One of the goals of InvestCayman, an investment promotions agency launched by the Cayman Islands Government in the fall of 2021, is simply to introduce the Cayman Islands to the segment of the investment world that knows little of its opportunities.
Several investment sectors are already well acquainted with the Cayman Islands; the Caribbean British Overseas Territory is a major player as a domicile for offshore funds, captive insurance companies and trusts, and it’s gaining traction in the reinsurance world. But Cayman — as it is simply called by residents and those who do frequent business there — has a lot more to offer investors. Part of InvestCayman’s mission is to help spread the word.
InvestCayman is a government department that can act as an agent for the government, but it also functions as a facilitator, helping investors navigate statutory requirements by providing accurate and up-to-date information and, where necessary, introducing investors to trusted private sector partners that can provide needed services.
InvestCayman also helps support investment through collaboration with multiple government agencies and private sector entities, with the aim to make doing business with the Cayman Islands Government and within the Cayman Islands’ economy easier.
‘Positioning itself as a global-facing entity that drives inward investment, InvestCayman also seeks to diversify investment beyond the traditional offshore financial centre vehicles for which the country is known to sustainably support the people of the Cayman Islands,’ says InvestCayman director Jane Scaletta.
‘Our core purpose is to help transform the Cayman Islands into a globally competitive and sustainable destination that will produce economic benefits to the Cayman Islands and its people for years to come,’ Scaletta says. ‘InvestCayman is a gateway to accessing supportive business environments and government facilities through which interested parties can explore the Cayman Islands’ array of new investment opportunities.’
Although based in Grand Cayman, the agency utilizes regional investment promotion managers with exceptional local knowledge and trusted networks.
InvestCayman assists in promoting various investment opportunities in the Cayman Islands beyond financial services, including real estate and development, healthcare, life sciences and medical tourism, education, entertainment and film, and renewable energy.
Investment opportunities in technology abound, particularly related to the digitization of industries. InvestCayman promotes investment in FinTech, MedTech, InsureTech, Cyber Security, or any other technology that can help diversify the economy and create new opportunities for the local workforce.
But InvestCayman is much more than just a concierge service, says Scaletta. ‘Beyond facilitating individual investments, we want to help develop industries, ventures or enterprises that will help make the Cayman Islands’ economy sustainable for future generations,’ she says. ‘To do this, we have to undertake product and market development and research.’
As the global-facing entity of the Cayman Islands Government that will actively interface with the investment world, InvestCayman will be able to help shape policies with the government on potential opportunities that would further trade and investment in the country. ‘At InvestCayman, we believe in the power of mutual partnerships,’ Scaletta says. ‘Engagement, whether it be with investors, other government entities or private sector entities, is fundamental to our success.’