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Cayman's Income Taxes (namely, none!)

Discussion forum for expats moving to or living in the Cayman Islands.

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Cayman's Income Taxes (namely, none!)

Post Posted: Sat May 26, 2012 6:00 am

There is no Income tax in Cayman. The only deductions from employees' pay-packets are for compulsory private medical-insurance and compulsory private pension-plans. Employers pay half the contributions in both cases. Companies don't pay tax on their profits, or property-owners on their rents or valuations. Instead, an Import Duty is levied on just about everything brought into the Islands. In large degree, it's a voluntary tax for us end-users, in that the cheaper the products we buy - from food to vehicles - the less tax we pay. Well, that's the way I look at it...

Our major industry is what's called "offshore finance" - the servicing of international trading and investment companies and their owners who like the idea of diverting revenue to a place where it isn't taxed. Our government charges high fees for all the companies and trusts formed and maintained here. Those fees amount to a third of our Public Revenue. Another third comes from Import Duties, and the rest comes form taxes on property-transfers and hotel rooms and a whole raft of sundry items.

The high cost of living negates much of the effect of high salaries, but savings are high, too, in the absence of the dreaded Income Tax. Although we are a British colony, our local coupon-currency is tied to the US Dollar.

 

GordonBarlow
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Re: Cayman's Income Taxes (namely, none!)

Post Posted: Sun Jul 29, 2012 11:56 pm

Ah, but our tax-free status is under threat! See my today's comment on the "57 varieties" posting in this Forum.

 

GordonBarlow
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Re: Cayman's Income Taxes (namely, none!)

Post Posted: Wed Dec 12, 2012 6:47 am

Latest news: our Premier was arrested this morning, with charges expected to be laid for corruption and similar. I have given a quick summary in one of the other threads here.

Britain is likely to suspend our Constitution and impose direct rule from London. If that happens, it might well take the opportunity to decree some kind of Salaries Tax, in order to balance the budget. That won't be at all popular with either expat residents or Offshore clients. Watch this space!

 

GordonBarlow
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