Return to Main Story: Starting a business in Cayman
The Department of Commerce and Investment highlights advantages the Cayman offers over its competitors and peers. The jurisdiction has a stable economic and political climate, modern infrastructure, modern communication systems and an absence of exchange controls.
One of Cayman’s main selling points to potential investors is its absence of direct taxation, including no personal, corporation or income taxes, and no taxes on profits and gains from investments. There are no property taxes or control on foreign ownership of property.
Cayman’s location – less than 500 miles southwest of Miami – is also attractive, being a direct flight away from many locations in the United States, Canada and England. Cayman’s currency is tied to the US dollar.
Cayman also offers what is called a Certificate of Direct Investment to individuals with a personal net worth of at least $6 million who have made or propose to make an investment of at least $2.4 million in any licensed, employment-generating business or businesses in Cayman. The certificate allows holders to reside in Cayman permanently with their families and to work in the business or businesses in which they have invested for up to 25 years. It is renewable or extendable at the end of this period.