Monkton
Insurance Services Limited
Cayman
is much more than just a beach resort
Apart from the nominal capitation tax of CI$10 (now abolished) per adult male, the Cayman Islands has never had any form of direct taxation. There is no income tax, corporation tax, capital gains tax, inheritance tax or gift tax. No rates or property taxes have ever been levied.
The development of the Islands as an offshore financial centre from the 1960's has been rapid under the controls and regulatory legislation introduced since then by the Government. No change in the current fiscal structure is contemplated by the Government, and there is no pressure from Caymanians to advance constitutionally from the current status of British Colony to independence.
Acknowledged as one of the major and fastest growing financial centres in the world, the Cayman Islands currently has more than 550 banks and trust companies, 24,000 registered companies and 453 licensed insurance companies.
Specific advantages to the overseas investor include:
Stability of a well and progressively governed British Colony with a history of social harmony.
A well developed infrastructure, including ports, modern international airport, roads, utilities, medical and educational facilities.
More than a decade of successful operation, administration and development of the insurance law.
Lawyers and accountants experienced in advising on and servicing international financial ventures.
A wide range of banks and trust companies experienced in the management and administration of offshore companies, funds, trusts and other asset protection vehicles.
Standards of regulation and monitoring, less arduous than in metropolitan countries, but with professionals in the posts of Registrar of Companies, Inspector of Banks, and Superintendent of Insurance. Greater flexibility in such areas as liquidity ratios and capital formation.
Lack of direct taxation; ability to accumulate profits free of tax and, for branches or subsidiaries of parent companies elsewhere, the ability to repatriate profits at a time of choosing.
Freedom from Exchange Control.
Relatively low fees for incorporation and annual licensing and management services at a cost which offers an attractive alternative to self-administration.
Modern commercial legislation and legal and judicial systems based on the system in the United Kingdom.