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Cayman Islands Promotes Offering In New York

by Mike Godfrey, Lowtax.net, Washington
14 February, 2017

Over 150 representatives from New York and the Cayman Islands recently gathered at the 4th annual Cayman Finance New York Breakfast Briefing, held at the Harvard Club of New York City.

The New York briefing event was part of a week-long schedule of meetings by Cayman Finance, the territory's financial services promotion agency, and the Cayman Ministry of Financial Services with leading New York firms, institutions, and global media correspondents.

At the Breakfast Briefing, Cayman Finance CEO Jude Scott gave a presentation in which he described the Cayman Islands as "the premier global financial hub" and explained the reasons for its "competitive advantage" in comparison to other international financial centers.

Scott also explained how offshore financial services offered by the Cayman Islands provide value to developed and developing economies around the world – a point, he said, which is often misunderstood by critics.

Referring to a broadening of the Cayman financial services offering, Scott said that the territory will for the first time formally recognize reinsurance as a specific industry sector.

Wayne Panton, Cayman Minister for Financial Services, Commerce, and Environment, also addressed attendees. He spoke about the Government's steps to build the territory's insurance/reinsurance legislative and regulatory framework; recent commercial enhancements such as the Limited Liabilities Companies Law; and new legislation such as the Foundations Companies Bill.

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