Page 63 - Caribbean-Central America Profile 2018

CAYMAN ISLANDS

CARIBBEAN-CENTRAL AMERICA PROFILE 2018

Official Name: Cayman Islands
Capital: George Town
Nationality: Caymanian(s)
Official Language: English
Population (millions): 0.06 (2016 est.)
CAYMAN ISLANDS
Size: 100.4 square miles
Currency: Caymanian Dollar (KYD)
Internet Domain : .ky
International Dialling Code: 1 345
Electricity: 110 volts

COUNTRY OVERVIEW INVESTMENT INCENTIVES
q The Cayman Islands are Grand The Islands are a major international financial centre. With the biggest sectors being banking, hedge
Cayman, Cayman Brac and Little fund formation and investment, structured finance and securitization, captive insurance, and general
Cayman. corporate activities.
q It is endowed with white sand The Cayman Island Investment Bureau makes recommendations on the level of fiscal incentives to be
beaches and sparkling blue water. granted to companies who want to locate in the Cayman Islands or to expand their existing operations.
q One of Grand Cayman’s main The unique characteristics of any proposed project will determine the incentive package available. The
attractions is the world-famous CIIB evaluates potential projects on the following criteria:
Seven Mile Beach on which a • The quality of employment created.
number of the island’s hotels and • The location within the Cayman Islands.
resorts are located. • The local value added of the proposed investment project to the Cayman Islands.
q George Town, the capital, is on The Government has also introduced incentives to encourage the setting up of local industries. The
Grand Cayman. most important concession is that customs duty may be waived in full or in part in accordance with the
The Cayman Islands offer a following guidelines:
supportive business environment, due
to its stable economic and political a. Industries catering to the export market, with an investment exceeding CI$50,000 and employing at
least four Caymanians for a minimum period of five years, may be granted full waiver of customs
climate, absence of exchange import duty on building material and equipment, machinery and tools of trade. Material for use in
controls, modern infrastructure, state the manufacturing process may also be granted waiver of import duty.
of the art communication systems, a
lucrative banking environment and a b. Industries providing for the local market with an investment exceeding CI$25,000 and employing
sound legal framework. at least four Caymanians for a minimum period of three years may be granted waiver of customs
import duty on building materials and equipment, machinery and tools of trade. Material for use in
The Cayman Islands also adhere to the manufacturing process may also be granted waiver of import duty.
tax neutrality. The government does
not impose personal or corporation c. A company not requiring a license to operate under the Local Companies (Control) Law, investing a
sum of at least CI$10,000 in a new industry and employing at least two Caymanians for a minimum
income taxes and there are no taxes on period of three years, may also be entitled to import duty concessions.
profits and gains from investments.
There are no property taxes or The Company Registry is responsible for the licensing of corporations under the Companies Law (2004
controls on foreign ownership of Revision). All corporations required to be licensed under any law - Banks and Trust Companies Law
property. (2001 Revision), the Insurance Law (2001 Revision), the Mutual Funds Law (2001 Revision), and the
Companies Management Law (2001 Revision) - must also be registered with the Registry of Companies.
The main industries are financial A company wishing to trade within the Cayman Islands, e.g., in retail trading, real estate, hotel operation,
services, tourism, and real estate sales restaurants, maintenance services or local shipping, must obtain a license under the Local Companies
and development. Service industries, (Control) Law, and, if less than 60 percent of the equity is Caymanian-owned, the Trade and Business
such as construction, hotel and Licensing Board will have to be convinced of the need for the company’s services.
restaurant operations, retail trades,
and scuba diving and boat rentals are The Investor Support Services unit within the Department of Commerce and Investment is the first
ancillary to the main industries. point of contact for persons who wish to invest in the Cayman Islands. All inquiries regarding the local
business environment, investment opportunities or request for guidance on laws and regulations should
be directed to investment@dci.gov.ky.

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