Created Date: 14 May 2025
创作日期14 May 2025
Cayman

Why the Cayman Islands continues to be a popular jurisdiction for offshore funds

开曼群岛持续成为热门离岸基金司法管辖区的原因

Over the past 25 years, the Cayman Islands have established themselves as a leading jurisdiction for alternative investment funds, with nearly 13,000 regulated open-ended funds and over 17,000 regulated closed-ended funds. As at the end of 2023, Cayman Islands registered investment funds had a combined net asset value of over US$8 trillion.

过去 25 年,开曼群岛成为热门的另类投资基金司法管辖区,共监管近 13,000 只开放式基金和超过 17,000 只封闭式基金。截至 2023 年底,开曼群岛注册投资基金的净资产总值超过 8 万亿美元。

This article first appeared in The Alternative Investor, May 2025. You can sign up to receive the monthly publication here

The dominance of the Cayman Islands in the offshore funds market is due to a combination of its tax neutrality, proximity to the United States and bespoke fund legislation and regulatory regime that have continuously evolved to meet market demands. Additionally, the jurisdiction’s appeal as a stable British dependency with a judicial system underpinned by English common law is fundamental.

Tax neutrality is one of the most significant advantages. The jurisdiction does not impose corporate, income, capital gains or withholding taxes on investment funds or their investors. Consequently, investors can manage their tax obligations in their country of tax residence and are not subject to multiple layers of taxation.

The Cayman Islands are dedicated to upholding the highest international standards and practices, including compliance with the OECD's common reporting standard and the requirements set by the Financial Action Task Force. The jurisdiction has also established a comprehensive legislative framework to combat money laundering, terrorist financing and proliferation financing. These robust regulatory measures enhance investor confidence, making the Cayman Islands an attractive jurisdiction for both investors and fund managers.

Most investment funds in the Cayman Islands are regulated by the Cayman Islands Monetary Authority ("CIMA"), which issues rules and guidance to regulated funds to ensure compliance with global standards while maintaining a business-friendly environment. CIMA's aim is to achieve a sound financial system for the Cayman Islands that meets international standards and supports sustainable growth, development and resilience. The jurisdiction provides a flexible framework for investment managers underpinned by rules and guidance that require specific disclosures to investors, ensuring funds operate within a solid legal structure that protects investors while allowing flexibility for innovative fund structures.

Various entities can be used to structure investment funds, including: (i) exempted companies; (ii) exempted limited partnerships; (iii) segregated portfolio companies; (iv) limited liability companies and (v) unit trusts. Exempted companies and segregated portfolio companies are commonly used as open-ended funds, while closed-ended funds are typically structured as exempted limited partnerships. Limited liability companies are a relatively recent innovation, ideal for parallel funds that wish to replicate the terms of a US LLC; while unit trusts are primarily used for investors in particular jurisdictions where other types of vehicle suffer tax or regulatory disadvantages.

Given the number of investment funds established in the jurisdiction, there is a sophisticated network of professionals operating in the Cayman Islands including lawyers, accountants, auditors, administrators and fiduciary service providers ensuring that fund managers have access to expert services.

For all these reasons, the Cayman Islands remains a popular choice for investment funds.

 

本文章首发于《另类投资者》 (The Alternative Investor) 2025 5 月刊,只对其所涉事项提供一个总体概述,并不构成法律意见,也不应依靠其作为法律意见。©凯瑞奥信2025

开曼群岛凭借其税收中性原则,毗邻美国,定制了不断发展的基金立法和监管制度来满足市场需求,在离岸基金市场占据主导地位。此外,开曼群岛法管辖区是英国的稳定属地,其司法制度以英国普通法为基础,这也是其具备吸引力的根本所在。

秉持税收中性原则是其最显著的优势之一。开曼群岛不针对投资基金或其投资者征收企业所得税、所得税、资本利得税或预提税。因此,投资者可在其纳税居住国履行纳税义务,无需缴纳多层税款。

开曼群岛致力于恪守最高国际标准与惯例,包括遵循经济合作与发展组织 (OECD) 的共同申报准则及反洗钱金融行动特别工作组 (FATF) 制定的要求。开曼群岛还建立了全面的法律框架,打击洗钱、恐怖主义融资和扩散融资活动。这些强有力的监管措施增强了投资者的信心,开曼群岛因此成为吸引投资者和基金经理的司法管辖区。

开曼群岛的大多数投资基金均由开曼群岛金融管理局 (CIMA) 监管。CIMA发布规则与指示,规范受监管基金,确保符合全球标准,同时维持商业友好环境。CIMA 旨在为开曼群岛建立符合国际标准的健全金融体系,支持可持续增长、发展与韧性。开曼群岛为投资经理提供了灵活的框架,以要求向投资者披露具体信息的规则和指导为基础,确保基金在保护投资者的健全法律结构内运作,同时为创新基金架构提供灵活性。

 

可利用各种实体构建投资基金,包括:

  1. 豁免公司;
  2. 豁免有限合伙企业;
  3. 独立投资组合公司;
  4. 有限责任公司(LLC);以及
  5. 单位信托。

豁免公司和独立投资组合公司常用作开放式基金,而封闭式基金通常由豁免有限合伙企业构成。LLC是相对较新的创新实体,特别适合希望复制美国 LLC 条款的平行基金架构,而单位信托主要适用于特定司法管辖区的投资者,在这些特定司法管辖区,其他类型的工具面临税收或监管方面的不利条件。

鉴于在开曼群岛设立的投资基金数量众多,开曼群岛拥有高端的专业人员网络,包括律师、会计师、审计师、管理人和信托服务供应商,确保基金经理能获得专家服务。

基于上述原因,开曼群岛仍是投资基金的热门选择。