Offshore Cayman Islands
The Special Trusts (Alternative Regime) Law 1997 (STAR), substantially extends Cayman's trust planning framework. STAR allows trusts for any purpose (charitable trusts, person trusts, and purpose trusts) as well as mixed trusts, provided they are lawful and not contrary to public policy.
Banks licensed in the Islands represent fifty-four countries. Some of the reasons influencing their decision include the Cayman Islands strong reputation for sensible regulation, professionalism, confidentiality, tax advantages, asset protection, political stability, good infrastructure and geographical location. As a premier financial services jurisdiction, Cayman attracts the world's leading accounting, legal and investment firms, and the banking industry remains a cornerstone of Cayman's success.
With no direct taxation, The Cayman Islands are a thriving Offshore Financial Center (OFC). The Cayman Islands financial services industry developed, along a path similar to that in other offshore centers, on the strength of private banking, security, protection of assets and now following suit with other OFC's, anti-crime protection. While meeting the needs of high net worth individuals is still an important aspect of the industry, recently the focus has moved very much towards institutional business.
The Cayman Islands is recognized as one of the top 10 OFC's in the world, with over 40 of the top 50 banks holding licenses there. Inter-bank bookings between onshore banks and their Cayman Islands branches or subsidiaries account for more than 80 percent of the US$1 trillion on deposit and booked through the Cayman Islands , representing a low risk profile for money laundering. This statistic reflects the recognition of the Islands ' stature in international finance as well as its position as one of the leading centers of the global Euro-currency market .
There are currently 295 banks and trust companies as of end of third quarter 2006. Around 19 banks have "A" licenses that allow them to carry on business with residents and nonresidents of the Islands . The remaining 276 companies hold "B" licenses and are for the most part restricted to offshore transactions with nonresidents.
As advised in all of these articles, a person is advised never to “go it alone” without a professional supervisor. The advantages are set forth to attract banks, customers and business.
The Confidential Relationships Law provides statutory confidentiality of client information, though it should be noted that the Governor in Council can authorize disclosure of information where there is evidence of criminality. This can apply to transactions effected outside Cayman if, had they taken place within the Islands , they would have constituted a criminal offense.
In addition, in 1990 the Mutual Legal Assistance Treaty with the United States Government came into effect. The treaty provides for the exchange of information required in the investigation of a range of criminal activity. It excludes tax matters.
OFFSHORE ASSET PROTECTION
- Asset Protection Tax Summaries Italy
- OFFSHORE CAYMAN ISLANDS
- Asset Protection Tax Summaries Ecuador
- Asset Protection Nsa Spying
- Asset Protection Tax Summaries France
- Offshore Pensions And Taxes
- IRS Abusive Trusts
- Panama Region
- Tax Avoidance Vehicles
- Asset Protection Tax Summaries Honduras
- Asset Protection Guernsey Taxes
- Asset Protection Panama Foundations
- Asset Protection Identity Theft
- Offshore And Alternative Investments
- Offhshore Banking Privacy
- Asset Protection Privacy
- Irrevocable Life Insurance Trust
- Bahamas Information
- Asset Protection Expatriation
- Asset Protection Tax Summaries Panama1
- Asset Protection Taxing Expats
- Asset Protection Taxing Foreign Stock
- Asset Protection Flat Tax For Puerto Rico
- Asset Protection Location Of Your Company
- Asset Protection Caribbean Tax Havens
- Asset Protection Renunciation
- Asset Protection Offshore Definition
- Asset Protection Panama
- Family Limited Partnerships Tax
- Boats Asset Protection
- Asset Protection Tax Summaries Ireland
- Taxation Foreign Corporations
- Asset Protection Tax Summaries Mexico
- Asset Protection Offshore Liechtenstein
- Private Annuity Ruling Irs
- Asset Protection Hong Kong
- Assetprotection Trusts
- Asset Protection Faq
- Intentionally Defective Grantor Trust
- Panama Canal Zone
- Asset Protection Laundering
- Going Offshore
- Offshore Asset Protection
- Dynasty Trust The Basics
- Offshore Asset Protection Planning
- Secret Bank Accounts
- Asset Protection Police
- Asset Protection Guernsey
- Asset Protection Second Passport
- Asset Protection Tax Summaries Nicaragua
- Asset Protection Scam Trusts
- Nevis Offshore Financial Center
- Asset Protection Using Offshore Trusts
- Probate And Revocable Trusts
- Asset Protection Lawsuit Prevention
- Poetic Injustice In The Pearl River Delta
- Offshore Financial Centers Ireland
- Panama Comfort Zone
- Isle Of Man No Tax Zone
- TrustMakers Forms Center
- TrustMakers Site Map
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