19 March 2014 (George Town, Grand Cayman) — The latest survey published this month by the Global Financial Centres Index has again established Cayman’s strong presence among the world’s top ranking financial centres, placing it third in the Global Offshore Financial Centres category, ahead of all competitors in the region including the British Virgin Islands, Bahamas, Bermuda, and Panama.
A number of factors are taken into consideration when producing the rankings, which are produced by Z/Yen Group Limited, including the business environment of a jurisdiction, transparency of taxation, human capital, infrastructure, reputation, and market access. In addition, financial centre profiles have been identified using three key measures: speciality or the depth of a financial centre’s professional services offered; connectivity – the extent to which the centre is well known around the world; and diversity or the breadth of the financial industry sectors that flourish within the centre.
Gonzalo Jalles, CEO of Cayman Finance, believes the Cayman Islands ticks the boxes in all of the above criteria.
“The Cayman Islands excels in the depth of its service offering due to its exceptionally high quality of service professionals working within the financial services industry. We are well known globally among our peers for offering superior service, and we have a strong diversity within our product, excelling in insurance, banking, professional services, and investment management — all working within a well-regulated jurisdiction,” he said. “It therefore comes as little surprise the Cayman Islands again ranks so highly in the Global Financial Centres Index.”
The GFCI provides ratings for ﬁnancial centres calculated by a factor assessment model that uses two sets of input: instrumental factors, i.e. objective evidence of competitiveness sought from a wide variety of comparable sources, and financial centre assessments.