Cayman Islands has ‘no plans for direct taxation’

Offshore finance centre the Cayman Islands has no plans to reform its system of tax advantages in the near future, according to the countries new premier. In an interview with the Dubai based newspaper the National, McKeeva Bush said that the country’s offshore finance sector is doing well and inward investment in the country is still strong.
Mr Bush told the newspaper: "There is no plan for direct taxation, no income tax, no property tax, no capital gains tax – none of the taxes you’ll find in any other jurisdiction. We’re not going to do so, either."
He added that he believed the Cayman Islands are "one of the best regulated offshore international business centres".
According to lowtax.net there are approximately 80,000 companies, 280 banks and 800 insurance firms registered in the Cayman Islands. The only tax payable in the country is stamp duty and import duties.
The National also reports that the Cayman Islands were recently removed from the Organization for Economic Cooperation and Development’s blacklist and are now considered to abide by global tax standards.