| Banking and tourism are the two main
industries that fuel The Cayman Islands economy. We are considered to
be the fifth largest banking community worldwide with approximately 600
banks operating in Grand Cayman. Some banks are quite visible with many
storefront locations and others are not so visible with only a few employees.
As a foreigner, it is very easy to set up your own accounts for personal
banking, mortgages and investment and trust services.
Our success in the financial world has been due to progressive legislation
and a sound and stable financial community for many, many years. There
is no restriction on the movement of funds. There are no taxes
on income, no taxes on business profit, no taxes on death or estates,
no annual property taxes, no withholding taxes and no capital gains.
As a matter of fact, the only taxes are indirect ones on imported goods,
hotel stays, travel, land transfers and foreign work permits. These indirect
taxes pay for the islands’ infrastructures.
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