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Latin America: leading financial centers 2019

The private institute Z/Yen has constructed an index for financial center rating, in which a multitude of factors are integrated. Important areas of competiveness are, among others, business environment, human capital, taxation and infrastructure. The Cayman Islands proved to be the most attractive financial center in Latin America and Caribbean in 2019, with 670 points assigned in the Z/Yen report.

Leading financial centers in Latin America and Caribbean – additional information

In 2019, Brazil was home to one of the top five leading financial centers in Latin America and the Caribbean according to the index for financial center rating which has been developed by the private institute Z/Yen. São Paulo had an index score of 632, placing it fifth as of December 2019. The most important factors which affect this score and the competitiveness of a financial center include factors such as the business environment, human capital, reputation, infrastructure and financial sector development, in order of importance.

These offshore centers are home to foreign banks, corporations, investments and deposits which are used for tax avoidance or as a means to enjoy relaxed regulation. They are also often associated with money laundering and tax evasion. As of April 2016, the British Virgin Islands was found to be most popular tax haven of Mossack Fonseca, the law firm associated with the Panama Papers data leaks.

Leading financial centers in Latin America and Caribbean as of September 2019

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Source

Release date

March 2020

Region

LAC

Survey time period

2019

Number of respondents

5,064 respondents

Special properties

among financial services professionals.

Method of interview

Online survey

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