The programme set up as a joint course of the University of Illinois and De Paul University combined the field experience in Cayman with class room work and complementary presentations from financial professionals in the US.
The Cayman field portion of the class gave students the opportunity to meet and interact with professionals and policy-makers from the Cayman Islands and learn first-hand not only about the financial transactions that take place here, but also the political and regulatory framework.
“It is the sixth year that we have brought down students to the Cayman Islands”, said Professor Andrew Morriss, who together with his colleague Professor Craig Boise ensured that 250 students made the trip to Cayman over the years.
“The main issue is trying to understand how things work in the Cayman Islands,” said Gustavo Morales Oliver, one of the course participants.
The course aims to give a basic understanding of the structures and international business transactions such as as the creation of hedge funds, captive insurance companies and special purpose vehicles in both onshore and offshore jurisdictions.
“The big advantage is not only being able to listen to the professors, but also to people who actually practice on the island,” Mr. Morales Oliver added.
The students heard form well-known Cayman industry figures, including Cayman Finance chairman Tony Travers, DMTC Director John Lewis, Stuart’s partner Anthony Akiwumi, Butterfield’s Caribbean EVP Conor O’Dea, Pilar Bush and former Monetary Authority Chairman Tim Ridley.
Third-year law student Meaghan said she was impressed with the rigorous regulatory regime that governs investments, the registration of bank accounts and the exchange of tax information with the US, which stands in contrast to the image “of confidentiality that is often advanced even by our own politicians.”
“The different viewpoints give you a better understanding of Cayman,” she added.
Students believed the programme helps the image of the Cayman Islands with regard to the Grisham factor that is still associated with the offshore jurisdiction.
“If I were part of the Cayman government I would support this kind of project, because it brings together students from all over the world, who will learn about some of the misconceptions that still exist about the Cayman Islands,” said Mr. Morales Oliver.
We heard a lot about confidentiality regulations that have been introduced in the Cayman Islands, he added.
The students believe that maintaining tax neutrality and the quality of the professionals should remain an advantage for Cayman.
The group of students featured both US students and graduates from overseas who, in many cases, already have a law degree in their home countries and are now in the process of obtaining a Masters in US law.
Professor Morriss stated that in the past students had benefitted greatly from the course.
“Several students actually got a job as a result of the course,” he said, because it helped them to speak eloquently in job interviews about the kind of international transactions that are carried out in the Cayman Islands.