The Cayman Islands consists of three islands: Grand Cayman, Cayman Brac and Little Cayman. The two main sectors of the economy are financial services and tourism. Other areas such as property development and construction sectors also play an important role in the local economy. There are no property, capital gains or income taxes in the Cayman Islands.
The country has enjoyed this tax free status throughout its entire history. The country has established itself as one of the world's leading international financial centres.
The islands are consistently ranked along the world's top snorkeling and diving destinations as a result of clean and safe surroundings and a superb marine environment. In addition, the Cayman Islands is supported by a well developed modern infrastructure.
The jurisdiction is a sophisticated international financial services centre with a wide array of service providers and high quality professional expertise. Unlike many offshore centres, Cayman has been in a unique position of being one of the leaders simultaneously in the areas of banking, mutual funds, captive insurance sectors and special purpose financing.
The Cayman Islands has an impressive professional infrastructure of lawyers, accountants, mutual fund administrators, trusts and corporate services practioners and other financial services professionals. Many of the world's highest regarded financial services professionals practice in the Cayman Islands.
The jurisdiction has undergone a number of enhancements to its financial services regulatory regime over the past 4 years, continuing its commitment to adhering to the high international regulatory standards. Cayman adheres to the Basel Core Principles for effective Banking Supervision, the IAIS principles for insurance regulation, the IOSCO principles for regulation of investments business, the FATF Forty Recommendations on anti money laundering and best practices in the area of trust and corporate services regulation.
The islands main financial services regulator, the Cayman Islands Monetary Authority participates regularly in international regulatory forums and serves on the committee of the Offshore Group of Banking Supervisors as well as the Offshore Group of Insurance Supervisors.