Cayman's delegation at STEP Miami's Annual Summit 2024
Financial services industry association Cayman Finance is promoting the Cayman Islands trusts sector in the United States and Asia.
On 24 and 25 Oct the team of Cayman Finance exhibited, in collaboration with the Society of Trust and Estate Practitioners (STEP) Cayman Islands, at STEP Miami’s 12th Annual Summit at The Ritz-Carlton, Key Biscayne.
The event featured a series of panels on investments, tax updates for Latin America, compliance issues and a discussion of the suitability of offshore structures.
As a global conference for trust and estate professionals, STEP Miami offers access to North American and Latin American markets, said Brittany MacVicar, Associate Director for Trusts at Cayman Finance.
“It is only a short 90 minute flight from Cayman to Miami and the conference provided an imortant platform for Cayman practitioners to engage with peers, explore trends, and build on the Cayman Islands’ legacy as a trusted jurisdiction.”
Exhibiting at STEP Miami ensures Cayman stays actively engaged with the North American and Latin American region, MacVicar added.
“It allows us to reinforce the Cayman Islands’ reputation as a stable and secure choice for families around the world, helping practitioners stay ahead in an increasingly complex regulatory landscape. Having all the key service providers in the room reinforced this.”
The Cayman Islands delegation at the conference featured more than 30 services providers, including lawyers and trust managers, who provided insights that can affect practices and client solutions.
Earlier this year the Cayman Islands enacted new legislation that removed the rule against perpetuities for ordinary trusts, allowing these to last indefinitely. Previously, Cayman Islands trusts were limited to a 150-year perpetuity period, which required trust assets to be distributed during that time.
Deborah Barker Roye, partner at Ogier Cayman, spoke on the panel ‘Domestication Double-Take! Does keeping your structure offshore make sense?’ and highlighted why Cayman is a key jurisdiction for trusts.
“Partnering with STEP Cayman and our industry colleagues is essential,” MacVicar said. “Together we showcase the breadth of expertise across Cayman’s financial services, offering current and prospective clients direct access to insights from our service providers, ministry representatives, and Cayman Finance.”
Cayman Finance and STEP Cayman are now heading to Singapore. The industry association will have a booth at the STEP Asia Conference 2024 on 12-13 Nov.
Cayman will again have a strong contingent of financial services professionals representing the islands at the event focused on the Asian trust and wealth management market.
“We are delighted to return to Singapore to promote the Cayman Islands’ financial services industry on the global stage. At STEP Asia our delegation will connect with member firms, business leaders, and industry partners in Singapore and across Asia,” MacVicar said.
Cayman’s Asia office, established earlier this year in Singapore, reflects the importance of the Asian market, she noted. Gene DaCosta, the Cayman Islands Government representative for Asia who leads the office, will attend the event.
Following Singapore, the local trusts and private wealth sector will be focused on its own flagship event, the STEP Cayman Conference at Hotel Indigo Grand Cayman on 23-24 Jan 2025.
“Hosting the STEP Cayman Conference allows us to bring together leading minds in trusts and international wealth structuring right here in the Cayman Islands,” said Anthony Partridge, Chair of STEP Cayman. “This event not only highlights Cayman’s expertise and commitment to the industry but also fosters international collaboration that benefits the entire trust industry.”
Emma Santiago, Deputy Chair of STEP Cayman, added, “We’re thrilled to welcome top professionals from around the world to Cayman, where they can connect, share insights, and discuss the latest trends, best practices and regulatory updates that shape the international welath management landscape. This conference solidifies Cayman’s standing as a premier jurisdiction for trusts and estate planning.”
