Cayman Islands Business LawsThe Minerva Group, Inc., 2000 - 436 pages The Cayman Islands, a British Crown Colony, have no taxes whatsoever on income, profits, wealth or capital gains. The revenues of the Islands are derived from indirect taxes such as import duties and stamp duty. There never have been any taxes, so the absence of income tax is not an artificial absence created by legislation, but a natural one. Companies and trusts in the Cayman Islands enjoy the same tax-free status as individuals regardless of nationality of ownership. This absence of taxes, together with political and racial stability, has attracted the attention of investors seeking tax-free base for their operations. The Government of the Cayman Islands is aware it attractiveness to outsiders and actively encourages investment through the passage of legislation and development of the financial sector. In late 2000 the Caymans government reports that the world's fifth largest financial center (after New York, London, Tokyo, Hong Kong), saw a 51% increase in company registrations in the past year, with a total of 57,900 on file. 17 new banks were also registered, for a total of 465. |
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Contents
Companies Management Law | 1 |
The Companies LawCap 22 | 19 |
Companies Law 1995 Revision | 33 |
The Partnership Law 1995 Revision | 215 |
Limited Partnership Law 11 of 1991 1997 Revision | 247 |
Exempted Limited Partnership Law 1991 1999 Revision | 269 |
Contracts Law 1996 Revision | 279 |
The Trusts Law 1998 Revision | 287 |
The Trusts Foreign Element Law 1987 as amended | 365 |
The Special Trusts Alternative Regime Law 1997 | 373 |
The Perpetuities Law 1999 Revision | 385 |
The Banks and Trusts Companies Law 1995 Revision as amended 1998 | 395 |
About the Author | 417 |
Common terms and phrases
aforesaid amount application appointed articles of association authorised behalf beneficiary Cayman certificate Companies Law company limited continuing contract contributory corporation Court creditors debts declaration deed deemed default directors disposition dissolution documents dollars effect exempted company exempted limited duration exempted limited partnership firm foreign company Governor includes income incorporated Inspector instrument interest Islands issued jurisdiction land Law 1995 Revision liability licence licensee limited duration company limited partner meeting memorandum of association mortgage notice offence and liable official liquidator otherwise paid paragraph payable payment penalty perpetuity period personal representative proceedings Provided purpose pursuant receivership order registered office Registrar of Trusts regulations relation respect rule against perpetuities segregated portfolio company settlor share capital share premium account special resolution special trust specified summary conviction therein thereof think fit transfer trust company trust property Trusts Law vesting order voluntary winding wound