The Cayman Islands is a British overseas territory dependent on the United Kingdom and located northwest of Jamaica between the island of Cuba and the coast of Honduras in the waters of the Caribbean Sea. The Cayman Islands is a member of the CARICOM single market.
The 264-square-kilometer (102-square-mile) territory comprises three islands, Grand Cayman, Cayman Brac and Little Cayman, where about 69,000 people live, 55,000 of which live in its capital, George Town (Grand Cayman).
Its official currency is the Cayman Islands Dollar (KYD), pegged to the US dollar at a 1,227:1 ratio.
The Cayman Islands are a British overseas territory, designated by the UN Decolonization Committee as one of the last Non-Self-Governing Territories. The fifteen representatives who compose the Legislative Assembly are elected by the people every four years, they are in charge of managing the internal affairs. Of the elected members of the Legislative Assembly, five are elected to serve as ministers in a Cabinet headed by the Governor. The head of government is the Prime Minister.
The governor is appointed by the King/Queen of the United Kingdom on the advice of the British Government to represent the monarch.
The Cayman Islands has a solid economy, with one of the highest per capita income worldwide. Being also the one of the most expensive place to live, since most products are imported and are subject to high tariffs.
Its main sectors are luxury tourism for its pristine beaches, scuba diving and high-end gastronomy, and offshore financial and insurance services, with hundreds of licensed banks, which handle about $500 billion in assets.
Cayman Islands is one of the 5 largest financial centers in the world by deposits and the world’s largest financial center for investment funds, with the presence of the global largest financial institutions.
Main financial services available in the territory are private banking, hedge fund formation and investment, structured finance and securitisation, captive insurance, and international business company services.
In the Cayman Islands, corporate profits and capital income as interest or dividends, as well as personal income are not taxed. Actually, the only existing tax forms in the Islands are business license fee, customs duties, a stamp duty on the transfer of real estate and a tonnage fee for vessels. In addition to the tax advantages, Offshore companies in Cayman Islands benefit from maximum confidentiality and easy accounting requirements.
Flag Theory is a strategic internationalization process aimed at diversifying parts of the personal and business finances in strategic jurisdictions worldwide. Below, you can learn about why and how to incorporate an offshore company in Cayman Islands, open an offshore bank account, investment options, and how to immigrate and get a residence permit in these paradisiac islands.
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