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Tax Haven Cayman Islands

The Cayman Islands are located comprises three (3) small islands of Cayman Brac, Grand Cayman and Little Cayman. The islands are situated in the Caribbean Sea. The Cayman Islands is part of Britain oversea territory. The estimated population of the territory is 52,000 people and the official language is English. The Cayman Islands has its own currency which is the Cayman dollar. The tax haven of the Cayman Islands depends heavily on its offshore financial centre which has offshore services such as the incorporation of offshore corporations, offshore banking, and offshore insurance among other services.

The offshore tax haven of the Cayman Islands like many other Caribbean islands is a popular destination for tourists. The islands have many brilliant beaches and the exceptionally blue Caribbean waters are irresistible. The Seven Mile Beach is well known around the e world and visitors with is famous resorts and hotels. The Cayman Islands are a paradise beyond compare it has been said that these island have e the best weather to be found anywhere in the world.

Some of the best dive sites in the world can be found on the island of Little Cayman. Visitors and locals alike enjoy diving into new wonders below the ocean of the Cayman Islands. Other activities to be enjoyed include snorkeling and sailing. The territory has many bird species which makes for bird watching in forest reserves. The Cayman Islands are committed to protecting their historic heritage and it is for this reason that visitors can have first hand looks at beautiful historical buildings and other historic sites of importance.

The island territory of the Cayman Islands is still British Territory but the island has their own constitution. The judicial laws of the Cayman Islands are based on that English Common law system. The government of the Cayman Islands is committed to maintain the territory as an offshore jurisdiction and tax haven. This commitment is reinforced by the efforts of the government to make various amends to offshore legislation of the jurisdiction.

The Cayman Islands enjoy a stable economy. The citizens of the Cayman Islands enjoy one of the highest standards of living in the Caribbean region. There is no direct taxation for citizens which includes no corporate taxes and income tax. Tourism is one of the main income earners for the territory followed by its offshore financial sector. The Cayman Islands have been ranked as the fifth largest banking centre in the world. Politically the Cayman Islands are very stable.

The Cayman Islands historically was the tax haven of choice for many offshore clients from Europe and the United States of America. With the rise of many offshore jurisdictions the Cayman Islands still rates very high. A Cayman Island offshore company is still a favorite among investors who seek to protect their assets offshore or have the need for an offshore business company. A Cayman Island offshore company is recognized all over the world and can also do business in any territory in the world once it has been incorporated. Cayman Islands offshore corporations help investors to save on taxes. Cayman Islands offshore companies who do no business in the territory will not be taxed on their global earnings. As a noted tax haven there is no capital gains tax, corporate tax, income tax, withholding tax, inheritance tax, gift tax or estate tax applied to offshore companies incorporated in the jurisdiction but has no business interests there.

Many laws have been put in place in the tax haven of the Cayman Islands to protect the interests of offshore clients. According to offshore companies law there is no need to disclose the name of the beneficial owner to the authorities. The use of Nominee shareholders and nominee directors is also permitted when incorporating offshore companies the offshore tax haven of the Cayman Islands.

Offshore Banking helped the Cayman Island to rise as a force in the offshore world. Banking offshore in the Cayman Islands is tax free. Income in offshore bank accounts is not taxed plus offshore bank accounts are safeguarded by banking secrecy. The information in offshore bank accounts in the Cayman Islands is regarded as private and is strictly confidential. This information can only be given out with the consent of the offshore bank account holder.

The Cayman Island made a name for itself as one of the world’s best offshore tax havens. The offshore tax haven has many ways and means which will enable offshore clients to save on taxes and increase their capitals. In the tax haven of the Cayman Islands offshore activities are closely regulated by the government who are quite keen in making the offshore sector in the territory grow in the near future. By establishing a very strong relationship all the parties in the offshore sector in the Cayman Islands are dedicated to keeping the industry alive.