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Testing new editor on CNS Business to see how it looks on the Business site

Testing new editor on CNS Business to see how it looks on the Business site

| 04/01/2019 | 0 Comments

(CNS): The cruise ship sector is off to a great start, as statistics on the Port Authority of the Cayman Islands website indicate than more than 58,500 people will be arriving in Grand Cayman this week aboard 24 ships. Nearly 7,000 passengers sailed into George Town on New Year’s Day, but that number was eclipsed […]

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Cayman see near 7% fall in funds since 2013

Cayman see near 7% fall in funds since 2013

| 02/01/2018 | 0 Comments

(CNS): The Cayman Islands saw another fall in the number of funds registered in the jurisdiction at the end of 2016, according to figures released by the Cayman Islands Monetary Authority (CIMA) in its recently published Investments Statistical Digest for that year. Since 2013, when the number of funds peaked at 11,379, there has been a 6.97% […]

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CIMA report reveals banking sector under pressure

CIMA report reveals banking sector under pressure

| 21/12/2017 | 1 Comment

(CNS Business): A report assessing the health of the Cayman Islands banking sector in 2016 has revealed that the sector remains “vulnerable to global macroeconomic environments, as well as political uncertainty and regulatory policy changes from advanced and emerging countries”. The 2016 Banking Statistical Digest also revealed that while local GDP and government finances improved in 2016, […]

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Offshore law firm goes after press in Paradise Papers hack

Offshore law firm goes after press in Paradise Papers hack

| 19/12/2017 | 21 Comments

(CNS Business): The law firm which was the victim of a hack in which millions of documents about their clients’ offshore financial affairs were exposed is taking legal action against the BBC and the Guardian. Both media organisations have stated that they will defend the breach of confidence proceedings instigated by Appleby, which has also […]

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Captive market claims boost to local economy

Captive market claims boost to local economy

| 18/12/2017 | 0 Comments

(CNS):  The Insurance Managers Association of Cayman claims that the captive market generated US$100 million for the local economy in 2016, based on recently published results from an economic impact survey. An IMAC survey found that the captive industry generated US$72 million in revenue for Cayman’s service providers, and currently provides employment for around 300, nearly half of whom […]

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Scott defends Queen’s use of Cayman funds

Scott defends Queen’s use of Cayman funds

| 07/11/2017 | 2 Comments

(CNS Business): After the first revelations from the hacked documents that have been dubbed the Paradise Papers began making headlines around the world Sunday, Jude Scott, CEO of Cayman Finance, has defended the British monarch’s use of Cayman Islands funds and what he said is the legitimate use of offshore financial services by many investors. […]

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Financial services gets budget boost

Financial services gets budget boost

| 07/11/2017

(CNS Business): Funding for the financial services sector has increased considerably in the 2018/19 budgets, the new minister for the sector, Tara Rivers, revealed in the Legislative Assembly Monday, as she stressed the need to protect the industry and underscored the importance of the sector to the local economy. Rivers revealed that while money would […]

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Cayman gears up for CFATF review

Cayman gears up for CFATF review

| 07/11/2017 | 0 Comments

(CNS Business): The attorney general has said that the Portfolio of Legal Affairs, the Ministry of Financial Services and CIMA have been working with the public sector agencies and private sector stakeholders to get the jurisdiction in a state of readiness for the upcoming evaluation by the Caribbean Financial Action Task Force (CFATF) Mutual Evaluation […]

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Queen using Cayman investment fund

Queen using Cayman investment fund

| 06/11/2017 | 31 Comments

(CNS Business): Labour leader Jeremy Corbyn has called on Queen Elizabeth to apologise to the British people for using tax havens, including the Cayman Islands. Revelations that the Queen was among a list of very rich individuals and organisations using offshore vehicles to dodge taxes has come with the release of a trove of information […]

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Premier: Cayman needs to keep defending offshore

Premier: Cayman needs to keep defending offshore

| 31/10/2017 | 3 Comments

(CNS Business): The Cayman Islands will need to keep up its defense of the offshore financial services sector and maintain regular engagement with European Union leaders, in particular, the premier has said, because the recent delegation to Brussels found that politicians there remain “challenged in understanding our no-direct taxation regime”. Alden McLaughlin said that although […]

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Butterfield acquires trust arm of Deutsche Bank

Butterfield acquires trust arm of Deutsche Bank

| 26/10/2017 | 0 Comments

(CNS Business): Butterfield has entered into an agreement to acquire Deutsche Bank’s Global Trust Solutions (GTS) business in an undisclosed deal that excludes the US operations, the bank said in a press release Wednesday. The deal is subject to regulatory approvals but once it is complete, Butterfield will take over the ongoing management and administration […]

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Powerful local law firm marks 50 years in Cayman

Powerful local law firm marks 50 years in Cayman

| 18/10/2017 | 0 Comments

(CNS Business): The largest and one of the most influential offshore law firm in the Cayman Islands marked its 5oth anniversary recently with a swanky reception at the Ritz-Carlton. Maples and Calder started life in 1967 when James “Jim” MacDonald and John Maples began doing business out of a room in Dr Roy Edison McTaggart’s house […]

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Cayman Islands technocrats lobby on Capitol Hill

Cayman Islands technocrats lobby on Capitol Hill

| 18/10/2017 | 0 Comments

(CNS Business): Two officials from the Ministry of Financial Services were in Washington DC last month for face-to-face discussions with US politicians and officials on tax and financial services. Meetings were held with advisers and staff for several US senators and representatives who are at the heart of the current US tax reform debate, which […]

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Cayman’s insurance sector eyes another successful year

Cayman’s insurance sector eyes another successful year

| 18/10/2017 | 0 Comments

(CNS Business): The Insurance Managers Association of Cayman is expecting 2017 to be another successful year for the industry. So far this year, 20 Class B licences have been issued, eleven of which represent third party insurers, as well as three Class C licences, and with the final quarter, normally the busiest of the year, still […]

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Premier urges bosses to take part in wage survey

Premier urges bosses to take part in wage survey

| 11/10/2017 | 1 Comment

(CNS Business): Premier Alden McLaughlin is urging all employers to take part in the forthcoming Occupational Wage Survey, as the data collected will be an important tool for government and business in a number of areas, such as re-assessing the current minimum wage and helping young Caymanians make future career decisions. “It is critical that […]

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