The Cayman Islands were first discovered by Columbus in 1503, but were later traded to England and are still a British colony; as such the islands speak English, have a Parliamentary type government, and are still subject to Great Britain in matters of defence and foreign policy.
The islands are quite wealthy, as they have the highest per capita income in the Caribbean, and they have their own local currency which is the Cayman dollar which is currently pegged to the US dollar at 1.25. The Caymanians are known for their friendliness.
The Cayman Islands are also the financial capital of the Caribbean, and have more than 500 banks and financial institutions. This is probably due to the fact that there are no direct taxes, no income taxes, no capital gains tax or inheritance taxes or property tax.
Foreigners are allowed to open bank accounts and to borrow money. Anyone investing in the country, which includes buying a residence, is eligible for residency in the Caymans providing they have a clean police record. Residency allows unrestricted stays and to be taxed as a non-resident in their home country.
However residency doesn't give the right to work as this requires a work permit and these tend only to be issued if local labour isn't available.
The tourist industry here has enjoyed enviable growth, and it's not surprising as it is considered one of the world's top three scuba diving and snorkelling destinations, while deep sea fishing is also considered to be extremely good. Visitors can take a number of interesting tours through the Cayman Islands National Trust, and of course there are plenty of beaches for sunbathing.
No comments:
Post a Comment