The Cayman Islands has retained its ranking as the 31st financial center out of 108 centers evaluated in the Global Financial Centers Index.
Scoring as high as six months ago, Cayman still fell behind Bermuda, which climbed three ranks to position 29 in the index.
Caribbean centers like the British Virgin Islands and the Bahamas saw strong rises, and the British Crown Dependencies of Jersey, Guernsey, and the Isle of Man all performed well also.
Jude Scott, CEO of Cayman Finance, said in a statement that Cayman’s ranking is the second highest among all U.K. Overseas Territories and Crown Dependencies, and it is one of only 11 centers from outside the G-20 to be included in the top 31 rankings.
“GFCI 22 is the latest assessment to consider the Cayman Islands role as a premier global financial hub, and our commitment to transparency and cross-border cooperation on tax and law enforcement issues, and rate them as among the best in the world. That’s a gratifying, if unsurprising, mark of the success of our decades-long commitment to being a leading international financial center,” Mr. Scott said.
“This assessment also reconfirms that Cayman belongs among the G-20 Plus – jurisdictions, including G-20 countries and top international financial centers, that adhere to the highest global transparency standards. We have built a reputation for meeting or exceeding those global standards and it continues to be reflected in analysis like this,” he said.
There were few changes at the top of biannual ranking published by Z/Yen.
Despite the ongoing Brexit negotiations, London remained in first place, just ahead of New York.
London dropped only two points in its evaluation, which combines survey results with quantitative data. However, all other top financial centers scored lower than in the past GFCI ranking amid an overall drop in confidence among the leading centers.
Hong Kong moved just ahead of Singapore into third position and Tokyo remained in fifth.
News source: Cayman Compass