UK Nationals based in the Cayman Islands seeking finance of £700,000 to assist with the purchase of two North London apartments on a buy to let basis.
The Cayman Islands, once known as the Tortugas, are located approximately 125 miles south of Cuba and 125 miles west of Jamaica. There are three islands, the main being Grand Cayman Island, being approximately 75 square miles in area. The two smaller sisters of Cayman Brac and Little Cayman (totaling approximately 27 square miles of area) are located to the northeast of Grand Cayman and are only accessible by air. Virtually all financial activity occurs in the capital city of Georgetown on Grand Cayman.
The Cayman Islands are regarded as one of the world’s premier financial centers, consistently ranked in the top five. 47 of the world’s largest banks are currently registered in the Islands. They are also home to the world’s leading legal and accounting firms, including the big four. At December 2005, there were more than 70,000 companies registered in the Cayman Islands including 430 banks and trust companies, 720 captive insurance firms and more than 7,000 funds.
Jamaican independence from the United Kingdom in 1962 led to the Cayman Islands becoming a British Dependency. In 1966 landmark banking legislation, the Banks and Trust Companies Regulations Law, was passed by the Cayman Government. This was an early example of the Government invoking the Islands’ historic tax neutrality from Britain dating back to the eighteenth century.
The legislation was designed to encourage the banking industry and make the Islands attractive for offshore finance. Forty years later, Cayman is recognized as a sophisticated, well regulated and diverse finance center. It services both institutional and private sectors, and has developed strong cooperative links with the US and other countries.