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.
Mapped: Human Impact on the Earth’s Surface
This detailed map looks at where humans have (and haven’t) modified Earth’s terrestrial environment. See human impact in incredible detail.
Mapped: Human Impact on the Earth’s Surface
With human population on Earth approaching 8 billion (we’ll likely hit that milestone in 2023), our impact on the planet is becoming harder to ignore with each passing year.
Our cities, infrastructure, agriculture, and pollution are all forms of stress we place on the natural world. This map, by David M. Theobald et al., shows just how much of the planet we’ve now modified. The researchers estimate that 14.6% or 18.5 million km² of land area has been modified – an area greater than Russia.
Defining Human Impact
Human impact on the Earth’s surface can take a number of different forms, and researchers took a nuanced approach to classifying the “modifications” we’ve made. In the end, 10 main stressors were used to create this map:
- Built-Up Areas: All of our cities and towns
- Agriculture: Areas devoted to crops and pastures
- Energy and extractive resources: Primarily locations where oil and gas are extracted
- Mines and quarries: Other ground-based natural resource extraction, excluding oil and gas
- Power plants: Areas where energy is produced – both renewable and non-renewable
- Transportation and service corridors: Primarily roads and railways
- Logging: This measures commodity-based forest loss (excludes factors like wildfire and urbanization)
- Human intrusion: Typically areas adjacent to population centers and roads that humans access
- Natural systems modification: Primarily modifications to water flow, including reservoir creation
- Pollution: Phenomenon such as acid rain and fog caused by air pollution
The classification descriptions above are simplified. See the methodology for full descriptions and calculations.
A Closer Look at Human Impact on the Earth’s Surface
To help better understand the level of impact humans can have on the planet, we’ll take a closer look three regions, and see how the situation on the ground relates to these maps.
Land Use Contrasts: Egypt
Almost all of Egypt’s population lives along the Nile and its delta, making it an interesting place to examine land use and human impact.
The towns and high intensity agricultural land following the river stand out clearly on the human modification map, while the nearby desert shows much less impact.
Intensive Modification: Netherlands
The Netherlands has some of the heavily modified landscapes on Earth, so the way it looks on this map will come as no surprise.
The area shown above, Rotterdam’s distinctive port and surround area, renders almost entirely in colors at the top of the human modification scale.
Resource Extraction: West Virginia
It isn’t just cities and towns that show up clearly on this map, it’s also the areas we extract our raw materials from as well. This mountainous region of West Virginia, in the United States, offers a very clear visual example.
The mountaintop removal method of mining—which involves blasting mountains in order to retrieve seams of bituminous coal—is common in this region, and mine sites show up clearly in the map.
You can explore the interactive version of this map yourself to view any area on the globe. What surprises you about these patterns of human impact?
Interactive Map: Tracking Global Hunger and Food Insecurity
Every day, hunger affects more than 700 million people. This live map from the UN highlights where hunger is hitting hardest around the world.
Interactive Map: Tracking Global Hunger and Food Insecurity
Hunger is still one the biggest—and most solvable—problems in the world.
Every day, more than 700 million people (8.8% of the world’s population) go to bed on an empty stomach, according to the UN World Food Programme (WFP).
The WFP’s HungerMap LIVE displayed here tracks core indicators of acute hunger like household food consumption, livelihoods, child nutritional status, mortality, and access to clean water in order to rank countries.
After sitting closer to 600 million from 2014 to 2019, the number of people in the world affected by hunger increased during the COVID-19 pandemic.
In 2020, 155 million people (2% of the world’s population) experienced acute hunger, requiring urgent assistance.
The Fight to Feed the World
The problem of global hunger isn’t new, and attempts to solve it have making headlines for decades.
On July 13, 1985, at Wembley Stadium in London, Prince Charles and Princess Diana officially opened Live Aid, a worldwide rock concert organized to raise money for the relief of famine-stricken Africans.
The event was followed by similar concerts at other arenas around the world, globally linked by satellite to more than a billion viewers in 110 nations, raising more than $125 million ($309 million in today’s dollars) in famine relief for Africa.
But 35+ years later, the continent still struggles. According to the UN, from 12 countries with the highest prevalence of insufficient food consumption in the world, nine are in Africa.
|Country||% Population Affected by Hunger||Population (millions)||Region|
|Burkina Faso 🇧🇫||61%||19.8||Africa|
|South Sudan 🇸🇸||60%||11.0||Africa|
|Sierra Leone 🇸🇱||55%||8.2||Africa|
|Syria 🇸🇾||55%||18.0||Middle East|
|Yemen 🇾🇪||44%||30.0||Middle East|
Approximately 30 million people in Africa face the effects of severe food insecurity, including malnutrition, starvation, and poverty.
Although many of the reasons for the food crisis around the globe involve conflicts or environmental challenges, one of the big contributors is food waste.
According to the United Nations, one-third of food produced for human consumption is lost or wasted globally. This amounts to about 1.3 billion tons of wasted food per year, worth approximately $1 trillion.
All the food produced but never eaten would be sufficient to feed two billion people. That’s more than twice the number of undernourished people across the globe. Consumers in rich countries waste almost as much food as the entire net food production of sub-Saharan Africa each year.
Solving Global Hunger
While many people may not be “hungry” in the sense that they are suffering physical discomfort, they may still be food insecure, lacking regular access to enough safe and nutritious food for normal growth and development.
Estimates of how much money it would take to end world hunger range from $7 billion to $265 billion per year.
But to tackle the problem, investments must be utilized in the right places. Specialists say that governments and organizations need to provide food and humanitarian relief to the most at-risk regions, increase agricultural productivity, and invest in more efficient supply chains.
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