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The Cayman Islands are well known for their touristy atmosphere and their
water sport themes on Grand Cayman, Cayman Brac, and Little Cayman.
However, there is a lot more to love about this Caribbean paradise
besides just the natural ambience. One of the reasons why the Cayman
Islands are so popular among American, Canadian and British visitors (and
indeed visitors of all nationalities) is because of the 'no taxation' law.
Caymanians as well as businesses in the Cayman Island companies pay no
direct taxes. Instead the government, still considered a British
overseas territory, gets most of its income from indirect taxation. There
are also no taxation laws on capital gains taxes, estate, gift taxes or
trusts and corporations.
If you're thinking that sounds like the Caymans may have something to
offer the foreign investor then you may be right. In fact, the Caymans
are one of the best jurisdictions for offshore accounts anywhere in the
world. The Caymans have an excellent regulatory structure, not to mention
tax-free holdings and investment opportunities. Besides saving on taxes,
one of the best advantages of holding an offshore account in the Caymans
is the privacy factor. All of these offshore companies keep your
information private, and ask only the minimal amount of information at
that. Additionally, if you use nominee shareholders, directors or
officers, they can all be kept anonymous.
Starting new accounts takes a short period of time, though you always
need to retain control over your funds. You also have flexible
legislation and a very peaceful political atmosphere, unlike some other
countries that have offshore banking but are in the middle of political
turmoil. Another advantage to offshore accounting in is that the fact
that you can remove your assets from your nation of work, protecting
yourself against losing assets in a civil trial. You can also pursue
mutual funds, unit trusts and limited partnerships as well as multi-currency
and hybrid funds.
What do you have to work with in the Cayman Islands? Over the years, the
Cayman Islands have registered almost 1,500 mutual funds and established
almost 600 bank and trust companies. All of these institutions have been
licensed under the Banks and Trust Companies Law. Furthermore, Caymans'
banks hold over half a trillion U.S. dollars combined.
In fact, the Cayman Islands once got in trouble because of their banks'
unwillingness to break certain clients' expectations as regards privacy.
In 2000, the Cayman Islands were identified by the Financial Action
Task Force (FATF, an inter-governmental body) as a "non-cooperative"
nation in the global fight against money laundering. After pressure from
the international community increased, the Cayman Islands rewrote some
legislation and was later accepted by a worldwide community and praised
by FATF for its improvements.
This certainly shows the trustworthiness of the Cayman Islands
international banks, as well as the financial advantages of the islands,
which cannot be overlooked. Investing in an offshore banking institution
may help you survive the upcoming great recession! For more information
on how to get started in offshore banking visit
QWealthReport.com. |
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