Security fears boost aircraft registration in the Cayman Islands
Los Angeles, California: LA Times, 4 April, 2007 - Among those who prefer the anonymity of Cayman registration are the executives of German automaker Volkswagen, international transport and energy giant Rolls-Royce, and the Saudi trade and contracting conglomerate Saad Group, as well as an unspecified European royal family.
Caribbean air safety officials say the passenger profiles and tax rates may be lower but airworthiness and maintenance standards are not.
“We don’t see ourselves as a registry of convenience,” said Ian Scott, director of air safety regulation for the Civil Aviation Authority of the Cayman Islands. “Our standards exceed those of bigger countries.”
In addition to ensuring that an aircraft was bought with clean money, the Cayman aviation authority subjects owners to a global review by law enforcement agencies such as Interpol and the FBI to determine whether there are any international warrants or concerns about the client, Scott said.
The Caymans’ aviation authority recently registered its first Airbus 340, a four-engine jet owned by the Saad Group, which also has ordered an Airbus A380, the long-haul behemoth that flew a test run into Los Angeles International Airport last month.
Electronic tracking for Cayman domiciled funds
Palm Beach, Florida: HedgeCo.Net, 4 April, 2007 - As domicile for approximately 80% of the world’s hedge funds, the Cayman Islands have now implemented a mechanism for the electronic submission of annual returns for all funds licensed, registered and administered in the Cayman Islands.
Following successful industry testing, Cayman Islands Monetary Authority (CIMA) released on its website the electronic Fund Annual Return (FAR) form and has opened the internet portal through which funds’ local auditors will submit the required returns. Related guidance notes have also been released.
CIMA has been developing the electronic reporting initiative for funds for several months, with assistance from its retained business advisor Ernst & Young and with input from the funds industry. The Monetary Authority expects the initiative to facilitate more efficient collection and processing of returns from the over 8,300 funds it now oversees.
