Cayman Islands

Basic taxes (briefly)

Personal tax No
Corporate tax (in detail) There is no corporation tax in Cayman.
Capital gains tax. Details There is no capital gains tax in Cayman.
VAT. Details There is no VAT in Cayman.
Other taxes No
Government fee
Stamp duty 7.5% (transfer of real property)

International tax agreement

   


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TAXATION

General Info

Cayman has no corporation tax, income tax, capital gains tax, inheritance tax, gift tax, wealth tax, or any other tax applicable to a company conducting off¬shore business. Certain documents are subject to stamp duty which is generally nominal. All exempted companies are entitled to receive from the government a “Tax Exemption Undertaking” exempting them from any possible future Cayman taxes for a period of twenty years.

Personal Income Tax

There is no personal income tax in Cayman.

Corporate Tax

There is no corporation tax in Cayman.

Capital Gains Tax

There is no capital gains tax in Cayman.

VAT

There is no value added tax in Cayman.

Withholding Tax

There is no withholding tax in Cayman.

Stamp Duty

Stamp duty is imposed on the transfer of Cayman Islands real estate. The duty is applied on the greater of the purchase price or the fair market value of the land and building at the time of the transfer at a rate of 7.5% for most property.

Government Fee

An annual fee payable on or before 31 January of between US$854 and US$3,132 (depending on the Company's authorised share capital) is payable to the Registrar.

Other Taxes and Duties

Exempted companies are exempt from taxation.

Double Tax Agreements

Cayman Islands has exchange of information relationships with 81 jurisdictions through:

  • 1 DTC: United Kingdom
  • 36 TIEAs: Argentina, Aruba, Australia, Belgium, Brazil, Canada, China, Curaçao, Czech Republic, Denmark, Faroe Islands, Finland, France, Germany, Greenland, Guernsey, Iceland, India, Ireland, Italy, Japan, Malta, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Qatar, Seychelles, Sint Maarten, South Africa, Sweden, United States.

Foreign Exchange Control

There is no foreign exchange control in Cayman.

ACCOUNTS

Accounting Records

A Company shall cause to be kept proper books of account, giving a true and fair view of the state of the Company's affairs and to explain its transactions, with respect to:

  1. all sums of money received and expended by the Company and the matters in respect of which the receipt and expenditure takes place;
  2. all sales and purchases of goods by the Company;
  3. the assets and liabilities of the Company.

Such books of account are to be maintained for a minimum period of five years from the date on which they were prepared. Any comply that knowingly and wilfully fails to company with the foregoing shall be subject to a penalty.

Financial Statements

For a Company that is not regulated or licensed under any other law, no financial statements need to be filed with any Cayman Islands governmental agency, and no annual audit is required.

Annual Return

An annual return must also be filed on or before 31 January in every year.
The annual return to the Registrar requires a declaration that:

  1. no changes, other than those notified to the Registrar, have been made in the Memorandum of Association;
  2. the provisions of the Companies Law have been observed;
  3. the company’s operations have been mainly outside the Cayman Islands; and
  4. all bearer shares are kept by an approved custodian.

Tax Returns

There is no requirement for offshore companies to submit an annual tax return.

    Taxes of the Caymans

    Min. rate for corporate tax No
    Capital gains tax No
    VAT No
    Withholding tax No
    Exchange control No
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