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Government DepartmentsTax Havens Buck European Property Slump 20-04-2009
Cyprus is Europe’s most attractive tax regime, survey finds 20-04-2009
Bank secrecy jurisdictions pledge to cooperate on tax data exchange
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Cayman Islands
Physical Facts |
|
| Population: | 40,000 residents (est., October 1999) |
| Location: | Three islands in Caribbean Sea, 240 km south of Cuba and 268 km northwest of Jamaica |
| Area: | Grand Cayman: 76 square miles (22 miles long, avg.width 4 miles); Cayman Brac: 14 square miles (12 miles long, avg. width 1.5 miles |
| Climate: | Good all year and the trade winds ensure it doesn't get too hot. Peak season runs between December and April. The rainy season runs from May to November and visitors are advised to keep an eye on the weather reports in the days before arrival, as this is also hurricane season. |
| Transport | Roads, Airport, Ferry |
| International Direct Dialling prefix: | + 1 (345) |
| Internet Country Code | .ky |
| Time difference on GMT: | - 5 |
Administrative Facts: |
|
| Status: | British Overseas Territory |
| Government: | The Cayman Islands is a parliamentary democracy with judicial, executive and legislative branches. |
| Legal System: | As a British Overseas Territory, Cayman's legal proceedings are based on British Common Law, complemented by local legislation. This framework restrains media coverage of investigations and court hearings under what is referred to as the sub judice rule. |
| International Court Jurisdiction: | |
| Language: | English |
| Education system: | The government operates primary schools, high schools, a community college, a law school, and a four- year college, and free and compulsory education is provided for all Caymanian children through age 16. |
| Residency/Working Requirements: | For permanent residency a person is required to have lived in the Cayman Islands for no less than 8 years. Work permits are issued to those deemed to be 'non key employees' for a maximum of 7 years. For those deemed to be a 'key employee' this extends to a maximum of 9 years. All applicants must undergo a medical examination and if they are currently domiciled in a non English speaking country, an English test is required. |
Fiscal Facts |
|
| Legal tender & currency: | US Dollars |
| VAT: | n/a |
| Import duty: | On most items between rates of 5-20% |
| Banking: | International |
| Annual Government Revenue: | $423.8 million |
| Annual Government Expenditure: | $392.6 million (2004) |
| GDP: | US$1.4 billion (2005) |
| Financial Services Regulation: | Insurance, banking, investment services and service providers are regulated by the Monetary Authority |
Tax Facts |
|
| General: | There is no direct taxation in the Cayman Islands. There is no income tax, capital gains tax, company or corporation tax, inheritance tax, or gift tax. There are no property taxes or rates, and no controls on foreign ownership of property or land. But there is a departure tax; approx. US$25, which must be paid by all persons 12 years of age or over leaving the islands. This is normally built in to the price of your ticket. Import duties (at varying rates), stamp duty at rates up to 7.5% on transfers of real estate (9% in certain areas), and stamp duty at rates up to 1.5% ad valorem on legal documents dealing with valuable assets or transactions; however issues of securities, mutual fund shares or units are normally exempt from stamp duty. |
| Corporate Tax: | See above |
| Individual – resident: | See above |
| Individual – non-resident: | See above |
Featured Provider Title of Cayman Islands
Featured Provider Content of Jurisdiction 14
Featured Provider Content of Jurisdiction 14
Featured Provider Content of Jurisdiction 14
Featured Provider Content of Jurisdiction 14
