The Cayman Islands are located in the western part of the Caribbean Sea and are an overseas territory of the United Kingdom. The jurisdiction is a classic offshore zone with a well-developed legal system, a favorable tax regime, and an advanced infrastructure for conducting business. Companies in the jurisdiction are fully or partially exempt from taxes.

The Cayman Islands do not have any special requirements regarding conducting ICOs or engaging in cryptocurrency activities. Thanks to this, as well as lower costs for registering and maintaining a company compared to other jurisdictions, the islands attract businesses related to blockchain and cryptocurrencies.

Advantages of an offshore in the Caymans

The jurisdiction allows for any activity permitted by law. Businesses in the banking and insurance sectors require a license.

Opening a company on the islands has several positive aspects. They favorably distinguish the jurisdiction from other similar destinations:

• companies are fully or partially exempt from taxes when certain requirements are met;
• tax holidays are available for a period of 20 to 50 years, provided that the income comes from sources located outside the territory of the island;
• there is no currency control, and no duties are levied on transactions with foreign currencies;
• there is no requirement to provide reporting, and there are no requirements for maintaining accounting records;
• there are no strict requirements for the minimum amount of authorized capital;
• a high level of confidentiality is guaranteed by international treaties.

Taxation features

The Cayman Islands have a reputation as one of the most reliable tax havens in the world. The regulator of the Cayman Islands does not levy direct taxes on either residents or foreign entrepreneurs. Unlike many countries, there is no corporate tax here. There is also no income tax, property tax, capital gains tax, or payroll tax. No withholding tax is levied.

Offshore enterprises pay an annual license fee, which is calculated individually based on the authorized capital. There are duties for importing goods and a stamp duty.

How to open an offshore in the Cayman Islands

To quickly and successfully launch an offshore company in the Cayman Islands, contact IT-OFFSHORE specialists.