What is the source of wealth in the Cayman Islands?

Finance and Tourism are commonly referred to as the two pillars of the Cayman Islands economy.

The economy of the Cayman Islands, a British overseas territory located in the western Caribbean Sea, is mainly fueled by the tourism sector and by the financial services sector, together representing 50–60 percent of the country's gross domestic product (GDP).

The chief occupations on the Cayman Islands are in clerical and service work and in the construction trades. Agriculture occupies only a small number of Caymanians, and most of the islands' food must be imported.

The source of funds statement should indicate how that person has built up wealth. Examples include from an employer, investments in the financial market, inheritance, or the sale of property. We may ask you to supply supporting documentation demonstrating the declared source of wealth.

A tax haven is any location with very lenient or non-existent tax laws. The Cayman Islands don't have a corporate tax and act as a haven for multinational corporations to shield some or all of their incomes from taxation. The Cayman Islands do not impose taxes on residents and are considered tax neutral.

Finance and Tourism are commonly referred to as the two pillars of the Cayman Islands economy.

As a place to conduct business, Cayman's appeal is obvious. The country, a British Overseas Territory, levies no income or corporate taxes, and, since the 1960s, it has become one of the world's most sophisticated banking centers.

The 20th Century: The Cayman Islands, initially administered as a dependency of Jamaica, became an independent colony in 1959; they now are a self-governing British Overseas Territory.

There are lots of job opportunities available to English speaking people looking to travel and to work in the Cayman Islands. It is, however, not always easy to apply from overseas as local companies will get a deluge of foreign applicants for most positions they advertise.

Tax-friendly environment: The Cayman Islands has no corporate income tax, capital gains tax, or withholding tax, making it an attractive location for registering a company.

Most money laundering that occurs in the Cayman Islands is primarily related to fraud and drug trafficking. Due to its status as a zero-tax regime, the Cayman Islands is also considered attractive to those seeking to evade taxes in their home jurisdictions.

“Cayman is one of the easiest places to set up a hedge fund,” Kaur told the session. Setting out the different jurisdictions on offer, the panel heard how Cayman offers a very well-developed legal system, with lots of flexibility and is based on English common law.

All Cayman Islands entities are exempt of all local taxes including i) no corporation tax and no personal income tax and ii) no withholding tax and no capital gains tax and iii) no VAT and no inheritance nor estate taxes and iv) no shares transfer taxes and v) no wealth taxes and vi) no export taxes.

The Cayman Islands enjoy a relatively high standard of living, with one of the highest GDP per capita in the region and low poverty levels.

Kenneth Dart is an heir to the Dart Container foam cup fortune and an investor based in the Cayman Islands. Born in Michigan, he renounced his U.S. citizenship in 1994, obtained citizenship from Belize and relocated to the tax-free Cayman Islands.

Kenneth Bryan Dart (born 1955) is a Cayman Islands-based businessman and billionaire. He is also a citizen of Belize and Ireland. His wealth was estimated in 2013 at $6.6 billion.

Cayman Islands real estate prices

For those who prefer to rent instead of own property, the average rental price per month for an apartment in the Seven Mile Beach corridor is between US$2,800 and $6,100 (one-bedroom condo to three-bedroom condo).

KYD 48K. The estimated total pay for a Server/Waiter is KYD 48,005 per hour in the Cayman Islands area, with an average salary of KYD 5 per hour. These numbers represent the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and based on salaries collected from our users.

The islands' tax haven status comes second to its status as the place that invented recreational scuba diving. The Caymans are considered ground zero to go exploring underwater. You might spot sunken ships or leftover dough. Locals and tourists alike vouch for the Tortugan rum cakes from here.

A handful of small nations own a surprising amount of U.S. debt. With a population of 70,000, the Cayman Islands own a towering amount of Treasury bonds to the tune of $284 billion. There are more hedge funds domiciled in the Cayman Islands per capita than any other nation worldwide.

The Cayman Islands offers a unique combination of financial, regulatory, and tax benefits, along with a stable and secure environment, which makes it an attractive location for individuals and businesses looking for offshore banking solutions.

As a small family of islands Cayman has limited resources in the traditional sense; it produces little of its own food or manufactured goods. Consequently the government is able to raise significant revenue through import duties without directly taxing its resident's income.

The official language of the Cayman Islands is English (90%). Islanders' accents retain elements passed down from English, Scottish, and Welsh settlers (among others) in a language variety known as Cayman Creole. Caymanians of Jamaican origin speak in their own vernacular (see Jamaican Creole and Jamaican English).

The estimate average salary for Cayman Islands employees is around $94,365 per year, or the hourly rate of Cayman Islands rate is $45. The highest earners in the top 75th percentile are paid over $105,307.

A small example of the many top companies in the Cayman Islands represented by banking includes:

Cons: Very expensive, too built up (in some areas)which can lead to crowds & traffic(but easy to avoid), flat & not very picturesque (unless you're on the beach), crappy exchange rate. agree with all the previous poster's pros... beautiful, crystal clear water, easy to deal with...

Whether you're looking for a change of pace, to escape the tax burden, or to take advantage of career opportunities, the Cayman Islands is definitely worth considering as a destination for your next move. Moving overseas it's a big and exciting new chapter of life, and we can help you with it.