Relocation Advice - Cayman
AP Executive has experienced consultants dedicated to recruiting for jobs in Cayman Islands, please contact us for further information.
Overview:
Cayman (or the Cayman Islands), is a British Overseas territory. It boasts to be the fifth largest offshore centre in the world. The territory is located south of Cuba and northwest of Jamaica. The Cayman Islands follows the common law system of the United Kingdom (with the Queen being head of State). However, they do pass some of their own legislation.
Why Choose Cayman:
The Cayman Islands Government has constructed a regulatory regime that is highly favourable to offshore operations, especially since there is no taxation in Cayman other than stamp duty and import duties. There are more than 94,000 companies registered in Cayman, along with about 270 banks and nearly 800 insurance companies.
Cayman Islands government receives the majority of its income from indirect taxation. An import duty of 5% to 20% is levied against goods imported into the islands. Some items are tax exempt like baby formula, books and cameras. Tax on automobiles depends on the class and make of the model. Tax can reach up to 40% for expensive car models. Financial institutions that operate in the islands are charged a flat licensing fee by the government. A 10% government tax is placed on all tourist accommodations in addition to the small fee each tourist pays upon getting on the Caymans. The Cayman Islands government charges licensing fees to financial institutions that operate in the islands as well as work permit fees for expatriate employees ranging from around US$ 500 for a clerk to around US$ 20,000 for a CEO. There are, however, fees to be paid as you can see below.
In Cayman Islands, an annual fee is levied on all companies based on its share capital. In addition, licensed financial services companies pay annual license fees, dependent on the type of business.
Class A
Bank
US$ 500,000
Class B Bank
(unrestricted)
US$ 70,000
Class B Bank
(restricted)
US$ 45,000
Class A Insurers
License
US$ 40,000
Unrestricted Class B Insurers
License US$
9,000
Restricted Class B Insurers
License
US$ 9,000
Mutual Fund License
Fee
US$ 3,000
All local businesses in Cayman Islands require a license and an
annual payment is made dependent on the type and size of the
business. These fees would not normally affect offshore companies
and businesses.[1]
Relocating to Cayman:
Under the law there are now two boards, the Work Permit Board and the Business Staffing Plan Board, to deal with work permit applications. The Work Permit Board is responsible for applications from businesses employing less than 15 work permit holders or for individual employers, while the Business Staffing Plan Board deals with applications from companies employing 15 or more expatriate workers. The Chief Immigration Officer or his designate will deal with applications for temporary permits.
Seven years is the maximum length of time a work permit holder can work continuously in the Cayman Islands. After this period the board cannot normally grant the person any further work permits until he or she has left the Islands for at least two years. The only exceptions to this would be a worker designated as an 'exempted employee' in a business staffing plan, or where the board considers that there are exceptional circumstances. In such cases the board may, at its discretion, grant additional work permits to enable the person to complete an aggregate period of eight years, thus making him eligible to apply for the grant of permanent residence.[2]
Career Opportunities in Cayman:
-
Asset management
-
Wealth management
-
Trusts
-
Legal positions
-
Accounting/credit
-
IT
-
Private Banking
-
Commercial positions
-
Insurance/Reinsurance
[1] Taxrates.cc
Please click on the below links for more information:
Government of the Cayman Islands
Your Gateway to the Cayman Islands
The Caymanian Compass - the Cayman Islands Favourite Daily Newspaper
Cayman Observer - Cayman's First Weekly Business Magazine
Relocation and Information Guide to the Cayman Islands
Cayman Islands Government Information and Services
Restaurants in the Cayman Islands
Cayman Islands Land and Survey Department
