The Cayman Islands has risen 13 spots in the latest Global Financial Centres Index, released this month.
Cayman ranks 28th, ahead of Bermuda and the British Virgin Islands in 35th and 36th position, respectively.
All offshore financial centers recovered lost ground in the ranking, which is based on two separate sources of data – instrumental factors and responses by financial services professionals to an online survey.
Jersey, Guernsey, the Isle of Man, the Cayman Islands, Bermuda and the British Virgin Islands are all up in the GFCI 20 ratings.
Cayman’s index score increased by 35 points to 676 compared to the last survey six months ago.
Jude Scott, CEO of Cayman Finance, said, “Our reputation as a center of excellence for international financial services continues to go from strength to strength and this latest ranking is proof of that.”
“The Cayman Islands continues to be recognized for its client-centric focus and for delivering excellence in service. Clients are at the center of our financial services industry. They are at the core of everything we do, and this approach has been central to our success as a leading international financial center,” Mr. Scott added.
Respondents in Asia and Eastern Europe gave Cayman the most positive evaluations, compared to Western Europe where the assessment was significantly lower than the mean.
The Cayman Islands is now the highest ranking mainstream international financial services center, Mr. Scott noted.
“Cayman Finance continues to work together with other stakeholders in our financial services sector, including the Cayman Islands Government and our regulator, the Cayman Islands Monetary Authority, to maintain our status as the premier global financial hub,” he said. “Survey results such as this are recognition of our high quality and experienced service providers, innovative capabilities, and legislative and regulatory balance.”
The most recent survey puts the Cayman Islands in the top 30 percent of all countries surveyed. The financial centers of London and New York rank 1st and 2nd, respectively, in the survey.
London, New York, Singapore and Hong Kong remain the four leading global financial centers in the ranking.
London remains just ahead of New York, falling five points in the ratings to lead New York by a single point. However, the result does not fully reflect the effect of the U.K. decision to leave the European Union. Survey responses were mostly collected before the Brexit referendum on June 24. New York, in second position, is now 42 points ahead of Singapore, which in turn is only four points ahead of Hong Kong in fourth place.