New trust registrations during the first eight months of the year were at their highest level since 2014.
General Registry data shows 76 new trust formations through August, 23 more than during the same period in 2019. This compares to only 38 trust terminations during the first eight months of 2020 – the lowest number for comparable periods since 2012.
However, it is important to note that the highest number of monthly terminations typically occurs in December.
In the past two years trust registrations slightly exceeded the number of trust terminations, while between 2012 and 2017 the number of active trusts on the register declined each year.
There are currently 1,780 active trusts registered in Cayman.
Cayman Islands Monetary Authority data of licences issued under the regulator’s Fiduciary Services Division shows 147 active trust companies at the end of September 2020, which is the same number of active licences as at year-end 2011. In the past 10 years that figure has remained fairly level, reaching a low of 137 in the fourth quarter of 2014 and a high of 152 in the third quarter of 2016.
However, the additional number of registered private trust companies has increased steadily in the past decade from 44 in 2010 to 145 at the end of the third quarter this year.