Topic: The Journal
JOURNAL: Cayman’s property market: ‘Don’t call it a boom’
Cayman’s real estate market is thriving by any measure. Total property sales reached a record $800 million last year, an 18 percent increase over 2017. The number of property transfers, at 1,857 transactions, was 9 percent higher year on year. Construction activity, meanwhile, continues unabated all over the island.
JOURNAL: What CUC needs to do to go ‘green’
On Jan. 15, the Caribbean Utilities Company announced that government accepted its integrated resource plan, a road map for how the territory will produce its energy over the next 30 years.
JOURNAL: Quality financials prompted Cayman National takeover
March 13 was a red-letter day for Cayman National Corporation Ltd. That was the day the Trinidad-headquartered Republic Group finalised its acquisition of Cayman National, making the territory’s only local bank local no longer.
JOURNAL: Plastic-free push gains momentum
Plastic, the miracle material invented 112 years ago, has morphed into the scourge of the modern era. Reports abound about tons of plastic debris washed up on shores, swirling about in oceans and rivers and found inside the bodies of fish.
JOURNAL: Where next with the EU tax blacklist?
On March 12, government and the financial sector awaited with bated breath the outcome of the European Union’s evaluation of Cayman’s tax regime.
JOURNAL: What’s new on the green front
Cayman is making strides when it comes to going green. From sustainable construction practices to renewable energy programmes, Cayman is moving forward on the green front.
JOURNAL: Harmonizing digital and traditional investment through blockchain
With the Securities and Exchange Commission moving to crack down on fraudulent crypto-schemes, the allure of crowdfunding capital through initial coin offerings on blockchain platforms appears to be fading.
JOURNAL: Uncertainty remains despite new economic substance rules
Substance legislation passed by lawmakers in December 2018 has laid down the parameters for the way Cayman is responding to pressure by the European Union to reform its tax regime, but many questions remain about the economic impact of the new framework.
JOURNAL: Offshore finance centers bracing for substance legislation impact
Cayman’s government and financial services industry professionals have had mixed reactions to the territory’s recently passed economic substance legislation, with some expressing cautious optimism that the new laws will increase investment in the islands, while others are bracing for an exodus of companies.
JOURNAL: What’s brewing in housing?
Financial markets were hit with an onslaught of weak economic news across the housing sector recently. One of the most notable metrics was the plunge in the National Association of Home Builders (NAHB) Market Index from November levels.
JOURNAL: Cayman National has event-filled months since sale announcement
The Cayman Islands is home to billions of dollars’ worth of mergers and acquisitions in a given year, but few have the potential to impact the local community as much as the impending sale of Cayman National Corporation Ltd. to the Republic Bank Trinidad and Tobago (Barbados) Ltd.
JOURNAL: Independent directors reluctant to serve on crypto funds
The governance around hedge funds has changed dramatically since the introduction of the mutual funds law in Cayman 25 years ago.
Economist: Close Cayman’s gender gap to boost economy
Cayman Islands women are a significant under-used resource that could fuel further growth in the islands economy, according to the keynote speaker at the annual tourism conference last month.
Golden visa programs the latest target of regulators
Citizenship by investment and residency by investment schemes are the latest targets of regulators and advocacy groups, as three reports by Transparency International, the OECD and the Green Party in the European Parliament all highlighted abuses of the programs in both Europe and the Caribbean.
Cayman-based Real Vision looks to conquer financial media world
Hundreds of cruise ship passengers milled about George Town Central on a recent Wednesday afternoon, browsing through the jewelry and souvenir stands, or taking a break at one of the downtown restaurants.
CFA conference: The beginning of deglobalization or just a blip?
Populist and nationalist policies on trade and migration, two of the main indicators of a globalized world, are clearly on the rise.
Trust services providers struggle with data protection legislation
Trust services providers can potentially face enormous difficulties when complying with data requests under Europe’s data protection legislation, which gives individuals the right to ask for information held about them by third parties.
New platform automates KYC checks for crypto transactions
About three years ago, Global Risk and Data Authority Limited launched a platform aimed at automating the know-your-client and anti-money laundering compliance processes for banks in Cayman, as well as onshore correspondent banks.
Offshore M&A deals drop; Cayman remains top center
The Cayman Islands saw more mergers and acquisition transactions than any other offshore jurisdiction in the first half of 2018, as the total value of Cayman deals increased by nearly 50 percent over the second half of 2017.
Ironshore: Cayman’s nascent pharma giant
Cayman is globally renowned for its tourism and financial services, but is not known for having a pharmaceutical industry.
Electric future: CUC plans radical shake-up of energy sources
Cayman’s energy market will need to see a radical transformation over the next two decades to meet the ambitious goals outlined in the first National Energy Policy passed last year.
Crown Dependencies consult industry on substance legislation
The governments of Jersey, Guernsey and the Isle of Man are asking businesses for their views on proposed new legislation that will require certain tax-resident companies to demonstrate they have sufficient substance.
New rules shake up anti-money laundering services
Cayman’s fund industry is facing significant changes under new regulations to fight money laundering and the financing of terrorism.
BVI companies allegedly targeted by Russian oligarch
Proponents of offshore finance often argue that jurisdictions like Cayman and the British Virgin Islands help people from corrupt countries protect their wealth against theft and other forms of unlawful confiscation.
The changing landscape of litigation funding in Cayman
Businesses that litigate in the Cayman Islands courts have historically had few alternatives to the traditional funding model, i.e., paying a law firm a fixed hourly rate.
Economic Forum highlights concerns over cruise pier project
Regular readers of the Cayman Compass and other local media are surely used to seeing headlines over the years such as “Cruise dock deal on track,” “Government gives green light to George Town cruise dock,” and “Government plans to go ahead with cruise dock.”
The threat of public beneficial ownership registers
Even for jurisdictions that are used to moving goalposts in terms of international regulatory pressure, the passing on May 1 of a cross-party amendment to the Sanctions and Anti-Money Laundering Bill in the House of Commons, effectively ordering British Overseas Territories to establish public registers of beneficial ownership, was unique.
Booming real estate industry reflects economic growth
Finance Minister Roy McTaggart has recently touted the 2.9-percent economic growth Cayman experienced last year, but to many that number is just an abstraction.
Maritime and Aviation City welcomes first zone company
Cayman Maritime & Aviation City and The Civil Aviation Authority of the Cayman Islands announced the registration of its first special economic zone company in May.
Economy grows, but questions remain over regulatory pressure
Cayman’s economy expanded more than anticipated in 2017. Gross domestic product grew by 2.9 percent in real terms following similar growth of 3 percent in 2016 and 3.1 percent in 2015.
Where there’s no will – there’s a way
Most people know that making a will is the “adult thing” to do, especially when children and other dependents are involved. However, like most unpleasant things in life, we tend to put it off for as long as possible.
Is global growth stuttering?
2017 can be characterized as a year that should be celebrated. The world’s economy enjoyed synchronized global growth, with all major developed economies reporting positive GDP growth.
