The Cayman Islands evoke images of beautiful, white-sand beaches, the crystal-clear blue waters of the Caribbean Sea, and secret numbered bank accounts.
Such bank accounts are purely Hollywood fiction – it’s harder to open a bank account in the Cayman Islands than in the United States. While the beautiful, white-sand beaches and crystal-clear blue waters of the Caribbean Sea do in fact exist there, the Cayman Islands also offers something few other offshore jurisdictions can: a safe, sophisticated and welcoming place for high-net-worth individuals to establish their family offices.
InvestCayman, an investment promotions agency launched by the Cayman Islands Government in the Fall of 2021, is helping to spread the word about the British Overseas Territory’s attributes to high-net-worth individuals seeking to relocate or create a family office or, as is the trend today, establish a secondary location for their family office.
InvestCayman Director Jane Scaletta said that those who work in financial services are well aware of what the Cayman Islands offers. However, many wealthy people still think of the country as a tourist destination and through Hollywood stereotypes. “The Cayman Islands is really the gold standard for family offices in the Caribbean,” she said. “It’s safe, sophisticated and, as a British Overseas Territory, stable and under common law jurisprudence.”