The Cayman Islands

Investing in the Cayman Islands

The Cayman Islands is a world class financial centre and a hotbed for investment. Ask any of the major international banks, law or accounting firms domiciled here why they chose the jurisdiction and the response will be unanimous. They set up business in Cayman because the offer of economic and political stability, a modern infrastructure with effective communication systems, a highly regarded legal system, a skilled professional workforce and a responsive Government was just too good to pass on. On top of that, there is the absence of any direct taxation; there are no personal or corporation income taxes, and no taxes on profits and gains from investments.

Geography

The Cayman Islands is in the Caribbean and is made up of 3 islands - Grand Cayman, Cayman Brac, and Little Cayman.  Though still a British Overseas Territory, the islands have been self-reliant for almost two decades.

Air Travel

Eight major international airlines make more than 55 weekly flights into Cayman direct from the US and there are flights from Canada and London.  Miami is only one hour away by plane.

Human Resources

The Cayman Islands boasts a highly educated workforce, with over 82% of persons having completed at least a high school degree, and 26% having completed a post-secondary degree from a local or overseas institution.  English is the official language but there are over 100 nationalities residing in the three islands making the country one of the most cosmopolitan work environments in the region.

Standard of Living

The Cayman Islands enjoy one of the highest standards of living in the word. There is relatively low inflation, unemployment is under 4% and the fundamental strength of the economy is evident.

Business & Tax 

The Cayman Islands have more registered businesses than they have people.

With an average income of around $42,000, Caymanians enjoy the highest standard of living in the Caribbean.

• The islands print their own currency, the Cayman Islands Dollar (KYD),

The government's primary source of income is indirect taxation - there is no income tax or capital gains tax or corporation tax.  An import duty is levied against goods imported into the islands. The government charges licensing fees to financial institutions that operate in the islands as well as work permit fees for expatriate employees.

The Cayman Islands are a major international financial center. The biggest sectors being banking, hedge fund formation and investment, structured finance and securitisation, and captive insurance.  Regulation and supervision of the financial services industry is the responsibility of the Cayman Islands Monetary Authority (CIMA).

The Cayman Islands are the fifth-largest banking center in the world; with $1.5 trillion in banking liabilities. There are 279 banks (as of 2008), 19 of which are licensed to conduct banking activities with domestic and international clients, the remaining 260 are licensed to operate on an international basis with only limited domestic activity.

The First Step to Investing

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