Their legislative branch is extremely competent at evaluating and passing competitive laws for business and banking, their executive branch is extremely competent at providing the administrative services and modern digital facilities for international business and banking, and their judicial branch is extremely competent at resolving disputes.
The government's budget is also balanced without passive taxation of this sector.
Most jurisdictions, whether they are other island nations or a state in the US are not competent in any of these regards and this has utility on this planet.
It would be an understatement for me to just point out how much I don't care how uncompetitive other nations are in this regard, and I also don't care about the challenges for them to become competitive.