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THE CAYMAN
ISLANDS
Grand Cayman,
Cayman Brac and Little Cayman
The Cayman Islands is a
British Overseas Dependent territory with His Excellency the Governor as the
head of Government as the representative of the Her Majesty the Queen of
England. For all intents and purposes the day to day running of the country
is performed by Governor-in-Cabinet which is made up of The Governor, Official
representatives and other members chosen from the locally elected
representatives to the Legislative Assembly (Parliament).
Financial Centre
In addition, the Cayman
Islands is the Fifth largest Financial Centre in the world.
The financial industry and the Tourism industry are the two major factors in
providing the Cayman Islands with the highest standard of living in the
Caribbean. With nearly 500 banks registered here, over 40 of the world's top
50 banks are represented.
The Cayman Islands is a
'No-Tax' jurisdiction. There is no income, corporate, real estate, capital
gains or any other direct Taxes. The Government derives it's
income from indirect taxes such as import duties, and financial licenses.
There are no currency exchange controls.
One result is a very
cosmopolitan society with representatives of most ethnic backgrounds in the
world. This is driven by the diverse opportunities for employment which has
attracted top professionals from around the world to settle and work in
Cayman. The quality offered by the Legal, Banking, Insurance, Accounting and
other communities is world class. This has led to outstanding opportunities
for Caymanians to learn and be part of this success story. This and the
nature of the Caymanians has led to a very harmonious society.
The three islands are
small and with the factors mentioned above, the demand for real estate is very
high. This has led to a very vibrant and profitable real estate market. With
no taxes on real estate many investors have used land in the Cayman Islands as
a 'Land Bank'. Much of the investment in property is not
highly leveraged leading to a very stable and successful investment market.
Prices are on a par with some of the most expensive areas in the USA.
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Better Properties,
Box 855 GT, The Marquee,
West Bay Road,
Grand Cayman,
Tel (345) 949 5422
Copyright © Better Properties 2004
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