Open-ended Cayman funds are registered under the Mutual Funds Act, most commonly as registered mutual funds with a US$100,000 minimum investment. Cayman requires a local audit sign-off, an administrator or registrar, and, for most funds, at least two directors registered with CIMA.
Cayman's advantage is recognition. Many institutional mandates and fund-of-funds programmes are drafted around Cayman vehicles, and operational due diligence teams know the structure. The cost is higher regulatory and service-provider fees than the BVI.