Contrary to popular belief, it’s not all about taxes – even though there is no direct income, capital gains, inheritance or profit taxes levied on individuals or companies in the Cayman Islands.
That’s a great bonus but there are other, more compelling reasons, starting with the Cayman Islands legal system, enhanced by progressive legislation over the years to maintain the Islands’ competitive edge.
In addition, the laws of the Cayman Islands are based on English Common Law and on the British Parliamentary system with an elected democratic government and are overseen by a British-appointed governor.
On the regulatory side, CIMA provides sensible and effective oversight of the Islands’ banks. No Cayman financial institution went bankrupt during the financial crisis of 2008.
Further, the Fraudulent Dispositions Law enhances the effectiveness and protection of assets within Cayman trusts.
All this is supported by a strong professional base that includes 40 of the world’s largest banks, major international law firms and the big four accounting firms, as well as excellent communications systems and direct air links to major cities across North America and Europe.