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A Piece of Cayman History

Grand Cayman, which is the largest and most developed of the three islands, possesses the majority of the approximately 60,000 people populating the island. Of that amount, about half are expats. The expat population consists of individuals from mainly Canada, USA, UK, South Africa, and Australia. These expats are working professionals focusing in fields of accountancy and corporate law.  Our strong footprint in the Financial Services industry caters to these professions.

The Island enjoys a “no direct taxation” status which drives our island as a thriving offshore financial center. Cayman continues to attract banks, hedge funds, structured finance vehicles, captive insurance plans, and mutual funds.  There are approximately 300 registered banks with Cayman consisting of 1.5 trillion USD in banking liabilities.  The Financial industry employs about one third of the employable population.

Our office was established in January of 2014 and is regulated with the Cayman Islands Monetary Authority (CIMA) with a full securities business license.  The main focus of our office is the massively underserved expat population.  Of the 30,000 expats residing in Cayman, most are white collar professionals which have recently moved (within five years) from their home country leaving behind their retirement assets.  Most of our focus clients are unaware they have the option of recapturing their retirment plan.  A great opportunity to assist this segment.  We also enjoy the ability to work with the local population due to our multifaceted license.  Being able to contribute to the well being of the local population through savings plans, investment options, and diversifcation outside of real estate is a rewarding venture.  This is truly a very green territory.

The staff currently consists of two members; Brandon S Ure and Kristin Dilbert.  They offer a combined experience of close to twenty years in finance.  

Brandon is the Regional Manager of the Cayman office since September of 2014.  He currently acts as a Portfolio Manager for an existing book of clients and provides execution services for clients which manage their own investment portfolios.  In addition to this, he has consulted on liquidations with local Insolvency firms.  “Given the flexibility of our securities license I see swift development of wealth management, brokerage services, and customized banking options to our expat and local population.  This is a very exciting growth story for us”.

Prior to his migration to Cayman, Brandon worked as a Financial Advisor with Morgan Stanley Smith Barney and Northern Trust Securities in Chicago, Illinois.

Kristin M Dilbert is an International Financial Adviser with BFMI Cayman.  She started her tenure with the office in October 2015.  Her professional career has been cultivated in the banking industry for over nine years.  The most recent position held was with Scotiabank & Trust (Cayman) Ltd. as an International Private Banker. In that role she managed several large private wealth and corporate portfolios with great success, managing a portfolio in excess of 30MM USD comprised of self-sourced investments and credit facilities.  Kristin has held several senior positions in banking and possesses extensive knowledge in credit structuring and wealth management.  

Prior to working with Scotiabank, Kristin worked as assistant Account Manager for a local captive insurance company.  Kristin attended college in Boston, Massachusetts at Mount Ida College where she studied International Business Management. 

If you’re an expat in Cayman looking to discuss your wealth management and pension needs – or general financial advice – get in touch with Blacktower here

 

Other News

Tax and the Big Decision – Buying a Property in Spain

Puerto BanusAs I sit in my back garden, in “good ol’ Blighty”, I often watch the planes flying overhead. My house is on several major flight paths which cross the country and the Manchester to Marbella flights are a regular feature in the blue skies of June.

As the summer holidays kick in, I wonder how many passengers on these flights will fall so in love with their destination that they take a sneaky look at property for sale, and how many will dream of retirement in Spain or even make it a firm plan?

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British expats in EU want pensions clarity

There has never been a better time than now for British nationals living in the EU to consolidate their retirement plans by properly investigating their expat pensions options.

Post-Brexit, sterling has fallen dramatically against the euro and for many the uncertainty surrounding expat pensions is causing understandable anxiety.

Currently, British expats living in the EU receive an annual rise in the state pension; however, this could change in the post-Brexit environment, meaning that many face the prospect of frozen pensions and as a result are giving serious consideration to the idea of returning to the UK.

While these uncertainties are not to be dismissed lightly it is worth remembering that exit negotiations are yet to begin and freedom of movement and state and expat pensions are all likely to be issues for discussion once talks do start.

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