As the number of OFC’s high net worth individuals grows each year, more and more are becoming privy to the advantages found in offshore financial centers. Whether it is a way to safeguard their investments, to reduce their tax burden, or to plan for an uncertain future, more and more of OFC’s clients are coming from Asia-Pacific.
The Cayman Islands’ English common law system and tax neutral status serve as two of the country’s major draws, and the jurisdiction is currently believed to have the fifth largest financial services sector in the world. Its offshore banking services are particularly advanced, illustrated by the fact that the Cayman Islands, along with Switzerland, dominate the global market for offshore banking in terms of total deposits.
As our jurisdiction grows, it is increasingly looking to diversify to Asian markets, and China in particular is becoming a more and more important. OFC having offices in both jurisdictions is quite advantageous.
Wealthy Chinese tend to be more comfortable with the idea of investing their money in large, well-known offshore jurisdictions. The Cayman Islands is a first-choice financial center for the setting up of offshore companies.
Hong Kong, which is governed as a special administrative region within China, some people have more confidence in it. Jurisdictions like the Cayman Islands have the benefit of a good reputation in China because there are many Chinese enterprises using them when listing abroad.”
OFC owes much of its reputation as a leading offshore financial consultancy – both here and in Hong Kong – to their legal systems, and the efficacy with which its laws are upheld. The legal system is based on English common law, and several central issues – including corporate power, directors’ fiduciary duties, limited liability and corporate benefit – are largely the same as with English common law. The Cayman Islands’ commercial legislation, however, is said to be far less cumbersome in areas that typically create difficulties and uncertainty.
OFC’s expertise in Secondary Market Transfer and Asset Clearing – notably Restricted and Control Assets are exempted cand have several distinguishing features. Special purpose trading does not require government authorization before they can be registered, transferred and traded and are not liable for any form of income tax or capital gains tax.
As the financial restrictions and bans on cryptocurrency continue – OFC has positioned itself to be well suited to the crypto evolvution. Hopefully bilateral cooperation between the two countries will increase in the future between the Cayman Islands and China.
For now, OFC Cayman will continue to operate The OFC Sky Fund and all Crpyto related services.
