Almost everyone has heard the name "Cayman Islands". Have you ever wondered why? Easy. This island is the king of kings when it comes to tropical paradises and financial freedom, our favorite combination.
Known as the turquoise paradise, these three semi-virgin islands are part of the British overseas territory. This piece of heaven is barely 264 km2 and is located in the middle of the Caribbean Sea, right between Jamaica and Cuba, where it welcomes cruise ships loaded with tourists and offshore investors who stop by every day on its main island, Grand Cayman.
Accompanying the main island are the two jewels that complete the most stunning trinity in the entire Caribbean: the islands of Little Cayman and Cayman Brac.
This dream place attracts tourists and investors alike because of its beauty and its advantages, such as the fact that there is no income tax on its territory.
No taxes: this is the definite feature of the Cayman Islands and the ones investors love the most. At the end of the year, all your profits are yours. The islands have no income tax, property tax, or capital gains tax. Ultimate economic freedom.
High standard of living: the Cayman Islands have the highest standards of living in the Caribbean, in fact, they have the eighth-largest GDP per capita in the world. This means that a large percentage of residents feel comfortable and could buy any product or service offered.
Government stability: Another good reason why the Cayman Islands is a very attractive place for investors is that the government is stable, so there is no fear of the effect of political instability on business owners.
Good infrastructure: you will also find a sophisticated infrastructure in the Cayman Islands that will help your business run more smoothly.
A path towards British citizenship: If you become a Caymanian permanent resident (read how here), you can become a British citizen five years later and receive one of the best passports in the world and live in the UK.
Strong economy: Another benefit of doing business in the Cayman Islands is that they have a very strong economy due to the international banking operations there.
Business Privacy: Since you will not pay taxes, you are not required to expose your business records to any government agency. You can maintain the privacy of your business as you wish. In addition, there are no investment restrictions in the Cayman Islands, so you can invest in any business or market you wish.
The exempt company: The most commonly used legal form by non-residents is the 'Cayman Islands Exempt Company', which as its name suggests, is tax exempt. This entity provides a very flexible corporate structure, with no requirement for resident directors or other local corporate officers, maximum protection of director and shareholder privacy and simplified accounting requirements.
Banking secrecy: the names of the beneficiaries of offshore companies registered in the Cayman Islands are not entered in any public register and there is no obligation to disclose the identity of the beneficiaries. Offshore companies are not required by law to file their annual financial reports with the authorities but are required to file an annual return.