Near 20% of all FATCA FFIs worldwide are based in Cayman

On June 2nd, the IRS released its first list of foreign financial institutions (FFIs) that have registered via the FATCA portal and been issued a Global Intermediary Identification Number.

A staggering 14,847 financial institutions and branches in Cayman have registered – in comparison to its other offshore competitors – Guernsey (2,406), BVI (1,838), Jersey (1,619), and Bermuda (1,243). In total, 77,354 FFIs have registered globally to date according to the IRS website.

These figures are a powerful testament to just how large the financial services industry is in the Cayman Islands and further demonstrate the high-level of compliance adhered to by our jurisdiction – a clear indication that Cayman is and remains one of the world’s leading international financial centres.

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