Cayman confirmed as ‘cooperative’ jurisdiction in EU results
The results of the EU’s non-cooperative jurisdictions were released yesterday and the Cayman Islands have been confirmed as one of the 47 co-operative jurisdictions.
With over 40 years of experience in insurance formation, operation and regulation, the Cayman Islands has truly earned its reputation for integrity, innovation and intelligence.
The Cayman Islands continues to support global efforts to tackle corruption, tax evasion and money laundering, through:
- Membership of the Global Forum on Transparency and Exchange of Information for Tax Purposes; maintaining our ‘largely compliant’ rating in this year’s Global Forum Peer Review
- Membership of the International Organisation Securities Commission (IOSCO), which grants full regulator-to-regulator transparency
- Implementing the Base Erosion and Profit Sharing (BEPS) Inclusive Framework
- Repeated member of the white list of the Organisation for Economic Cooperation and Development (OECD)
- Sharing tax information under the OECD’s Common Reporting Standard (CRS)
- The only Caribbean jurisdiction to have maintained a stable Aa3 sovereign debt rating with Moody’s since 1997, even throughout the financial crisis of 2008.
Cayman was also previously reviewed by the International Monetary Fund (IMF) as “an increasingly effective system of regulation, both formalising earlier practices and introducing enhanced procedures”, with regulation that “complies broadly with standards in all the areas assessed”, and today’s results further demonstrate our continued support for adhering to legislation and regulations, to encourage business growth and prevent misuse of the jurisdiction.
Cayman Captive industry will continue their mission to educate and inform the general public on the benefits of Cayman as an insurance domicile, clearly highlighting the strict regulatory framework, transparency and expertise in place, which is so highly regarded by all past and present clients.
In addition, the benefits of Cayman’s insurance industry include (but are not limited to):
- Employing over 300 staff within the Cayman Islands
- Contributing >$85million per year to the local economy; a section of the current financial system in Cayman which overall, contributes 28% of the gross domestic product; comparable to other First World jurisdictions that do have a direct taxation system
- A significant economic partner for the US, UK, Canada and Europe
- 28 Tax Information Exchange Agreements (TIEAs)
Erin Brosnihan, Chair of the Insurance Managers Association of Cayman said “This announcement of the EU’s decision is a welcomed message and another opportunity for the Cayman insurance industry to raise awareness and understanding of the benefits of Cayman as a jurisdiction.
The outcome of this decision further promotes our message that Cayman is one of the best jurisdictions for insurance company formation and management in the world. We will continue our mission to be at the forefront of innovation and expertise to implement a strong, transparent and trustworthy framework for people to do business”.