“I guarantee you that you will pay no more taxes for the next 50 years” QUOTING this tax haven
The Cayman Islands are the largest offshore banking center, with over 700 banks.
And it is also an important center for the establishment of trusts.
We have already talked in the previous lesson, about the enormous tax advantages.
To these is added political stability.
Territorial proximity to the United States.
The excellent communications.
The presence of sophisticated banking, financial and professional services.
As for companies, it is possible to set up exempt companies.
And there is a peculiarity.
It is possible to receive a tax exemption understanding.
Basically, the government guarantees for 30 years, extendable by another 10, that that company will never pay taxes, even if they
are subsequently introduced.
But there is more.
In fact, in the event of the establishment of exempt limited partnerships, they can receive exemption even for 50 years.
Exempt Caymanian companies are considered by many to be one of the most flexible tools within international planning.
There are minimal reporting requirements, and companies can be formed in as little as 24 hours.
There are also ways to ensure shareholder privacy.
However, there are rules to be respected, and factors to consider.
First of all, legislation on economic substance requirements applies to some companies.
Therefore, it is necessary to verify that this does not concern the company, otherwise there will still be compliance costs.
In addition, the companies mentioned above, which have received the thirty year guarantee, have a limit.
They cannot carry out economic activity within the Cayman Islands.
Although in practice this is irrelevant to many.
These are companies that are aimed at those who have sources of income outside the Caymans.
Finally, let's see two very frequent cases
of use.
First of all, the Caymans are a frequent momentary landing point for those moving to the United States.
In fact, they first move to the Cayman Islands, they set up companies and trusts, be sure to be fiscally restructured, making themself
safe.
And only after that, they move to the United States, and will begin to pay income taxes under the worldwide income principle.
The Caymans are also very popular with US businesses looking for a way to enter the Chinese market.
Cayman Islands companies can also be listed on the Hong Kong Stock Exchange.
And there are very few jurisdictions that allow it.
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