BUSINESS WORKS IN THE CAYMAN ISLANDS DARTREALESTATE.COM | 1 Seven Mile Beach 4 | Safe and Sophisticated Why operate a business from The Cayman Islands is one of the safest places in the Caribbean (if not the world) to live and work. A low crime The Cayman Islands the Cayman Islands? rate, a professional and well-established police force, and a stable judicial system contribute to the successful growth of The Cayman Islands is an acclaimed tourism and diving 1 | Location the country as an offshore business locale. The expansion The country’s close proximity to the United States (90-minute destination hailed for its white sand beaches, extensive coral of the business community has catalysed sophisticated flight to Miami) and nonstop flights to other major North reef system, burgeoning culinary scene and luxury resorts. networks – modern hospitals and road infrastructure, a sound American cities in under a half-day’s flying time make doing communications network, a quality education system and business in the Cayman Islands easy and accessible. But it’s not all play. cosmopolitan shops, services and restaurants. Beyond the veneer of flip flops and designer sunglasses is 2 | Taxation 5 | Robust Economy a sophisticated business community consisting of global There is no direct taxation in the form of corporate, capital The economy grew by approximately 4% in 2018 and new banks, accounting and law firms, all operating in a highly gains, personal income or property taxes. Government company registrations grew by 34.5% in the same period. The regulated international financial centre. The legal system revenue is derived from taxes on visitor arrivals and tourist Government surplus rose, and debt decreased. Air arrivals is rooted in English common law with an established, well- accommodations resulting from a high-performing tourism surpassed all previously recoded statistics for 10 consecutive respected judiciary overseen by a stable, democratically industry, a one-time stamp (property transfer) tax applied to months and grew by 12.2% over the previous year. elected government. real estate transactions, and regionally competitive import duties on consumer goods. The absence of corporate, income and capital gains This is a place where savvy business leaders want to do taxes make the jurisdiction a particularly appealing one business. It’s a place where people can live their best lives 3 | Stability and achieve the sought-after work-life balance without One Nexus Way, Camana Bay in which to operate a business. Those who choose to The Cayman Islands is led by a democratically elected make the Cayman Islands their personal as well as their compromising on consumer convenience or a vibrant lifestyle. government. As a British Overseas Territory, the country business address find the absence of personal income Find out how you can start a business in the Cayman Islands has a Governor permanently in residence to serve as the tax highly desirable. They also enjoy a selection of luxury and do just that. representative of the Monarch of the United Kingdom. residential properties to choose from that are free from property tax. 2 | DARTREALESTATE.COM DARTREALESTATE.COM | 3 Direct flights from the Cayman Islands USA Regional Canada Atlanta......................... 2hr 40min Nassau, Bahamas............ 1hr 30min Toronto ................. 3hr 54min The Cayman Islands comprises three islands: Grand Cayman, Baltimore*................... 3hr 15min Cayman Brac.................... 35min Cayman Brac and Little Cayman. Boston*........................ 3hr 55min Havana, Cuba.................. 1hr UK Charlotte...................... 2hr 50min Roatan, Honduras............ 1hr 10min Combined, the three islands cover 102 square miles, with the highest Chicago*...................... 3hr 50min La Ceiba, Honduras......... 1hr London ................. 11hr point being The Bluff on Cayman Brac at 140 feet above sea level. Dallas*.......................... 3hr 30min Kingston, Jamaica............ 55min (via Nassau) Denver*........................ 4hr 30min Montego Bay, Jamaica.... 45min Detroit*........................ 3hr 40min Little Cayman.................... 35min Fort Lauderdale........... 1hr 45min Houston....................... 2hr 50min Miami........................... 1hr 20min Minneapolis*............... 4hr 35min LITTLE CAYMAN CAYMAN BRAC Newark*....................... 3hr 50min 60 miles northeast 90 miles northeast New York..................... 3hr 40min of Grand Cayman of Grand Cayman Philadelphia*............... 3hr 25min Tampa.......................... 1hr 40min Washington, Dulles*... 3hr 15min * Seasonal flights WEST BAY London Rum Point Toronto Boston Minneapolis Detroit Starfish NORTH SIDE Newark Point Chicago Seven Denver Philadelphia New York Mile NORTH SOUND Beach Washington, DC Baltimore Camana Bay Charlotte GRAND CAYMAN Atlanta GEORGE There is also a direct flight from London, EAST END Dallas Ft. Worth TOWN Airport England to Grand Cayman, operating four Houston times weekly with a tarmac stop in Nassau, Doctors Hospital Health City Tampa Bahamas. The Owen Roberts International George Hospital Ft. Lauderdale Town Airport exanded to accommodate up to BODDEN Miami Hospital SOUTH TOWN three million passengers. The expansion was SOUND Havana Cayman Brac officially opened by Prince Charles and The Little Cayman Duchess of Cornwall during their visit to the Montego Bay Cayman Islands on 27 March 2019. CARIBBEAN SEA Kingston Roatan La Ceiba 4 | DARTREALESTATE.COM DARTREALESTATE.COM | 5 Cayman Islands Judicial System The Cayman Islands has a stable judicial system dating back to 1798. The Judiciary is one of three separate arms of Government. It administers the law independently of the Executive and the Legislative arms of Government, an independence that is safeguarded in the Constitution of the Cayman Islands. It is comprised of the following hierarchy: Summary Court, Grand Court, Court of Appeal and Privy Council. The practice and procedures of these courts are based on English law. A Chief Justice was first appointed in 1975. There are more than 800 lawyers licensed to practice law in Grand Cayman. Government House - Official residence of the Governor of the Cayman Islands Government Administration Building The Cayman Islands Government The first recorded election in the Cayman Islands took The Governor presides over the meetings of Cabinet, place in 1831; however, historical documents at the but is not a member. The Governor also chairs the Cayman Islands National Archive indicate the islands were National Security Council, and, in accordance with the administered by magistrates as early as 1798. Constitution, is bestowed special responsibility for defense, external affairs, internal security, the police Today a democratically elected government is appointed and civil service. Under the Constitution, the Governor every four years, led by a Premier, the leader of the promotes good governance and acts in the best interests political party with the majority votes. of the Cayman Islands “so far as such interests are consistent with the interests of the United Kingdom.” The Cayman Islands is a British Overseas Territory The Governor, in addition to overseeing the civil service, and accordingly, a Governor is appointed by Her also appoints members of the judiciary and various Majesty’s Government. commissions established by the Constitution. Peace Memorial Town Hall, George Town 6 | DARTREALESTATE.COM DARTREALESTATE.COM | 7 Environmental Responsibility Protecting the island’s environment and its fragile ecosystem is another example of how forward looking the Cayman Islands is. The Caribbean Utilities Company (CUC) introduced Consumer- Owned Renewable Energy tariffs in early 2009. Customers with an interest in environmentally friendly renewable generation can connect to CUC’s distribution grid and receive credits for generated power. The programme is offered to residential and commercial properties. Some properties take the commitment to environmental responsibility a step further and apply for LEED® certification. ® Health City Cayman Islands There are two office buildings at Camana Bay built to LEED Gold standards, and Kimpton Seafire Resort + Spa and the First-Rate Healthcare Facilities adjacent The Residences at Seafire are the first two resort- ® There are three full-service hospitals on Grand Cayman and residential properties on Grand Cayman built to LEED Silver one on Cayman Brac and several public clinics across the three standards. There are a number of private residences which have ® islands. Healthcare is provided by more than 1,000 healthcare also earned LEED certification. professionals. Quick Facts The country’s natural environment benefits from the work of the National Trust. The Trust is a not-for-profit non-governmental Quality Education organisation created to preserve the history and biodiversity Private and public schools offering a choice of American and of the Cayman Islands. The organisation conducts education British curriculums are available to residents. Public education and conservation work to protect environmentally sensitive and facilities are free to citizens of the Cayman Islands, and private historically significant sites across all three Cayman Islands. 2Public hospitals 2Private hospitals schools are attended by citizens and expatriate children. Esterley Tibbetts Highway underpass School attendance is compulsory from kindergarten to grade 12. The population is largely skilled, educated and literate, Safe and Sophisticated