Dramatic new incentives from the Cayman Islands Government (CIG) have now revolutionised the immigration landscape for financial services firms and individuals intending to move their business to Cayman or invest in new businesses here.
What is it that Cayman is really offering?
The most significant attraction for business and investors is this: In a world where government intervention is increasingly affecting every area of business activity Cayman remains the last bastion of pure capitalism. A perfectly formed example of small, non-intrusive government in a high tax world.
The Tax Foundation organization in the United States calculates that Tax Freedom Day (the day when citizens actually get to keep their income having paid their annual dues to the government) will fall on April 13 for 2010. This means the average American has to work about three and one-half months of the year for their government. That is over a quarter of the year.
Tax Freedom Day in the UK fell on 14 May 2009 as reported by AdamSmith.org, meaning that for the first 134 days of the year every dollar earned by UK residents was handed over to their government.
In Canada, according to the Fraser Institute, Tax Freedom Day occurred on June 6 of 2009. Nearly half a year’s income, 43% of an average family’s annual income, is taken by the various levels of government (municipal, provincial, and federal).
In the Cayman Islands our no direct tax system means that individuals and corporations keep 100 cents in every dollar of remuneration and bonus. There are no direct taxes of any kind. No income tax, no property tax, no capital gains tax, and no sales tax. Government supports itself through indirect taxes such as import duties, licencing fees, airport fees, and work permit fees. Not only does this encourage businesses and individuals to grow their income, knowing they can keep it , but it also provides incentive to the CIG to keep its costs in order and not expand government spending needlessly.
Additionally the Cayman Islands is a very stable jurisdiction. Its non-intrusive government does not attempt to micro-manage the lives of its residents. It offers a great lifestyle for visitors and residents, with first class schools, restaurants, shopping, and activities. And the business infrastructure for financial services is second to none.
Since it established its financial services platform more than four decades ago, the Cayman Islands has grown into a leading global financial services centre supported by a sound legal and regulatory framework, world-class infrastructure, and high quality service providers.
The Cayman Islands is one of the world’s leading providers of institutionally focused, specialised financial services and a preferred destination for the structuring and domiciling of sophisticated financial services products. It plays an important role in global markets by facilitating the flow of capital and lowering the cost of doing business.
You would be hard pressed to find another jurisdiction that can offer all of these advantages to protect your wealth, grow your business, and raise your family.
The American dream. Now residing in Cayman.
For more information on the new government incentives to live, work, and invest in the Cayman Islands please visit: www.caymanfinance.gov.ky
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