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Date: 2015-8-7 16:29:17

Cayman overview


The Cayman Islands are located about 500 miles west of Jamaica. The Cayman Islands are a British dependent territory nestled in the calm, turquoise water of the western Caribbean Sea, consisting of three main islands with a total area of approximately 100 square miles.



The main industries are financial services, tourism, and real estate sales and development. Service industries, such as construction, hotel and restaurant operations, retail trades, and scuba diving and boat rentals are ancillary to the main industries. The Cayman Islands Government has never depended on the British Government for its recurrent budget, and all aid for capital projects has ceased for over 20 years.

Cayman’s 2009 Constitution sets a limit (a certain percentage of government revenue) on the amount of money that Government might borrow. Flexibility is given in urgent or extremely important matters, a facility that Government asked for and the UK’s Foreign and Commonwealth Office granted in 2010.


Banking and Currency

Cayman Islands currency circulates on the three Islands. Different coloured notes come in $1, $5, $10, $25, $50 and $100 denominations. (CI$80 = US$100.) Coins (100 cents equals one dollar) are valued at 1, 5, 10, and 25 cents. American dollars (but usually not coins) are also in circulation and accepted everywhere.



Following the abolition in 1985 of an annual head tax of CI$10 on all adult male residents up to 60 years, there are no direct taxes in the Cayman Islands. There is no income tax, company or corporation tax, inheritance tax, capital gains or gift tax.

There are no property taxes or rates, and no controls on the foreign ownership of property and land.

The government charges stamp duty of 6 per cent (in most areas, but 7.5 per cent in a few) on the value of real estate at sale, with reduced rates available for Caymanians. There is a 1 per cent fee payable on mortgages of less than CI$300,000, and 1 1/2 per cent on mortgages of CI$300,000 or higher.