Cayman falls in financial centre ranking

An aerial view of the business area of downtown George Town, Grand Cayman
An aerial view of the business area of downtown George Town, Grand Cayman. – Photo: Chris Court

The Cayman Islands has dropped 17 places in the Global Financial Centres Index. Cayman is now ranked 47th in the index of financial centres that is published twice a year by Z/Yen Group.

It was the first ranking after the EU put Cayman on its tax blacklist of uncooperative jurisdictions.

Other offshore financial centres performed equally poorly. The Bahamas and Bermuda fell 31 and 28 places and are now ranked 105th and 63rd, respectively.

The British Virgin Islands was the only Caribbean centre whose ranking improved.

The British Crown Dependencies bounced back from previous drops in the ranking. The Isle of Man is up 12 places, Jersey up 10, and Guernsey rose 19 places.

New York retains its first place in the index, further extending its lead over London from 17 to 27 points, although the ratings for both centres dropped by more than 20 points.

Tokyo moved up three places to rank third in the index. Hong Kong fell from third place to sixth.

The index uses a combination of instrumental factors and online questionnaires completed by financial services professionals to calculate its ranking.

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