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Cayman Islands - Tax Haven - IOFC
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File Type:
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Location: |
The Cayman Islands is a group of three islands in the western Caribbean, south of Miami. The islands are five hours behind GMT. Geographic coordinates: 19 30 N, 80 30 W |
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Capital: |
George Town |
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Area: |
100 square miles |
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Population: |
47,862 |
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Language: |
English |
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Access: |
The islands are served by six major airlines, with daily flights to Miami and weekly flights to major North American and European cities. |
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Telecommunication: |
Excellent. |
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Government | | | | The Cayman Islands is a self-governing but dependent territory of the United Kingdom. It is a member of the Commonwealth. | | |
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Political and Economic Stability | | | The Cayman Islands is politically stable. The colony has a unicameral legislature and is subject to a constitution. The Queen of England is the head of state and is represented on the islands by a governor.
The Cayman Islands is a thriving offshore financial center: banking assets exceed US$500 billion. | | |
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Government attitude to offshore activities | | | | The government actively encourages offshore activities and is constantly revising corporate, trust, banking, insurance, partnership, and mutual fund legislation. A Monetary Authority was established in 1997 under the Monetary Authority Law 1996. It is a separate legal entity, wholly owned by the government, and its functions are to deal with the local currency, maintain monetary stability, advise the government on banking and monetary issues, and regulate the financial sector. A stock exchange was also established in 1996. | | |
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Contents | | | | Geographic and Demographic Data * Government * Political and Economic Stability * Business Environment * Government attitude to offshore activities * Employment * Local business requirements * Currency and Exchange Control * Disclosure of Information * Secrecy of information * Disclosure in company formation and trust settlement * International cooperation measures * Banking secrecy * Legal System * Legislation * Case Law * Treaties * Taxation (Direct and Indirect) * Stamp Duties * Import Duties * Incentives * Corporations * Types of Companies * Fees and Costs * Checklist for Nonresident and Exempt Companies * Other Forms of Business Organization * Sole Proprietorships * Limited Partnerships * Foreign Companies * Banks and Trust Companies * Insurance * Captive Insurance Companies * Shipping and Aviation * Shipping * Aviation * Mutual Funds * Trusts * Checklist for Trusts | | |
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