At the beginning of 2011 there were some 90,000 companies registered in the Cayman Islands, and you would be forgiven for thinking that the Caymanian people, with a population of around only 20,000 citizens, must indeed be an entrepreneurial bunch to reach such a figure.
Cayman Banking is home to one of the largest international financial centers in the world. From wealth management to investment services, the Cayman Islands offer unbeatable resources for you to maximize international tax benefits made available to you by your home country.
For years, the Cayman Islands have been lauded for their domestic and international banking opportunities. In contrast withcomical representations of tax evasion and offshore banking in mainstream media, banking in the Cayman Islands is a legal, professional and sophisticated way to manage your finances. The Cayman Islands have even been recognized by the OECD for their compliance with internationally recognized tax standards!
Are you thinking about investing abroad or incorporating a business? Then the unmatched resources of the Cayman Islands financial center are a valuable asset to you and your financial security. With over 212 banks to choose from, the Cayman Islands are the world's sixth largest offshore banking center. Our banking specialists place an emphasis on high-end financial management services and understand the need for fast, discreet assistance.
For more information, consult the Cayman Islands Monetary Authority; they offer a wide variety of statistics regarding the efficacy of protecting your assets and offshore banking in the Cayman Islands.
Despite popular misconceptions, the Cayman Islands are not a tax haven – they are "tax neutral". This means that residents of the Cayman Islands do not pay income tax, wealth tax or capital gains tax! Indirect taxation is the main form of income for the government, which includes clothing, alcohol and cigarettes. It's not surprising that Caymanians have the highest standard of living in the Caribbean!
Because of this tax neutrality, many people are able to maximize portions of their country's tax code by opening a Cayman Islands offshore bank account. The Cayman Islands will never tax you – or your business – and your offshore bank account will adhere to the laws of your country.
When conducting business in the Cayman Islands, refrain from using the phrase “tax haven,” or “tax evasion;” Caymanians take great pride in their neutrality and tax freedom, and frown upon anything that casts an unwarranted shadow on their financial offices.
Experienced wealth managers in the Cayman Islands work diligently to offer the best offshore financial and investment planning expertise available; not only are they familiar with your needs as a client, but they also have distinct knowledge concerning the tax regulations and incentives of your country.
There's no need to worry about privacy, either; laws in the Cayman Islands regarding bank secrecy are some of the strictest in the world, and any form of unauthorized disclosure can lead to criminal penalties.
If you're interested in banking or wealth management in the Cayman Islands, some of the most popular offshore banks are the First Caribbean International Bank, Fidelity Bank (Cayman) Ltd., HSBC Bank (Cayman) Ltd., and RBC Wealth Management – to name a few. Each company offers exemplary customer service and would be happy to help you invest in your financial security!
For almost four decades the Cayman Islands has enjoyed unprecedented economic growth as a direct result of its financial services industry. While the tourist sector continues to play a very important part in the domestic economy, Cayman’s real wealth has been generated by its offshore services and tax neutral status. The growth of the country’s financial golden goose started, so legend has it, in 1794.
With no direct taxation, the Cayman Islands are a thriving offshore banking and finance centre. The Cayman Islands financial services industry has developed along a path similar to that in other offshore centers, on the strength of private banking and company registration. While meeting the needs of high net worth individuals is still an important aspect of the industry, recently the focus has moved very much towards institutional business.