The Cayman Islands has launched a fightback against attempts by Singapore and Hong Kong to rival it as a favourite destination for Asia’s hedge funds and super-rich to park assets.
Cayman Islands financial services minister André Ebanks visited Singapore and Hong Kong this month to advance plans to set up an office in one of the two Asian cities. It would be the Cayman Islands’ first base in Asia, and its officials would help investors to set up and manage funds based in the Caribbean territory.
The move comes after Singapore and Hong Kong approved new fund structures that offer international investors a way to shelter money in lightly taxed vehicles, with government subsidies to cover some set-up costs.
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