About Cayman Islands jurisdiction
The Cayman Islands are located in the western Caribbean Sea. The territory, which covers 260 km2, is made up of three islands: Grand Cayman, Little Cayman and Cayman Brac. The capital of the Cayman Islands is George Town and is located in the western part of Grand Cayman. This jurisdiction has 56,000 inhabitants. The standard of living of its inhabitants is very high and it is comparable to that of Switzerland. The jurisdiction of the Cayman Islands is a former British colony that decided to remain under its government after independence in 1960. It is therefore a British territory and Queen Elizabeth II, represented by a governor, is the head of state. As part of the United Kingdom, the Cayman Islands provide political and legal stability.
About Cayman Islands
The most developed sector of the island is the tertiary sector. Indeed, tourism and financial activities, account for more than half of GDP, play an important role in the territory. There are a large number of banks, and this jurisdiction houses thousands of accountants, business lawyers and tax lawyers. This British territory is one of the largest financial centres in the world. George Town is indeed the fifth financial centre of the planet, behind New York, London, Tokyo and Hong Kong
Many specialists consider the Cayman Islands a tax haven because of its favourable tax system. That is why a large number of banks and offshore companies have established themselves in the territory. The Cayman Islands have their political autonomy and have decided to be a territory neutral of taxes. There is no direct taxation in that jurisdiction. The personal income tax is zero, as is the corporate income tax. There are, however, a few taxes, such as stamp duty on real estate transfers of 7.5% or stamp duty on transactions of movable assets of 1%, but it is low compared to other countries.
In the Cayman Islands, profits created outside the territory as well as income from capital (dividends, interest) are not taxed. Companies only have to pay an annual tax based on the authorized capital of shares they have. They are not obliged to keep their accounts up to date with the numerous documents that this implies. Nevertheless, it is necessary that they make an annual declaration of their accounts.
Everything is brought together in this territory for the creation of a tax haven. However, the Cayman Islands have shown their willingness to participate in international initiatives against illegal flows by signing FATCA US, FATCA UK and the automatic information exchange agreement in 2017. These agreements mean that banks must provide countries with all information relevant to tax matters.
Open an offshore Bank account with FBS Banking™
More than 200 aggregate banks now operate in the Cayman Islands, which shows the importance of the financial field in the territory. Many well-known banks have been established in the Cayman Islands and 40 of the world’s top 50 banks are among them. Offshore banks offer their customers a full and interesting range of banking products, such as corporate accounts, current accounts or savings accounts with very attractive interest rates.
Given your constant and growing interest in this jurisdiction, FBS Banking™ has developed a partnership with a bank belonging to one of the most prestigious financial conglomerates. His expertise in wealth management and wealth will enable him to bring you solutions tailored to your need for protection for your assets. You will be able to benefit from a multi-currency account, an efficient eBanking platform, a secure bankcard, a personal management and investment consultant and an exceptional banking expertise.
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