I just came back from a cruise that included a stop at George Town, Grand Cayman. Many people on the ship joked that this was an intended, featured port of call as they wanted to check up on their shekels in the island’s banks. Let me sort this out for you.
Grand Cayman, situated in the Caribbean, is the fifth largest financial center in the world. I kid you not. Number five on the hit parade. With no direct taxation, the island has a thriving offshore banking and finance business. Although in the past, it was really focusing on high-net-worth individuals, its target recently has been towards the institutional business. In fact, there are currently 295 banks and trust companies licensed by the Cayman Islands Government and some 19 of them have the Category “A” licenses, which allow them to carry on business with both residents and nonresidents of the island.
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