Cayman continues decline in global centre rankings

(CNS): Although Cayman has improved its ratings in the Global Financial Centres Index, it has still fallen in the rankings a further eight places. In the 10th edition of the publication which uses peer information to measure and rank all of the centres in the world involved in the financial industry on a variety of indicators, Cayman is now placed at position 46 in the overall table but its ratings score has improved from 587 to 610. The latest report points out that offshore centres have suffered significant reputational damage in the past three years but many are now recovering.

The report said that the recovery was down to respondents to the GFCI questionnaire recognising "the contribution these centres can make to global finance.”

Jersey , Guernsey , Isle of Man , Bermuda and the British Virgin Islands all remain above Cayman in the table but Cayman, along with all the leading offshore centres, achieve higher scores. The report revealed that the improvement in the scores of the offshore centres appeared to be down to the questionnaires supplied by other offshore centres and not coming from onshore jurisdictions.

The report found that once again the top four financial centres were London, New York, Hong Kong and Singapore. The report said this confirmed their strengths in all five areas of competitiveness. “It also confirms our belief that a genuinely top global centre is competitive in all areas – successful people like to live and work in successful centres,” the report stated.

See the full report here