler than their own home states during that time.
Offshore financial services play an integral
role in the islands' success as well. Grand Cayman has over 500 licensed
banks (including 47 of the 50 largest banks worldwide). Banking secrecy
laws passed in 1966 laid the groundwork for this profitable industry that
today ranks the small island as the fifth largest financial center in
the world, surpassed only by London, Tokyo, New York, and Hong Kong. Offshore insurance companies are also a growing business. Nearly 400 offshore insurance or captive insurance companies make their base here. (Captive insurance is a term used for insurance companies set up by a company or a trade association to serve its members or employees.) Thanks to Cayman Islands' generous tax-free status, many other companies choose to incorporate in the islands; currently almost 30,000 companies are registered here. |
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