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The Cayman Islands' tax-free status has attracted numerous banks and other companies to its shores. More than 92,000 companies were registered in the Cayman Islands as of 2014, [13] including almost 600 banks and trust companies, with banking assets exceeding $500 billion.
The Cayman Islands Department of Commerce & Investment, formerly known as the Cayman Islands Investment Bureau (until 2010), is a government agency that was established to promote investment in the Cayman Islands. The department offers several free services to foreign investors seeking to establish a business in the Cayman Islands.
The first monthly publication on the islands was The Gospel of the Kingdom, a religious themed newspaper founded in 1945. In 1964, the newspaper Tradewinds began publication. This was joined by the rival Caymanian Weekly in 1965. This was followed by a second weekly publication, the Cayman Compass, which started in 1972.
The Trade School, the Hotel School and the Marine School were founded between 1976 and 1981. In 1985 all of these institutions were amalgamated as the community College of the Cayman Islands. In 2004 the Legislate Assembly passed an Act changing the name to the University College of the Cayman Islands.
CISPA is a member of the Cayman Islands Financial Services Association (CIFSA), formed in November 2003. [8] In 2005 the Cayman Islands Monetary Authority (CIMA) requested that a working group be formed to review the recommendations of CIMA's Policy and Research Division, which had been examining regulation of the mutual funds industry.
Cayman Enterprise City is a development project which consists of three special economic zones focused on attracting knowledge-based and specialized-services businesses to set up a physical presence in the Cayman Islands. It is a government initiative [1] that has
The foreign relations of the Cayman Islands are largely managed from the United Kingdom, as the islands remains one of 14 overseas territories under British jurisdiction and sovereignty. However, the Government of the Cayman Islands have autonomy and often resolves important issues with foreign governments alone, without intervention from Britain.
For U.S. and other foreign investors and businesses, the Cayman Islands' main appeal as a financial centre is the absence of all major direct taxes, free capital movement, minimal government regulations, and a well-developed financial infrastructure.