It's hard to believe that palm-fringed Georgetown is the world's fifth biggest financial centre - with 580 banks, 520 insurance companies and a mighty 3,000 mutual funds with assets of $215bn. It's developing as a hedge fund domicile too.
The Cayman Islands is one of the world's lowest tax domiciles with no personal or corporate taxes. Deposits, banking, wealth and fund management, and trust and company administration comprise the bulk of financial services geared towards expats.
The Cayman Islands has suffered from an image crisis for many years, borne from weak financial regulation. A negative KPMG report into offshore centres and general ill sentiment throughout 2000 and 2001 has forced the Caymans to tighten its financial services industry. Continues to be monitored by the OECD.
One of the best sources of information about tax havens, or for that matter, any country in the world, is the CIA World Fact Book. To learn more about Cayman Islands from the CIA resource go here; Cayman Islands
Or the Government of Cayman Islands has great finance related information on their website here; www.caymanfinance.gov.ky
