Why invest or live in the Cayman Islands?

Governed under British common law and renowned for the absence of direct taxation, the Cayman Islands have become one of the richest and most advantaged populations in the world. They are currently the world's fifth largest international offshore banking centre in the world in terms of both total liabilities and total assets held in financial institutions.

But its assets, such as natural beauty, stable government, supportive business environment, direct access to international markets, sound regulatory regime and a high standard of living are what really make them an ideal place to live, work and conduct business.

Location, Climate and Accessibility

The Cayman Islands are situated in the Caribbean and are made up of 3 islands: Grand Cayman, Cayman Brac and Little Cayman. They are British Territory and located in the northeast trade wind belt of the Caribbean which enjoys a stable climate. Hot summer days are the year-round norm, but the cool sea breezes at night usually bring relief.

Miami is only one hour away by plane and eight major international airlines make more than 55 weekly flights into Cayman direct from the United States, Canada and England. The launch of a new weekly flight from Miami direct to Cayman Brac has opened up the Sister Islands to direct international travel. There is no need for visitors to exchange their US dollars into local currency, as it is accepted throughout the islands. Canadian dollars, Euro, dollars and pounds sterling can be exchanged for CI dollars at local banks.

A Supportive Business Environment

The Caymans biggest asset is their strong, committed government that focuses on promoting and stimulating long-term investment in all sectors of the economy.  Their stable economic and political climates, modern infrastructure and state of the art communication systems equal them to the best cities of the world.

The Caymans provide access to a wide selection of financial services including banking, trusts, funds, company management, structured finance, vessel and aircraft registration, insurance and stock exchange listings. The wealth of international expertise available is one of the key reasons to make the Caymans a jurisdiction of choice. There is a wide selection of service providers. These include global financial institutions such as HSBC, UBS and Goldman Sachs; over 80 administrators, leading accountancy and offshore law practices.

Today, the Caymans continue to attract service providers such as lawyers, accountants and administrators of the highest calibre, making them attractive to foreign investors. Tourism contributes 30-40% of GDP output. The islands vast unspoilt beaches, world-class diving, duty-free shopping and golf courses attract 1.8 million visitors each year.

Zero Taxation

A major feature that sets the Cayman Islands apart is the absence of any direct taxation. The government receives the majority of its income indirectly and does not impose personal or corporation income taxes, inheritance tax, capital gains tax, tax on non-residency, taxes on profits and gains from investments, property taxes or controls on foreign ownership of property either. Title to property is granted and guaranteed by the Cayman Islands Government protecting ownership.

Duty is charged on most imported goods, which can vary between 22% and 25%. Duty on vehicles depends on the age and value and can be up to 40% for expensive models. The Government charges Financial institutions, operating in the islands, a flat licensing fee, in addition to work permit fees on foreign labour. A 10% government tax is placed on all tourist accommodations in addition to US$25.00 departure tax each tourist pays upon leaving the island.

The People

Caymanians and residents combine to form a highly educated workforce, with over 82% of the population 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, which makes it one of the most diverse work environments in the Caribbean. Thanks to the tolerant population the Cayman Islands are known to be the safest place in the Caribbean.

Standard of Living

According to the CIA World Factbook, the Cayman Islands GDP per capita is the 14th highest in the world. There is very low inflation, unemployment is around 6% and the fundamental strength of the economy is evident. With an average income of around KYD$47,000, residents of the Cayman Islands enjoy the highest standards of living in the Caribbean.

Monthly rents on apartments and houses in prime areas are higher than for comparable properties in the U.S. or Europe. Gas is less expensive than in Britain, though higher than in the U.S. The cost of electricity and water can also be higher than a resident of the U.S. or Europe is accustomed to but use of sustainable energy such as solar- and windpower can reduct costs and help the environment.

Find out more about our Renewable Energy initiatives here.