29 November 2017Analysis

Cayman Government welcomes Cayman Captive Forum attendees

Delegates at the 2017 Cayman Captive Forum have been officially welcomed on behalf of the Cayman Islands Government, with a speech from the Right Hon Roy Mctaggert, Minister of Financial Affairs.

The minister congratulated IMAC on celebrating the 25th anniversary of the conference and said that he was delighted to share that formations for the year "eclipsed" total formations for 2015. He added that Class B1 and B3 categories accounted for 75 percent of total formations this year.

He was at pains to point out CIMA had requested and received additional monies to ensure strong regulation continues, adding that the government was particularly keen to stamp out any issues regarding cybercrime and those involved in criminal activity. He stated there" is no welcome mat for criminal activity in Cayman".

He assured delegates that the Cayman government continues dialog with the EU. After being contacted by the EU, regarding tax regimes, the Cayman government adopted a positive and proactive approach " to help the EU have a greater understanding" of Cayman as a jurisdiction.