Cayman Islands offshore.
About Cayman Islands offshore
The Cayman Islands are located in the western Caribbean, south Florida and Cuba and to the west of Jamaica. This British overseas territory consists of three islands: Grand Cayman, Cayman Brac and Little Cayman, and has a total population of about 60,000 people. The standard of living in the Cayman Islands is one of the highest in the Caribbean, with an average GDP per capita of about US $49,000. Thanks to close ties with the United Kingdom Cayman Islands are considered to be politically stable, secure and safe. The official language in the Cayman Islands is English and its legal system is based on the British system. Cayman Islands have excellent infrastructure with a good communication system and well-organized transport system.
For many years the country’s financial sector has grown to more than 500 international banks and there are more than 20 000 registered companies.
Cayman Islands offshore – Tax Information Exchange
Confidentiality and secrecy are established principles in the legislation of the Islands and displayed in such laws as the Confidential Relationship Preservation – CPLR, as well as in the law governing banking and trusts – Bank and Trust Companies Regulation Law.
However, the country has recently joined the law on tax information exchange (Tax Information Authority Law), which provides a legal mechanism to assist other countries in the fight against tax evasion.
Cayman Islands offshore – Security and Confidentiality
According to many view, the amendment to CPLR law and the law on the legalisation of funds (Proceeds of Crime Law, 2008), have weakened the law on the bank secrecy, which had once defined the country as one of the best offshore banking centers.
On the other hand, many analysts argue that the privacy will not be affected to a great extent, because the law was aimed at protect the ‘good’ businesses and as thus the law still gives investors the security and confidentiality of their data.
Advantages of the Cayman Islands offshore are listed below:
- The official language is English
- No requirements for annual reports, accounting and auditing for offshore companies
- Only one shareholder and director is required that can be the same person. The presence of a local representative is not necessarily
- No direct taxation, no corporation tax, property tax, tax on income from capital gains and income tax.
- The minimum capital for company formation is not defined
- For running a business the presence in the Cayman Islands is not required so the company can be anywhere in the world.
- Your presence to open a corporate bank account is not necessary.
