Cayman Islands Tax Laws
The Benefits of Doing Business in the Cayman Islands
Grand Cayman is one of the most tax friendly locations in the world, which is why many people decide to go to this area to set up shop and otherwise conduct business. These tax laws, in addition to the lush scenery and overall unspoiled beauty attracts people from all walks of life in order to conduct business. If these two things intrigue you, it will pay dividends when you decide to learn all about Cayman’s tax laws. Take these points below in mind so that you are able to get all that you can out of your endeavors to do business in Grand Cayman.
Benefit #1: No Personal Property Tax
You can purchase property in the Cayman Islands without having to worry about any annual property taxes. There is a one time “Stamp-Duty” upon purchase of the property, which is 7.5% of the properties sale value, but once this is paid to the Cayman Islands government, no more taxes are ever paid. This attracts many real estate investors to the Cayman Islands due to the fact that there is more opportunity to make larger returns on investments here.
Benefit #2: No Sales Tax
One of the first benefits is that the Grand Cayman does not charge sales tax. This is great for you as a resident or part-time resident of the island, and your customers will also reap these benefits. Since they do not have to worry about sales tax obligations, they will be more likely to buy from your business, which can increase your profit margins overall.
Benefit #3: No Income Tax
Finally, you will be able to keep more money in your bank account overall when you decide to relocate to or set up businesses in the Cayman Islands. Your profits will be exponentially greater because you will not be taxed by the government on the income that you bring in. As you well know, this gives you an excellent opportunity to increase your finances overall, since you have less to worry about chunks of money being taken out of your earnings. Whether you are relocating to Grand Cayman permanently or simply want a tax shelter that is what an incredibly efficient for your overall financial portfolio, this is an excellent way to go about it.
Overall, Grand Cayman is a tax haven that attracts many business people due to its overall tax friendly the climate. This can serve you in a number of ways.
With these three benefits in mind, it makes sense for you to set up shop in the Cayman Islands. As most business people will know, reducing tax obligations is one of the cornerstones of good business. Since Grand Cayman is a very tax friendly area, you can consider these three advantages and use them in order to move forward with full confidence as you do business in the Cayman Islands.