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Cayman Islands

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About

Cayman Islands

Capital
Official languages
Population 
Currency

ISO 4217

George Town

English

64,937 (as of 2019)

Cayman Islands Dollar

KYD

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Economy

The Cayman Islands have a strong and stable economy, with a GDP of $3.2 billion in 2019. This is a significant increase from the $2.7 billion GDP in 2018. The Cayman Islands have a low unemployment rate of 3.2%, and the average household income is $77,000. The Cayman Islands have a strong tourism industry, with over 2 million visitors in 2019. The tourism industry contributes over $1.2 billion to the economy, making it the largest contributor to the GDP. The Cayman Islands also have a thriving financial services sector, which contributes over $1.5 billion to the economy. The Cayman Islands have a strong banking sector, with over 200 banks and trust companies. The Cayman Islands also have a strong real estate market, with an average home price of $1.2 million. The Cayman Islands have a strong and stable economy, and are a great place to invest and do business.

Taxation

The Cayman Islands is a tax-neutral jurisdiction, which means there is no income tax, capital gains tax, or inheritance tax. This means that both individuals and corporations are not subject to direct taxation on their income in the Cayman Islands. However, there are other taxes and fees that are levied by the government.


Corporate Taxes:

There is no corporate income tax in the Cayman Islands, however, there are certain fees that companies are required to pay, such as annual registration fees, annual fees for registered office and directors, and stamp duty on certain documents.


Personal Taxes:

There is no personal income tax in the Cayman Islands. As a result, there is no requirement for individuals to file personal tax returns in the Cayman Islands. 


Process and Calendar for payments:

As there are no personal or corporate income taxes in the Cayman Islands, there are no tax filing deadlines or payment due dates. However, companies are required to pay annual registration fees and other fees to the government, which are typically due on or before January 15th each year. Failure to pay these fees can result in penalties and may result in the company being struck off the register.


In summary, the Cayman Islands is a tax-neutral jurisdiction, meaning that there are no direct taxes on personal or corporate income. However, companies are required to pay certain fees to the government, and failure to pay these fees can result in penalties. There are no tax filing deadlines or payment due dates for personal or corporate income taxes in the Cayman Islands.

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