Cayman’s Offshore Financial Success Explained

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, as far back as 1794. In the swashbuckling days of pirates and tall ships it is said that a convoy of produce laden ships headed to England from Jamaica ran aground on the reef located off the east coast of Grand Cayman. The tale of the “Wreck of the Ten Sails” suggests that as this maritime tragedy struck, the people of East End came to the rescue in their small crafts and saved the lives of some 400 men who were aboard the merchant ships. In the wake of their heroic feat, the story has it that, as a reward the reigning British monarch, King George III, awarded the Cayman Islands its tax free status.

One of the main factors that truly sets Cayman apart from most other Caribbean islands is that Cayman has no direct taxes:

• no income tax • no capital gains tax • no property tax • no inheritance tax.

The Cayman Islands real estate market offers the serious investor many great opportunities to make substantial gains over their investment in just a few years. There are a number of reasons why real estate investors are attracted to the Cayman Islands. There are no restrictions on foreign ownership of land in the Cayman Islands. A modern land registration system is run by the Government's Department of Lands and Survey. Stamp duty is payable on transfers of land and mortgage deeds.

Caribbean Vacations: Cayman Islands vs. other tropical destinations

For many people around the world, a dream Caribbean vacation means leaving the daily grind behind for a few days or a few weeks and flying off to a little corner of paradise – and with the development of a strong Caribbean tourism industry, this has become a dream that actually comes true for millions of vacationers each year.

Soft sandy beaches, warm blue water, the sound of waves splashing on the shore and palm trees gently swaying in the breezes – these things are intrinsically soothing, the ultimate in total relaxation. From all parts of the world, vacationers set off to find a tropical haven in the Caribbean where they can unwind, slip into the slower pace of island life, do a little fishing, diving or just soak up the sun – and regain their sanity.