Tax Free Status

There are no taxes on income or profits, capital, wealth or capital gains. The revenues of the islands are to much extent derived from indirect taxes such as import duties and stamp duty. One of the most important features is that there never have been any taxes.

Companies incorporated in the Cayman Islands enjoy the same tax free status as individuals, regardless of nationality or ownership.

The Government has encouraged investment by the deliberate introduction of laws and development of the financial sector. The policy of the government is aimed at the continuation of the development of this aspect of the Islands' economy.

The Cayman Islands dollar is the official currency in the Cayman Islands, American, British and Canadian currencies are also readily accepted. There is no restriction on any company maintaining accounts in any currency either inside or outside the Islands.

Currently there are approximately 50,000 companies, 530 banks and 400 insurance companies of various categories registered or licensed in the Cayman Islands. Their income is not subject to local taxation.

Apart from the absence of taxation, there are other considerations including the absence of excessive restrictions on their freedom of trade or their ability to transact business in any part of the world.