Banking, Investment Funds

transparency and cross-border cooperation with law enforcement and tax authorities together with jurisdictional commitment to maintaining that status quo. Cayman became an early adopter of automatic data exchange, signing onto agreements such as the EU Savings Directive, OECD’s Common Reporting Standard, US FATCA, and country-by-country reporting principles under BEPS. The OECD’s Global Forum in 2017 assessed our jurisdiction to be “largely compliant” with the international standard for transparency and exchange of information, the same rating given to Germany, Canada and Australia.

Banking Regulated by the Cayman Islands Monetary Authority, banking in the Cayman Islands is a major part of Cayman’s financial sector, with 111 banks licensed as of March 2021. Of these, 10 hold Class A licences and are permitted to carry out local and international business. The other 101 banks hold Class B licences and are mainly restricted to offshore transactions with non-residents. The majority of these banks are branches, subsidiaries and affiliates of established international financial institutions conducting business in the international markets.

Cayman is ranked 14th internationally in terms of cross-border assets and 13th for cross-border liabilities, at US$727.5 billion and US$723.9 billion respectively in March 2020. More than 80% of those international assets represent inter-bank bookings between onshore banks and their branches, subsidiaries, affiliates and other Cayman Islands’ licensed banks. A testament to the worldwide recognition of the quality of Cayman’s financial industry is the fact that over 40 of the world’s top 50 banks hold licences in Cayman. The banking sector hires highly skilled professionals and is one of the most prominent employers on the Island. Cayman Islands’ banks are bound by strict anti-money laundering, counter-terrorism proliferation financing laws, which are recognised as meeting or exceeding those of all major onshore jurisdictions. Taxation Cayman imposes no income, capital gains, payroll or other direct taxation on corporations or individuals resident in the Cayman Islands. Taxes are, however, imposed on most goods imported to the Islands and stamp duty (especially on direct and indirect transfers of Cayman Islands real estate) is a significant amount of taxation in the Cayman Islands. Through this tax system, total government tax revenues, as a percentage of GDP, are similar to tax rates in G20 countries and are sufficient to fund government operations. This makes additional (direct) taxation unnecessary.

Cayman signed its first Mutual Legal Assistance Treaty with the USA in the 1980s and now has tax information exchange agreements with 36 jurisdictions; Cayman participates in the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, which allows tax information exchange with more than 140 countries; facilitates an automatic data exchange as part of the European Union Savings Directive; and has adopted US FATCA, UK FATCA and the OECD’s Common Reporting Standard.

‘Tax haven’ is a phrase that is often thrown around in the media and politics, and incorrectly assigned to the Cayman Islands. Cayman does not meet any of the tax haven definitions set out by the OECD, Transparency International or Tax Justice Network. It does not offer tax incentives designed to favour non-resident individuals and businesses. Cayman does not have differing tax rates for foreign entities, nor does it have legal mechanisms or treaties (such as double taxation agreements) in place with other countries which (legally) effect the transfer of tax bases from one country to another in order to reduce taxes. Cayman does not promote itself as a jurisdiction for aggressive tax planning.

Investment Funds The Cayman Islands are the world’s leading offshore centre for the establishment of hedge funds and private equity funds.

There are over 11,000 mutual funds that are either licensed, registered or administered with the Cayman Islands Monetary Authority (CIMA). Following the enactment of the Private Funds Act in 2020, there are over 13,000 private funds registered with CIMA. The vast majority of investment funds are aimed at institutional or sophisticated/ high net worth investors which is reflected in the types of funds that are regulated in the jurisdiction and their assets under management. Investment funds, like other entities established in the Cayman Islands, must have a registered office provided by a licensed corporate services provider, which maintains, among other things, the corporate records of the entity. Funds will typically appoint a suite of service providers both within and outside of the Cayman Islands and in certain circumstances, must appoint Cayman Islands providers. Thus, funds will engage Cayman Islands legal counsel, approved Cayman Islands based auditors, administrators (who may need to be locally licensed in certain circumstances) as well as directors and/or advisory boards, licensed Cayman Islands trustees and (if listing) an approved listing agent. In keeping with international standards, each fund is required to appoint anti-money laundering (AML) officers and AML compliance officers and there are several qualified professional organisations who can provide this service. Asset managers may be based in the Cayman Islands or overseas. While the overwhelming majority of managers are located outside of the jurisdiction, in recent years there has been increased interest by managers in establishing a business with a physical presence in the Cayman Islands. With the amendment of the Securities Investment Business Act in 2019, there is an enhanced regulatory and supervisory framework for securities investment business in the jurisdiction.

The success of the investment funds industry in the Cayman Islands is due to a combination of factors, including its marketleading reputation, freedom of investment decisions for asset managers, tax-neutral status, a highly regarded legal and regulatory system and the availability of world-class professional service providers. The industry is

a key pillar of the Cayman Islands financial services sector, responsible for the direct employment of hundreds of professionals. These advantages will ensure that Cayman continues to lead the way as the jurisdiction of choice for investment funds.

Fund Statistics As of June 2021 CIMA records indicate that there are 12,451 regulated mutual funds, comprising 8,276 Registered Funds, 293 Administered Funds, 58 Licensed Funds and 3,145 Master Funds. CIMA records also indicate that there were 13,280 regulated private funds.

Trusts As a global centre of excellence for trusts, the Cayman Islands financial sector has serviced international clients for decades, providing modern, flexible and robust structures for wealth structuring, estate planning and commercial applications. Cayman offers a well-regulated, politically stable and tax-neutral environment in which to form and administer a trust. While deriving originally from English law, Cayman’s local Trusts Act has been reviewed and updated regularly over the past thirty years to ensure that it remains at the cutting-edge, competitive, and appropriate to meet the evolving needs of a global client base. Cayman boasts a deep bench of specialist and experienced trustees, legal advisors, accountants, administrators, regulatory professionals and other service providers, and a highly regarded, reliable and independent judiciary and courts system. The Island’s trust industry is overseen by the Cayman Islands Monetary Authority which is responsible for the licensing and supervision of regulated financial businesses, ensuring compliance with anti-money laundering and other regulatory laws, and liaising with its counterparts in other countries.

An important part of the jurisdiction’s trust framework is the Banks and Trust Companies Act (2021 Revision). This Act was amended in 2019 to give the Cayman Islands Monetary Authority (CIMA) more responsibility and control in the regulation of the trust industry. The amendment requires more frequent reporting by licencees to CIMA, and gives CIMA the power to reject licence applications that do not fulfill requirements. The amendment also requires the regulation of the licencee’s minimum net worth to ensure that it is maintained on both a solo and consolidated basis, and that the capital and other prudential requirements are met. Other provisions to modernise and strengthen Cayman’s position as a leading trust jurisdiction were made in the context of a continued focus on compliance in the world of finance.

With steady and dependable growth, trusts remain an important component of the financial services industry in Cayman. According to CIMA, as of 30th June 2021, there were 142 Active Trust Licences, of which 58 were Full Trust Licences, 59 were Restricted Trust Licences and 25 were Nominee (Trust) Licences. In addition, there were 146 private trust companies registered in Cayman as of the same date.

Companies & Partnerships The Cayman Islands is a popular jurisdiction for the establishment of business vehicles because of its stable legal system, modern and flexible corporate structures, business friendly culture and tax neutral status. The main forms of business vehicle established in the Cayman Islands are: exempted companies, limited liability companies, exempted limited partnerships, segregated portfolio companies, special economic zone companies and local ordinary companies. In particular, the Cayman Islands is a preeminent jurisdiction for the formation of alternative investment funds.

In recent years there have been significant developments in Cayman Islands regulation as it applies to business vehicles, in particular, with respect to antimoney laundering, beneficial ownership, economic substance, data protection and the regulation of closed-ended alternative investment funds. These developments

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underpin the jurisdiction’s ongoing commitment to adherence to the very highest international standards.

In addition to law firms, which are available to provide specialist legal advice and assistance in the establishment and ongoing management of Cayman Islands business entities, there are also many highly qualified professional firms licensed to provide corporate services in the Cayman Islands.

Structured Finance Several of Cayman’s law firms specialise in capital markets and structured finance transactions for international clients. The Cayman Islands have become one of the world’s leading providers of Special Purpose Vehicles (SPVs) for structured finance transactions and are recognised by the international rating agencies as a pre-eminent jurisdiction for rated debt capital market transactions. SPVs are often used in securitisation transactions which involve the acquisition of financial assets by the SPV and the subsequent issuance of securities to institutional investors.

The attraction for investors in securities issued by Cayman Islands SPVs includes statutory recognition of non-petition provisions, tax neutrality, creditorfriendly legislation and the large number of sophisticated professionals in the legal, accounting and fiduciary sectors who are well versed in establishing, maintaining and reviewing orphaned structures.

Collateralised Loan Obligations (CLO) The Cayman Islands remains the top choice of domicile for US CLO managers when establishing issuer vehicles, due to Cayman’s reputation as a sophisticated, creditor friendly jurisdiction. CLOs securitise assets, typically leveraged loans, by pooling them together and paying out income and principal repayments from the pool to note holders. CLO investors buy tranches of notes with specific seniority and pay-out structures, hence taking different degrees of risk. Given its status as a recognised exchange, the Cayman Islands Stock Exchange is also a popular choice for managers should investors require that the notes be listed. While 2020 was a record year for CLO issuance, the first half of 2021 alone eclipsed it with over 150 deals priced at an average issuance size of US$500 million each. In addition, there has been a flurry of refinancing and resets of earlier deals due to market conditions highlighting the appetite amongst investors for CLO paper. Despite the current challenges in the market worldwide, CLO issuance continues to be robust with all indications that this will continue.

Independent Directors in Cayman A growing sector of Cayman’s financial services industry is the provision of independent directors on various structures, such as hedge funds, private equity funds, special purpose vehicles, and insurance companies. Corporate Governance in general has become a major touch point in the financial services industry worldwide,

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following a number of high profile cases where investors were defrauded, in part due to insufficient independent oversight. In addition, during the global financial crisis, independent directors from the Cayman Islands added significant value when hedge funds were faced with making difficult decisions, for example, ensuring that all decisions were made in accordance with the fund documents and that all shareholders were treated fairly. This has not been lost on the institutional investors who are, for the most part, making it one of their investment requirements that there is a majority of independent directors on the board. In addition to the extra layer of oversight provided, a significant benefit of appointing a local, Cayman director to a Cayman entity is that local service providers are current with all relevant legislation, and can ensure that the structure is compliant with their legal requirements where necessary.

On 4th June 2014, the Cayman Islands Government approved the Directors Registration and Licensing Act (DRLA) 2014, which required all directors of mutual funds regulated under the Mutual Funds Act (2020 Revision) and directors of companies registered as excluded persons under the Securities Investment Business Act (2020 Revision), to register with CIMA. This law provides for the registration and licensing of individuals or companies appointed as directors of Cayman Islands mutual funds and entities carrying out securities investment business. This includes Cayman Islands incorporated or registered investment managers. The law requires an individual acting as a director on 20 or more entities to apply for a professional director’s licence, unless they meet certain caveats. Professional directors are required to have insurance with a minimum aggregate cover of $1million and minimum cover of $1million for each and every claim. An amendment to the DRLA was passed in early 2020 as a consequence of amendments to the Securities Investment Business Act (SIBA).

The use of independent directors has been brought into increased focus following the implementation of the Economic Substance requirements, which came into effect in the International Tax Co-operation (Economic Substance) Act, 2018, passed in December 2018. This legislation does not currently apply to investment funds, but requires all other relevant entities to prove that their “Mind and Management” is located in the Cayman Islands in order to allow them to claim the tax benefits of being domiciled in an offshore jurisdiction.

Financial Technology ‘FinTech’ On 25th May 2020 the Cayman Islands Government passed The Virtual Asset (Service Providers) Act, 2020 (“Act”), which provides a legislative framework for the conduct of virtual assets business in the Cayman Islands and for the registration and licensing of persons providing virtual asset services. The Act is intended to place the Cayman Islands with a cutting edge, robust framework which is in alignment with global regulatory standards, protects consumers and meets the requirements of the Financial Action Task Force recommendations in respect of virtual assets.

The Act defines a “virtual asset” as a digital representation of value that can be digitally traded or transferred and can be used for payment or investment purposes but does not include a digital representation of fiat currencies. For the purposes of the Act, virtual service tokens are not classed as virtual assets. A person is a ‘Virtual Assets Service Provider’ (“VASP”) under the Act, if it is (i) a partnership or entity formed and/or registered under the applicable Cayman Islands legislation (ii) provides a virtual asset service as a business or in the course of business in the Cayman Islands and (iii) is registered or licensed in accordance with the Act or is an existing licensee that is granted a waiver under the Act. A natural person cannot carry on or purport to carry on a virtual asset service as a business or in the course of business in or from within the Cayman Islands. The Act requires a VASP to register with or be licensed by the Cayman Islands Monetary Authority (“CIMA”) dependent on the activity carried out by the VASP.

As perhaps one of the most publicly recognised applications of FinTech, cryptocurrencies are virtual currencies that use cryptography to secure and verify transactions, and to control the creation of additional units. But FinTech – a shortened form of ‘financial technology’ – is broader than just cryptocurrencies. FinTech also refers to computer programming and other technology that is revolutionising the delivery of financial services via digital applications, retail banking, and investment markets. The term used by the Cayman Islands Government to describe FinTech is ‘digital assets’. Particularly in recent years, financial services in Cayman have increasingly reflected the value of delivering products and services through digital assets. Some of the digital assetrelated activities that take place within Cayman include crypto exchange services, initial coin offerings and fund-issuing tokens that exist in or originate from the Cayman Islands. Government’s position on digital assets is similar to what is found in many other jurisdictions. The Virtual Asset (Service Providers) Act (2020) has introduced a framework to regulate digital assets, in order to ensure that any risks associated with such activities are analysed and mitigated, and that any benefits are realised in a manner consistent with a wellregulated financial services jurisdiction. For updates on the Cayman Islands’ digital assets regulatory framework, visit the Cayman Islands Monetary Authority’s website at www.cima.ky.

Single Family Offices The Cayman Islands are an increasingly appealing jurisdiction for the establishment and operation of single family offices. This is, in a sense, a natural evolution and development of the financial services activities for which the Cayman Islands is well known. Many of the businesses that grew to service the investment funds, banking, finance and insurance sectors require experienced staff and technical

expertise that is consequently available in the Islands and readily transferable into a family office environment, where the focus is on the preservation and management of family assets rather than external investors’ interests. There are few places outside the major onshore financial centres which can offer the talent pool, professional services support, fiduciary/custodial mindset, transactional expertise and connectivity which is available in and provided by the Cayman Islands. Single family offices of many shapes and sizes, therefore, have come to be based in the Islands but the most prominent by some margin is the Dart Family Office, which has made the Cayman Islands its home since the 1990s and has played a significant role in the recent development of Cayman. Having a large and sophisticated family office such as Dart in the Islands is a major endorsement of the factors that make Cayman so appealing for family offices generally and, as the community of single family offices in the Island grows, there will be growing opportunities for these family offices to work together, coinvest, and to attract larger and ever more interesting investment opportunities. Unsurprisingly, the cosmopolitan nature of the Cayman Islands generally is reflected in the international makeup of the single family offices, which are based here, with offices representing families from the US and Canada, the Caribbean, Latin America, Europe and Africa, particularly, and interest from the Middle East and Asia has also increased of late. As well as being based in the Cayman Islands themselves, many single family offices employ Cayman Islands companies, limited partnerships or trusts to structure the acquisition and holding of assets or to participate in the international transactions in which they engage in order to preserve and enhance the wealth of the family which they serve. In this respect, the Cayman Islands provide solutions to the single family office at a number of different levels.

Families Relocating With over 135 nationalities represented in the Cayman Islands, it is no surprise that the Islands are proving of increased interest to UHNW (ultra high net worth) individuals and families from all regions of the globe. The factors that make the Cayman Islands appealing for international business transactions and investment and asset holding structures, also make it appealing to the individual: the rule of law applies to all without bias, including the government; the judicial system is competent, fair and transparent and the Islands are politically and financially stable (reinforced by its connections to the United Kingdom as a British Overseas Territory); the Islands also boast an excellent communications network. In addition to this, inhabitants of the Cayman Islands enjoy a considerably higher standard of living than anywhere else in the Caribbean, if not the world. Most importantly, the Cayman Islands are extremely safe with a low crime rate and

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no instances of the type of antisocial and threatening behaviour which affects other places where the wealthy tend to congregate. Cayman is a society that is friendly, inclusive, cosmopolitan and respectful of the individual, so much so that the term “Caymankind” has been coined recently to reflect the particular qualities of Cayman society. With an expected increase in the population of the Islands and the arrival of new permanent residents from all regions and walks of life, we can expect increased diversification within the population over the coming years, increased interest from wealthy families and increasingly diverse activity on Island.

Insurance Legislation The enactment of the Insurance Act, 2010 (the ‘Insurance Act’) was a result of public and private sector collaboration in an effort to improve the regulation of insurance business in the Cayman Islands, enhance protection for domestic consumers and open new frontiers of business development. The main provisions of the Insurance Act include what were at the time two new categories of insurer licences – Class C (Special Purpose Vehicles for Insurance linked securities (“ILS”)) and Class D (large commercial Reinsurers). It also includes whistle‐blowing provisions, enhanced domestic policy holder protections and provides for increased penalties and regulatory powers by the Cayman Islands Monetary Authority, the regulator of Cayman’s financial services sectors.

In March 2013, Cayman introduced incorporated cell legislation for insurers structured as Segregated Portfolio Companies (“SPCs”). The Insurance (Amendment) Act, 2013 confers several advantages, such as allowing a portfolio insurance company (“PIC”) the flexibility to transition to a stand‐alone captive unlike an unincorporated cell. The Insurance (Portfolio Insurance Companies) Regulations, 2015 were brought into force on 16th January 2015, along with the related section of The Insurance (Amendment) Act, 2013. These regulations enhance the insurance statutory framework, providing more alternatives to risk management by enabling insurers incorporated as SPCs more flexibility.

Captive Insurance Since 1979 when the Insurance Act was first passed in the Cayman Islands, this jurisdiction has become a major centre for international insurance business. The Cayman Islands is the second largest domicile for captives and holds the number one position worldwide for healthcare captives; these make up nearly one third of captive insurance companies in Cayman. The Cayman Islands is also a leading jurisdiction for group captives and ILS. The international insurance industry is primarily made up of companies insuring risks in North America, representing about 90% of the market. As of 30th June 2021 the total number of international captives in Cayman was 657 with 24% of them in total being Medical Malpractice Liability captives. The second largest line of business proved to be Workers’ Compensation, with 147 licencees and 22% of companies assuming risk as their primary line of business. Total assets for the entire captive industry in Cayman equated to approximately US$75 billion as of 30th June 2021.

Reinsurance Although the commercial reinsurance industry is relatively small in the Cayman Islands when compared to that sector in Bermuda, it has shown evidence of continued growth over the last few years, including 2020. Reinsurance represents 9% of Cayman’s international insurance industry with a total of 61 licences in the second quarter of 2021; its total assets equating to US$23.1 billion. By drawing a distinction between reinsurance and captive insurance and by offering effective regulation and competitiveness, the Cayman Islands is in a strong position to attract substantial reinsurance business through either new enterprises establishing themselves in Cayman or those re-domiciling in Cayman from elsewhere.

The benefits offered to attract business and personnel to Cayman’s shores include senior management personnel of reinsurance businesses, as well as other categories of financial services professionals, being allowed to apply for residency under the Immigration (Transition) Act (2021 Revision). The holder of a Residency Certificate (Substantial Business Presence), which is valid for a renewable period of 25 years, is entitled to reside in the Cayman Islands and to work in the business in which he or she is an owner or is employed in a senior management capacity in an occupation approved by the Chief Immigration Officer (without a work permit). The spouse (or civil partner) and dependent children of the Certificate holder are also allowed to reside in the Cayman Islands. This allows for the seamless immigration of executive management or specialists such as actuaries to relocate and domicile in the Cayman Islands.

Domestic Insurance The number of Class A insurance companies operating in Cayman totals 25 as of 30th June 2021 . The insurance sector in the Cayman Islands remains robust. As of 31st March 2021 the total premiums written by Class A domestic insurers were reported at US$242 million.

Cayman Islands Insurance Association (CIIA) The CIIA was established in 2004 to bring all of the insurance associations representing the industry in the Cayman Islands under one umbrella. CIIA advises on insurance policy and communicates directly with the Cayman Islands Monetary Authority (CIMA), who regulates the insurance industry, on behalf of industry stakeholders and insurance providers. The CIIA places focus on professionally educating and developing their members to increase their insurance knowledge.

They also aim to inform the public about current insurance topics of interest and provide transparent communication. To read posts about these topics and for more information, visit www.ciia.ky.

Business Conferences in Cayman Cayman usually hosts a plethora of notable business and industry conferences throughout the year which attract a broad cross-section of the professional and business community and well-recognised guest speakers cover local and global events, pertinent financial and political topics and technological advances. However, due to the global pandemic many of these have either been cancelled or are on hold for 2021. A few of Cayman’s premier business conferences include: The GAIM Ops Cayman conference, which is the largest hedge fund operational due diligence, compliance and risk management event. The Cayman Captive Forum which discusses issues most pressing to the captive insurance industry. The International Wealth Structuring Forum hosted by STEP. Others include the Cayman Alternative Investment Summit (CAIS), and the Cayman Islands Digital Economy Conference (CyDEC).

Cayman Finance Cayman Finance’s mission is to protect, promote, develop and grow the Cayman Islands financial services industry through cooperation and engagement with domestic and international political leaders, regulators, organisations and media; to promote the integrity and transparency of the industry by legislative and regulatory enactment and to encourage the sustainable growth of the industry through excellence, innovation and balance. For more information visit www.caymanfinance.ky, call (345) 769 6200 or email: enquiries@ caymanfinance.ky.

Cayman Islands Stock Exchange (CSX) CSX is a well-established and internationally recognised stock exchange, which is a member of the Intermarket Surveillance Group, an affiliate member of the International Securities Commission (IOSCO) and has been granted recognised status by the UK HMRC, which enables UK resident investors to receive interest and dividend payments without the deduction of withholding tax. It provides a specialised and well-regulated listing and trading facility for mutual funds, hedge funds, structured debt securities, Eurobonds, Shariah compliant products, preferred shares, depository receipts, derivative warrants and local and international equity. To attract fund listings from other jurisdictions, non-Cayman listing agents may now be appointed.

Cayman Islands Department of Commerce and Investment (DCI) The Cayman Islands DCI is responsible for the grant and regulation of licensing for most business in the Cayman Islands. This includes the administration and issuance of Trade & Business Licences, Local Company (Control) Licences, Tobacco Permits, Liquor Licences, Public Film Exhibition Premises Licences, and Special Economic Zone Company Licences. For more information see their website on www.dci.gov.ky.

Currency The legal tender of the Cayman Islands is the Cayman Islands Dollar (denoted CI$) and the sole issuing authority is the Cayman Islands Monetary Authority (CIMA). However, the United States Dollar, with a fixed rate of exchange, is widely used in local finance and commerce. The denominations consist of $1, $5, $10, $25, CI$50 and a $100 bill.

Aircraft Registration The Cayman Islands Aircraft Registry (CIAR) (www.caacayman.com/aircraftregistry) provides aircraft registration and certification services for aircraft within the jurisdiction or those based elsewhere. Founded on UK legislation, the Civil Aviation Authority of the Cayman Islands (CAACI) is responsible for safety oversight and the economic regulation of the aviation industry in Cayman and for all aircraft registered on the CIAR. Any person or company wishing to register an aircraft in Cayman must meet the exacting standards of the CAACI; these include submitting due diligence records within a registration application which meet International Anti-Money Laundering Act requirements. Those financing a registered aircraft can register their security interest on the Cayman Islands Aircraft Mortgage Register, which is supported by the CI Mortgaging of Aircraft Regulations (2015). Registration applications, certifications and ongoing authorisations happen within a bespoke secured data management portal, VP-C Online designed specifically for the CIAR. Additional information can be requested by email: civil.aviation@ caacayman.com.

Ship Registration The Cayman Islands has a seafaring history that goes back more than a century. This tradition is preserved by the Maritime Authority of the Cayman Islands (MACI) which has oversight of the Cayman Registry and maintains its headquarters in Grand Cayman. The MACI is a firstclass international organisation, with a worldwide reputation for excellence and efficiency in global shipping. The registry is staffed by an international team of professionals with many years of experience in the world of international shipping. MACI offers consulting services to clients and other countries on a variety of maritime issues including maritime administration structures, financial aspects of operating a maritime authority, and how to draft specific legislation. As a Category One British Registry, the Cayman Registry is qualified to register vessels of all sizes and classes, from yachts to super tankers. In the super yacht range, Cayman is one of the world’s leading offshore luxury yacht registries. Registering your vessel in the Cayman Islands grants you protection and assistance from the UK Royal Navy regardless of location and full British Consular services for all Cayman flagged vessels. Visit www.cishipping.com.