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Why the Cayman Islands are excelling in facilitating the evolving requirements for family offices, UHNWI and unit trusts

This week, we look at the increasing demand that the Cayman Islands jurisdiction has seen from overseas clients who are increasingly turning to the jurisdiction for assistance in establishing their offshore structures, making it a pivotal jurisdiction for trust formation and management.
Why the Cayman Islands are excelling in facilitating the evolving requirements for Family offices, UHNWI and Unit Trusts - FundBank

What makes the Cayman Islands a preferred choice? With its political stability, robust connectivity to the U.S., and a modern and expanding communications infrastructure, the Cayman Islands provide an ideal operating base for family offices. These factors are driving the influx of overseas investors to this jurisdiction.

Beyond logistical and political advantages, clients are seeking sophisticated services and premium advice, both of which the Cayman Islands can readily offer.

The Cayman Islands’ wealth of experience and expertise makes it well-equipped to advise on complex trusts with the move to establishing offshore trusts becoming more and more popular as a result. Over the past 25 years, the Cayman Islands’ trust offerings have matured and expanded, establishing it as one of the world’s leading trust service providers.

Since 2020, the number of registered unit trusts on record has surged from approximately 1,800 to 2,300 by the end of 2022, underscoring the jurisdiction’s growing prominence in the global financial landscape.

Read Jerome’s full bio

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Jerome Ebanks, Vice President, Trust at FundBank comments, “At FundBank, we have seen an increase in demand from trust structures, as a result, three trends that point to on-going demand for trusts as a means of helping families pass assets from one generation to another are rising prosperity, increasing complexity within the family dynamic, and longer lifespans. The Cayman Islands is the preferred jurisdiction of choice for family office and UHNWI which can be attributed to the jurisdiction’s flexibility, historical tax benefits, regulatory supervision, tax neutrality, bespoke trust legislation and regulatory regime, and proximity to the U.S.”

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