.
About The Cayman Islands........Our World Tax Haven Directory
.
.
Ascot Advisory Services
.
Panama, Republic of Panama
Santo Domingo, Dominican Republic
Telephone Direct Dial USA  809 - 334 - 5387   or   809 - 756 - 1917
.
Email Direct:   info@ascotadvisory.com
.
|  Return to Main Section  |  Use Our Reply Form  | Other Articles About Common Law Jurisdictions  |
.
 
Quick Facts About the Cayman Islands........
English Common Law:
Exchange Controls:
Political Stability:
       Offshore Bank Accts:
Company Formation:
Offshore Co. Taxation:
Minimum Directors:
Minimum Shareowners:
Company Directors:
Secretary Required:
Bearer Shares Allowed:
 YES
NO
GOOD
YES
IBC
NONE
ONE
ONE
YES
NO
YES
Registered Office:
Directors Disclosed:
Underlying Client Disclosed:
Local Meetings:
Owned By Trust:
Change of Domicile:
 YES
NO
..
NO
NO
YES
YES
* The Cayman Islands is home to a large number of offshore mutual funds, banks and other financial services firms, such as insurance.  Of all the common law jurisdictions, it would seem that the Cayman Islands would possible offer some of the best benefits.
However, due to the volume and size of the financial services industry, it would also seem to be best suited for the high net worth individual, as fees tend to be high and account opening requirements somewhat restrictive.
.
Please Read the Following News Link for additional recent information:
.
News Article Link:  Cayman Islands
.
..*
.
The Cayman Islands is a jurisdiction synonymous with the term “offshore” or offshore banking.  With 40,000 estimated registered companies, 530 banks, 2500 registered mutual funds and 370 insurance companies, it is quite easy to understand the reputation.  In fact, if you take the market capitalization or net worth of all these companies or institutions doing business in the tiny capital of George Town, Grand Cayman, and divide by the actual square footage of the island,  -  You just might come up with the most expensive or wealthiest place on the planet.
.
The Cayman Islands has zero local income tax for both individuals and incorporated companies.  In addition, there are no taxes on capital gains, profits, or wealth transfer / inheritance matters. The government of the Cayman Islands instead derives its income from company registration fees, stamp taxes, import duties and other non income orientated taxes, also making it as a result one of the most expensive places to live or own property.  Since, for all intensive purposes, the business of the Cayman Islands is the “offshore” industry, it also has the most to lose should it be forced to change any current legislation or tax codes.  It is also interesting to note that the Caymans really have become more of a center for mutual funds and financial services firms rather than a place for the individual small investor.  This is an important point because, the Bahamas has recently done some things, that in effect indicates they wish to exit the previous strategy of catering to the individual investor and become more like the Cayman Islands.  So if the Bahamas is no longer a safe bet for the individual investor, does this mean the Cayman Islands is a place to consider?
.
Well, keep in mind that the Caymans really have become a jurisdiction catering to large financial services firms and not individual clients per say.  That is, banks and mutual fund firms have come to regard the Cayman Islands as the best place in the Caribbean to “set up shop”, but this is very different from the concerns or benefits for the individual.  Large banking institutions can afford to pay higher than normal service fees, stamp taxes, etc. in exchange for the income tax benefits achieved.  For the investor that is not a very wealthy high net worth person, perhaps the costs will not make sense.  Also, keep in mind that issues concerning disclosure and tax reporting are very different matters from issues concerning exemption from local taxation or inheritance taxes.  Meaning, the Cayman Islands has most certainly also come under pressures to conform to disclosure requirements for foreign owned accounts, so while there are many benefits to doing business or forming a trust (or incorporated company), disclosure of the underlying client (and matters related to that) still remain open.
.
.

To contact us, CLICK HERE for our email reply form.