Cayman Islands Jurisdiction And Taxation – An Insight
In terms of both total assets and total liabilities that are held in financial institutions, Cayman Islands is the world’s 6th largest international banking center. It is imperative to enjoy economic and political stability to be successful in the banking industry, and Cayman offers just that. Add to it the presence of highly sophisticated service providers, absence of exchange controls, a sound regulatory regime, a stable banking environment, a responsive legal system and tax neutrality, Cayman Islands is a haven for businessmen.
Being an overseas UK territory in a conducive financial environment, Cayman has been long attracting service providers such as administrators, accountants and lawyers thereby attracting foreign investors like honey for bees. Cayman is a jurisdiction of choice to many thanks to the wealth of international expertise available here.
Clients who come in search of services are offered a wide range of services on a platter in one single place that makes it one of the most sought after locales today. Some of the top services that you can find in plenty includes stock exchange listings, insurance, aircraft and vessel registration, structured finance, company management, funds, trusts, banking, etc.
Cayman Islands very often has been referred to as a Tax Haven where there is little or no taxation and protects the privacy of all financial information and also offers no transparency through laws that block the sharing of such financial transactions. The truth is, however, a little different, as it is not an uncooperative jurisdiction when it comes to criminal and tax matters. It is part of the white list of countries, that have internationally recognized tax standards and laws.
Cayman Islands has been taking steps to benefit foreign governments and hence it is more transparent that this day than it was ever before.
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