Superyacht specialist Affinity Group expands with new Cayman Islands office
by Affinity Group 15 Jul 2021 21:51 AEST
Leading superyacht corporate service provider Affinity Group is delighted to announce its expansion into the Cayman Islands as the company continues to establish a global presence.
The Cayman Islands offers a strong maritime hub, which is ideally suited to Affinity Group's background, with the company's journey into the Yachting sector dating back to 2004, handling some of the very first Superyachts registered in the Isle of Man.
Headed up by Garry Crossan, operations will now commence via the company's local subsidiary Affinity (Cayman) Limited. Garry has a longstanding relationship with Affinity having worked closely with our Malta and Isle of Man offices for many years.
Resident in Cayman, Garry has enjoyed a career within the Offshore Financial Services Industry for over 30 years, holding executive positions within major International Banks and Trust Companies across multiple jurisdictions.
Working closely with the Affinity team during the formation and license application process over the past year, Garry brings both industry and local expertise to Affinity Cayman.
The Cayman Islands is an excellent fit for Affinity Group and the new licence will allow it to draw on existing expertise while utilising our developed network of contacts and existing clients. Putting down roots with our new office puts the company in an advantageous position moving forward.
The move follows the successful acquisition of a Companies Management Licence from the Cayman Islands Monetary Authority.
Affinity's offices in the Isle of Man, Malta and now Cayman deliver correlative benefits, complementing our overall service offering and giving us a real advantage that we can pass on to our clients.
Establishing a global presence
Affinity Group CEO Andy Morgan said: "Our experience and approach means we have nurtured many healthy and long term relationships with clients and industry peers alike, affording Affinity an impressive fleet of yachts under administration.
"Recognised as a leading Corporate Service Provider in the Yachting sector in the Isle of Man and Malta, our move into the Cayman Islands puts Affinity firmly on the map as a global presence with a truly international reach. Our expansion offers our clients, old and new, a further jurisdiction with even more opportunities and solutions to meet their needs with increased flexibility.
"Affinity's success in the industry is borne from building a wealth of experience assisting high net worth clients, which require the highest level of service. Our personal approach provides our clients with a seamless experience; we act as a link for owners, managers and Captains to provide personal and bespoke guidance with support through the various regulatory requirements associated with yacht ownership.
"The Cayman Islands offer the same prestige Red Ensign Flag as the Isle of Man, recognised as one of the most prestigious flags in the Superyacht Industry and the first-rate jurisdiction for vessel registration. Synonymous with an excellent worldwide reputation and a comprehensive list of over 70 countries that qualify to own Cayman-flagged vessels, the benefits of Cayman are plenty. In addition, as a jurisdiction with a robust regulatory framework there is a diverse range of ownership structures available as well as a variety of registration types.
"Our office in the Cayman Islands will be an extension of our tried and tested practices and expertise that have driven our success in the Yachting sector. Our new location in this renowned jurisdiction will present new opportunities for clients outside of the EU, with avenues such as Temporary Admission allowing non-EU yachts to sail in European waters for up to 18 months.
"It is our organic growth that drives our expansion, stemming from our personal approach that is at the core of Affinity's philosophy and is the driving force as we continue to expand our international reach. Our expert, friendly team are at the forefront of everything we do and maintain the highest level of service. We take pride in our roots and the journey to where we stand today. Affinity Group has a very exciting journey ahead.
"Our initial success in the luxury asset sector has led us to diversify into multiple others such as Aviation, Trusts, E-Gaming, Family Office and Commercial property. Furthermore, we are at the forefront of emerging sectors such as Fintech and esports."