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| As a centre for offshore mutual funds, the Cayman
Islands is a world leader. Over 1,900 mutual funds, with approximately US$200
billion in assets, are registered in Cayman and the jurisdiction has become the premier
one-stop centre for creating, listing and trading mutual funds and structured financing
vehicles. The quality of service
provided in the Cayman Islands by its expert teams of administrators, lawyers and
accountants is unrivalled Located 480 miles south of Miami, the Cayman Islands is a major success story in the global financial market place. Ideally positioned between North and South America, Cayman has successfully built its reputation as an international financial centre to provide a firm foundation for a flourishing economy, affording one of the highest standards of living in the Caribbean. Development of Cayman's financial industry began over 30 years ago when the government enacted framework legislation for the provision of a wide range of financial services. Innovation has followed innovation and the industry has grown significantly, facilitated by the government's forward-looking laws and policies, many of which have served as models for legislation in other jurisdictions. Today, with approximately US$500 billion in bank deposits, Cayman is ranked within the top ten banking centres in the world. There are nearly 600 banks and trust companies licensed in the Cayman Islands with 45 of the world's 50 largest banks having subsidiaries or branches here. More important than the statistics, however, is the high quality and security of the jurisdiction, and the value Cayman is able to add to global capital markets transactions. |