Business in the Cayman Islands: Global Business from a Unique Vantage Point

January 1, 2010Media Clippings
Work at Camana Bay

Former US Treasury, Ivy Baker Preist, once said: “The world is round and the place which may seem like the end may also be the beginning.”

These words hold significant meaning when viewed in the context of today’s global business environment. With emerging economies taking hold and profound market changes underway, entrepreneurs are now compelled to consider new beginnings for businesses like unexpected locations that will enable the best opportunities for growth.

An emerging destination in this regard in the western Caribbean archipelago of the Cayman Islands with a population of approximately 60,000 people. Grand Cayman is where a successful investment group, Dart Enterprises, has chosen to develop a base for their international operations.

Few locations around the world have the mix of quality and stability found in the Cayman Islands and even fewer provide such an ideal environment for enjoying life while maximising business and investment potential.

Work at Camana Bay

Underscoring the attractiveness of the jurisdiction are the high levels of investment activity already underway. Over the next three to four years, the Cayman Islands economy will benefit from more than US$3 billion in infrastructure and commercial development, such as Camana Bay, Grand Cayman’s world-class community located on 500 acres in the heart of the island – driven by Dart Enterprises Ltd.

Dart Realty (Cayman) Ltd, one of the Dart Enterprises’ subsidiaries and a leader in real estate development, has redefined modern placemaking with the creation of Camana Bay. Based on a vision that the Dart family had when they first arrived in Grand Cayman almost 20 years ago, Camana Bay, designed by an award-winning group of architects and planners, has set a new standard for town development. The town architecture exemplifies contemporary style, inspired by traditional Caribbean design. Camana Bay seamlessly merges the traditional friendliness of a waterfront village with the desired comforts and conveniences of an urban centre. Shops, restaurants, offices, school, parks, apartments, and soon homes will all be connected via thoughtfully landscaped walkways, within easy walking distance from each other. Active with a number of shops, restaurants and entertainment, plus a full roster of weekly, monthly and annual events, life is blossoming at Camana Bay.

Camana Bay

Camana Bay offers a robust infrastructure with over 300,000 square feet of world-class designed and engineered office space within structurally sound, traditional Caribbean architecture. State-of-the-art IT infrastructure provides dependable business continuity which is critical in today’s globally competitive market. A number of major international businesses have already chosen Camana Bay as the location for their Cayman Islands operations with Ernst & Young, Citco, Goldman Sachs, Ogier and Cayman National Bank amongst Camana Bay’s current commercial tenants.

The group of companies that make up Dart Enterprises Ltd. has grown substantially over the past decade and continues to make an impressive contribution to the Caymanian economy. With its infrastructure and real estate development, commerce and diversified investments, conservative estimates calculate the total injection in the local economy to be more than three quarter of a billion dollars since its inception. Directly or through its subsidiary companies, Dart Enterprises locally employs more than 500 people and through its vendors, subcontractors and service providers contributes to the employment of several hundred more.

Work at Camana Bay

Since its foray into financial services more than four decades ago, the Cayman Islands has grown into a leading global financial services centre, supported by a sound legal and regulatory framework, excellent infrastructure, and high quality service providers. The country distinguishes itself from other jurisdictions by offering a diverse range of products and services that extend well beyond its tax-neutral status. The Cayman Islands has solidified its important role in global markets by facilitating flow of capital and lowering the cost of doing business.

The global institutional investment community gave the Cayman Islands a resounding vote of confidence following the Cayman government’s November 2009 international bond offering, which achieved the lowest-ever yield by a Caribbean issuer in a US dollar public bond transaction. This positive outlook has also contributed to a number of incentives and new policies recently enacted by the Cayman Islands Government to appeal to individual investors seeking to base themselves on its shores. Of particular relevance is the availability a 25-year direct investment certificate for investors with a net-worth of US$6 million and who invest a minimum US$2.4 million in the Cayman Islands. The certificate, renewable after 25 years, entitles holders and their families to live and work in the Cayman Islands.

Camana Bay

Other directives from the Cayman Islands Department of Immigration make it easier for global investors operating businesses from the Cayman Islands to attract and retain top talent. These include recognition by the Cayman Islands Government of critical positions within designated sectors as “key” and granting three- to five-year work permits to certain professional categories. From kindergarten to high school, the Cayman Islands offer excellent education opportunities with a number of excellent public and private schools. Amongst them is the Cayman International School – a $50 million dollar modern facility located in the heart of Camana Bay offering the International Baccalaurete. At the tertiary level, the country offers the Cayman Islands Law School, University College of the Cayman Islands, and St. Matthew’s School of Medicine and School of Veterinary Medicine.

Globally connected and multi-cultural, the Cayman Islands is a prestigious destination for all finance-related industries and other knowledge-based professionals seeking a new vantage point from which to operate their businesses.

Camana Bay provides concierge-type services for potential investors that facilitate decisions to relocate to the Cayman Islands. These services range from helping to secure business and residential accommodations to making referrals to agencies and firms that can facilitate the necessary legal and licensing requirements.

For investors, Camana Bay offers a rare opportunity to be part of a truly sophisticated and unique Caribbean community.

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