Why the Cayman Islands Are Better For Business
Presented by Cayman Enterprise City
On February 8, 1794, the people of the Cayman Islands rescued the crews of a group of ten merchant ships. The ships had struck a reef and run aground during rough seas.
Legend has it that King George III of the United Kingdom rewarded the Caymanians with a promise never to introduce taxes as compensation for their generosity, as one of the ships carried a member of the King’s own family.
Whether this legend is true or not, the Cayman Islands have a rich history of relying on indirect taxes, making it one of the best places to do business in the world.
5 Reasons It’s Worth Relocating a Company to the Caymans
1. Life is Grand
The Cayman Islands are an English-speaking Overseas British Territory with year-round warmth and state-of-the-art infrastructure and attractions.
Grand Cayman, the largest of the three islands, has an area of about 200 km².
Its most striking features include: the shallow, reef-protected lagoon called the North Sound, as well as the famous Seven Mile Beach along the west of the island.
- GDP per capita: 14th in the world – The highest standard of living in the Caribbean.
- Ranked ‘The friendliest place on earth to live and work’ in a recent HSBC expat global survey.
- Ranked: “The Caribbean’s Best Beach” – Seven Mile Beach by Caribbean Travel & Life
2. The Ideal Business Jurisdiction
Located in the Eastern Standard Timezone and 3.5 hrs from Toronto and 3 hrs from New York City, Cayman is the ideal business jurisdiction. The island also has direct flights to London, the gateway to Europe.
The Cayman Islands have the some of the highest anti-money laundering compliance requirements and offers a pro-business regulatory environment.
The Caymans have a long history of having no direct taxes on residents and Cayman Island companies.
- No corporate tax
- No capital gains tax
- No sales tax
- No income or payroll tax
This has partly allowed the Caymans to become the sixth largest global financial centre and the #1 home to hedge funds in the world.
4. A Gateway to World-Class Companies and Services
The Cayman Islands is home to many global institutions including banking, accounting, and law firms.
Companies in the Cayman:
- 40 of 50 of the world’s top banks have branches
- The Big 4 accounting institutions
- Global law offices such as Maples & Calder
It has a world-class infrastructure, excellent schools, colleges and medical facilities, plus every conceivable form of entertainment, sporting, dining and leisure facility.
5. Special Economic Zones
The Cayman Islands have recently introduced “Special Economic Zones” that specifically cater to exempted companies, creating an alternative licensing regime, as well as a number of additional incentives for entities wishing to establish a physical presence in the Islands.
- 100% exempt from corporate, capital gains, sales, income tax and import duties
- 100% foreign ownership permitted
- Five year renewable work/residence visas granted within 5 days
- 3-4 week fast-track set-up of operations
- Intellectual Property owned offshore
- No government reporting requirements
- Strategic base with easy access to lucrative North and Latin American markets
One More Reason: Cayman Enterprise City
Cayman Enterprise City (“CEC”) is an award-winning Special Economic Zone located in the tax-neutral Cayman Islands, created for knowledge-based industries and has developed into an innovative, entrepreneurial technology hub benefiting from a tax-exempt environment.
CEC has stripped away the red-tape and financial constraints normally associated with setting up an offshore Cayman company with a physical presence. CEC enables international companies to easily and cost-effectively set up offices with staff on the ground and have a genuine offshore physical presence and generate active business income in the Cayman Islands.
Population Boom: Charting How We Got to Nearly 8 Billion People
In the next year or so, humanity is expected to pass the 8 billion person milestone. These charts and maps put global population growth into context.
Today, the global population is estimated to sit at 7.91 billion people.
By the end of 2022 or within the first months of 2023, that number is expected to officially cross the 8 billion mark. Incredibly, each new billion people has come faster than the previous—it was roughly only a decade ago that we crossed the 7 billion threshold.
How did we get here, and what has global population growth looked like historically?
In this series of six charts from Our World in Data, we’ll break down how the global population got to its current point, as well as some big picture trends behind the data.
#1: Mapping the Population Over 5,000 Years
New York, São Paulo, and Jakarta were not always bustling metropolises. In fact, for long parts of the history of civilization, it was unusual to find humans congregating in many of the present-day city locations we now think of as population centers.
The human population has always moved around, seeking out new opportunity and freedoms.
As of 3,000 BC, humans could be mainly found in Central America, the Mediterranean, the Fertile Crescent, and parts of India, Japan, and China. It’s no coincidence that that agriculture was independently discovered in many of these same places during the Neolithic Revolution.
#2: The Hockey Stick Curve
For even more context, let’s zoom way out by using a timeline that goes back to when woolly mammoths still roamed the Earth:
From this 10,000-foot view, it’s clear that human population growth started going exponential around the time of the Second Agricultural Revolution, which started in the 17th century in Britain. This is when new technologies and farming conventions took root, making it possible to grow the food supply at an unprecedented pace.
Soon these discoveries spread around the world, enabling population booms everywhere.
#3: The Time to Add 1 Billion
The data and projections in this chart are a few years old, but the concept remains the same:
It took all of human history until 1803 to reach the first billion in population. The next billion took 124 years, and the next 33 years. More recent billions have come every dozen or so.
So why then, are future billion people additions projected to take longer and longer to achieve?
#4: The Growth Rate is Shrinking
Because of demographics and falling fertility rates, the growth rate of the global population has actually been on a downward trend for some time.
As this growth rate gets closer to zero, the population curve has become less exponential like we saw in the first graphs. Population growth is leveling out, and it may even go negative at some point in the future.
#5: The Regional Breakdown
Although the rate of population growth is expected to slow down, there are still parts of the world that are adding new people fast, as you can see on this interactive regional breakdown:
Since 1973, Asia has doubled its population from 2.3 billion to 4.6 billion people.
Comparatively, over the same time frame, Europe has gone from 670 million to 748 million, equal to just an 11% increase.
#6: The Present and Future of Population Growth
Population projections by groups like the United Nations see the global population peaking at around 10.9 billion people in 2100.
That said, there isn’t a consensus around this peak.
Organizations like the Institute for Health Metrics and Evaluation (IHME) have a different perspective, and they have recently modeled that the global population will top out at 9.7 billion people by the year 2064.
As we climb to surpass the 8 billion mark in the coming months, it will be interesting to see what path humanity ends up following.
Visualizing the Accumulation of Human-Made Mass on Earth
The amount of human-made (or anthropogenic) mass, has now exceeded the weight of all life on Earth, including humans, animals, and plants.
Visualizing the Accumulation of Human-Made Mass on Earth
The world is not getting any bigger but the human population continues to grow, consuming more and more resources and altering the very environment we rely on.
In 2020, the amount of human-made mass, or anthropogenic mass, exceeded for the first time the dry weight (except for water and fluids) of all life on Earth, including humans, animals, plants, fungi, and even microorganisms.
In this infographic based on a study published in Nature, we break down the composition of all human-made materials and the rate of their production.
A Man-made Planet
Anthropogenic mass is defined as the mass embedded in inanimate solid objects made by humans that have not been demolished or taken out of service—which is separately defined as anthropogenic mass waste.
Over the past century or so, human-made mass has increased rapidly, doubling approximately every 20 years. The collective mass of these materials has gone from 3% of the world’s biomass in 1900 to being on par with it today.
While we often overlook the presence of raw materials, they are what make the modern economy possible. To build roads, houses, buildings, printer paper, coffee mugs, computers, and all other human-made things, it requires billions of tons of fossil fuels, metals and minerals, wood, and agricultural products.
The rate of accumulation for anthropogenic mass has now reached 30 gigatons (Gt)—equivalent to 30 billion metric tons—per year, based on the average for the past five years. This corresponds to each person on the globe producing more than his or her body weight in anthropogenic mass every week.
At the top of the list is concrete. Used for building and infrastructure, concrete is the second most used substance in the world, after water.
|Human-Made Mass||Description||1900 (mass/Gt)||1940 (mass/Gt)||1980 (mass/Gt)||2020 (mass/Gt)|
|Concrete||Used for building and infrastructure, including cement, gravel and sand||2||10||86||549|
|Aggregates||Gravel and sand, mainly used as bedding for roads and buildings||17||30||135||386|
|Bricks||Mostly composed of clay and used for constructions||11||16||28||92|
|Asphalt||Bitumen, gravel and sand, used mainly for road construction/pavement||0||1||22||65|
|Metals||Mostly iron/steel, aluminum and copper||1||3||13||39|
|Other||Solid wood products, paper/paperboard, container and flat glass and plastic||4||6||11||23|
Bricks and aggregates like gravel and sand also represent a big part of human-made mass.
Although small compared to other materials in our list, the mass of plastic we’ve made is greater than the overall mass of all terrestrial and marine animals combined.
As the rate of growth of human-made mass continues to accelerate, it could become triple the total amount of global living biomass by 2040.
Can We Work It Out?
While the mass of humans is only about 0.01% of all biomass, our impact is like no other form of life on Earth. We are one of the few species that can alter the environment to the point of affecting all life.
At the current pace, the reserves of some materials like fossil fuels and minerals could run out in less than 100 years. As a result, prospectors are widening their search as they seek fresh sources of raw materials, exploring places like the Arctic, the deep sea, and even asteroids.
As the world population continues to increase, so does the pressure on the natural environment. It is an unavoidable fact that consumption will increase, but in an era of net-zero policies and carbon credits, accounting for the human impact on the environment will be more important than ever.
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