Speaking of Strategic Wealth Preservation (SWP) in the Cayman Islands, I recently came across a Kitco News (part of Kitco Metals) segment about the private vault while it was still under construction (SWP opened in June 2015). In case readers aren’t familiar with Kitco Metals Inc., it’s “one of the world’s premier retailers of precious metals and a leading supplier of refining services, labware for mineral analysis and precision-crafted devices for high-technology manufacturing processes,” per their website. Back on November 21, 2014, Kitco News Editor-in-Chief Daniela Cambone paid a visit to the SWP construction site where she talked to Mark Yaxley, head of Operations & Client Services for the vault. It was a neat look at the new purpose-built wealth storage facility (which also has safe deposit boxes) coming together. I found this part of the exchange between Cambone and Yaxley particularly interesting:
CAMBONE: What I heard from speakers at the conference was that Cayman is looking to position itself as the Singapore of the Americas. Did you get that?
YAXLEY: Yeah. Singapore of the West. It’s interesting. There’s a lot similarities between the two countries. They share a lot of the same attributes. Really the advantage here is that we’re closer to home for Americans, Canadians, and Latin Americans.
CAMBONE: And it’s really the first security center of its type on the island and in the region.
YAXLEY: Absolutely. And that’s really important. You would have thought there’d be a gold vault in Cayman already. There is not a privately-owned gold vault in Cayman yet. So this is the first one.
“Kitco Site Visit – Cayman Islands – November 21, 2014”
As I mentioned before, Strategic Wealth Preservation’s facility has been up and running now for several months. From their website:
SWP is housed within the impressive complex of Cayman Technology Centre (CTC), a brand new, purpose-built, energy efficient space that has won awards for its innovation, sustainability, and energy saving design. The CTC’s primary energy source is solar power, and for added convenience there are back up batteries and a generator to provide uninterrupted power to the building in case of severe weather conditions.
CTC is also home to one of the largest and most respected security companies in the Caribbean, adding to our own state-of-the-art security system and providing our customers with one of the safest and most flexible storage locations in the world.
By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)
(Editor’s note: The mention of entities marketing themselves as private vaults outside the U.S. offering safe deposit boxes/lockers at a minimum should not be construed as confirmation of services claimed to be provided or any sort of recommendation. A qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. Christopher E. Hill, the creator/Editor of this blog, is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented on the site.)