Onboard....

GRAND CAYMAN:

THE CARIBBEAN'S WALL STREET

The underwater world may have made Grand Cayman's coral reef famous, but it took "The Firm" to make this wonderful island well-known to the public as a major financial center. Grand Cayman can definitely be called the Wall Street of the Caribbean.

Thanks to a stable and thriving economy, political stability, modern technology, sound infrastructure, beautiful tropical weather, and much more, Grand Cayman is home to an incredibly diverse and successful financial system.

The lack of taxation and exchange controls has made Grand Cayman popular with businesspeople in search of sound offshore homes for their dealings. Complete confidentiality keeps them there.

Grand Cayman has more than 500 licensed banks and trust companies, more than 350 insurance companies, 750 mutual funds, and at least 30,000 registered companies. It's hard to believe the island doesn't sink with all of that paperwork...and money!

This Caribbean paradise offers a wide array of financial services to companies and individuals. The possibilities include: traditional banking services; incorporation of companies; corporate management services; trust administration; foreign exchange; mutual fund management and investment; portfolio administration and management; precious metals; and much more. Banks like the Bank of Butterfield International, the Swiss Bank & Trust Corporation, Guardian Bank and Trust, and many others make the living (and banking) easy on Grand Cayman.

It's relatively easy to establish company incorporation through the registration system. A corporate entity in the Cayman Islands allows an individual or group to create an artificial "person," which acts separately and distinct. This company can have bank accounts, lend or owe money, and perform many financial functions just like an individual. The company provides a "front" to the individual shareholders and makes corporate establishment and banking in the Cayman Islands an attractive (and popular) business move.

The Cayman Islands offer many types and methods for registering a company. The two most popular options are a non-resident ordinary company and an exempted company. A non-resident ordinary company is typically used to own residential property or register ships in the Cayman Islands. An exempted company does not trade in the Cayman Islands, except to further its business elsewhere. Other incorporation options in the Cayman Islands in foreign companies, a variety of trusts, and offshore or limited partnerships.

The government of the Cayman Islands supports the continued success of their "Wall Street" by making the island an attractive offshore banking center. This is done while ensuring that the confidentiality laws are not misused, as well as participating in anti-drug and anti-money laundering measures.

Thanks to this atmosphere and "The Firm," everyone now knows about Grand Cayman's "Wall Street." Those astounding banking statistics are bound to rise even further.

With such a wide array of benefits and services (as well as sun and sandy beaches), it's easy to see why Grand Cayman is bank and beach heaven. You might even see Tom Cruise at the teller window!