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Offshore Trusts Report: Cayman IslandsLegal Framework and Formation Rules and Fees Trust Management has been a major activity in the Cayman Islands for 30 years or more, and trust assets in Cayman now equal or exceed banking assets. Cayman Islands trust law is based on the Trust Law 1967, itself very similar to the English Trustee Act 1925. However, there has been considerable subsequent legislation which has distanced Cayman trust law from its English origins. In particular, Cayman has chosen, unlike England, not to adopt the Hague Convention, preferring to maintain the flexibility to set its own path. Trust Licenses at the time of writing require a minimum net worth of CI$400,000; Restricted Trust Licences and Nominee (Trust) Licences require a minimum net worth of only CI$20,000. The parent of a Nominee Trust company must provide a guarantee of not less than CI$200,000. Licensees do not need to be Cayman companies; but foreign licensees will probably have to provide a head office guarantee. All applications include considerable amounts of administrative and financial information.
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