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The Cayman Islands, situated 140 miles south of Cuba within the Caribbean, have lengthy been often known as a protected place to open offshore banking accounts and keep away from paying taxes.
Consisting of three islands, with the most important and most populated being the Grand Cayman, which is 8 miles extensive and 22 miles in size, the Cayman Islands have one of many highest GDPs ($40,000) on the earth. With a inhabitants of over 48,000 residents which are fluent in English and an financial system that’s largely depending on banking and tourism, it’s a particularly accommodating place for offshore buyers.
The native foreign money is the Cayman greenback which has an trade price with the U.S. greenback of roughly US$1 = CI$0.84. Not altogether favorable, but it surely actually solely applies to tourism and should not impact the choice to put money into offshore accounts there.
As a territory of the British, the Queen appoints its Governor each 4 years. There may be additionally an Government Council with 8 members, 5 of whom are chosen from the 15 elected members of the Legislative Meeting and three who’re appointed by the Governor.
A authorized system of Frequent Regulation is adopted within the Islands, and is frequently evolving. Legal guidelines are created on a case-by-case foundation, and are fashioned by precedents set by different courts, and they’re obligated to comply with the reasoning utilized in prior associated circumstances.
Whereas most individuals consider the Cayman Islands as trip paradise, with its heat clear waters good for diving and objects out there on the “duty-free” retailer. In addition they have a following amongst savvy offshore buyers, due to the shortage of taxation on estates, earnings and capital positive factors, whether or not they’re for people or firms.
Offshore Banking laws and a tax construction that favors the investor has made the these islands one of many higher know amongst non – resident buyers.
All of the constructive points of the Cayman Islands come collectively to make it one of many extra well-known offshore funding tax havens.
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Source by Stephen Tenier