The Cayman Islands. The ultimate guide 2023
The Cayman Islands are a British Overseas Territory located in the western Caribbean Sea. They consist of three islands: Grand Cayman, Cayman Brac, and Little Cayman. The capital and largest city is George Town, located on Grand Cayman.
The Cayman Islands have a population of approximately 66,000 people. English is the official language, and the local currency is the Cayman Islands dollar.
The Cayman Islands have a tropical climate, with temperatures ranging from 75 to 90 degrees Fahrenheit year-round. The rainy season typically lasts from May to November, with the rest of the year being relatively dry.
Tourism is the main industry in the Cayman Islands, with visitors coming for the crystal clear waters, white sandy beaches, and excellent diving and snorkeling opportunities. Grand Cayman is home to the famous Seven Mile Beach, which is consistently ranked as one of the best beaches in the world. Other popular tourist attractions include Stingray City, where visitors can swim with and feed stingrays, and the Queen Elizabeth II Botanic Park, which features a variety of native plants and wildlife.
In addition to tourism, the Cayman Islands are also known for their offshore financial services industry. Many international businesses and individuals choose to incorporate in the Cayman Islands due to the favorable tax laws and regulation.
The Cayman Islands have a rich history, with the first inhabitants being indigenous Taino people. The islands were later discovered by Christopher Columbus in 1503, and they were named after the caiman, a type of crocodile found on the islands. The Cayman Islands have been under British rule since the early 1800s, and they are currently a self-governing territory with a high degree of autonomy.
Overall, the Cayman Islands are a beautiful and unique destination with a diverse culture and economy. Visitors can enjoy the natural beauty of the islands, participate in water sports and other outdoor activities, and learn about the history and culture of the Cayman Islands.
Lifestyle in the Cayman Islands
The lifestyle in the Cayman Islands is influenced by the island's history, culture, and location in the Caribbean. The people of the Cayman Islands are known for their friendly and welcoming nature, and the pace of life tends to be relatively relaxed.
One of the main attractions of the Cayman Islands is the beautiful natural environment, with crystal clear waters and white sandy beaches. The weather is warm and sunny year-round, making it easy to enjoy outdoor activities such as swimming, snorkeling, and diving. The islands also have a number of parks and nature reserves where residents and visitors can enjoy hiking and other outdoor activities.
The Cayman Islands have a diverse population, with people of many different ethnicities and nationalities living and working on the islands. This diversity is reflected in the food, music, and other aspects of the local culture. The islands are known for their seafood, with a variety of fresh fish and shellfish available at local markets and restaurants.
The economy of the Cayman Islands is largely driven by tourism and the offshore financial services industry. As a result, there are many job opportunities in these sectors, as well as in construction, retail, and other service industries. The standard of living in the Cayman Islands is generally high, with modern amenities and a well-developed infrastructure.
Overall, the Cayman Islands offer a unique and enjoyable lifestyle, with a warm and welcoming culture, beautiful natural environment, and diverse economy.
Tax system in the Cayman Islands
The tax system in the Cayman Islands is highly favorable for businesses and individuals. The islands have a zero percent corporate income tax rate, making them an attractive location for businesses looking to reduce their tax burden. Additionally, there is no personal income tax, capital gains tax, or value-added tax in the Cayman Islands.
One of the main drivers of the Cayman Islands' favorable tax system is the offshore financial services industry. The islands are home to a large number of international businesses and financial institutions that incorporate in the Cayman Islands due to the favorable tax laws and regulation. These businesses and institutions contribute significantly to the local economy, and the government has structured the tax system to encourage their presence on the islands.
The Cayman Islands also have a number of tax treaties with other countries, which can provide additional benefits for businesses and individuals. These treaties can help to eliminate double taxation and provide other tax advantages.
Despite the favorable tax laws, the Cayman Islands are not considered a tax haven by the Organisation for Economic Co-operation and Development (OECD) or the European Union. The islands have a number of measures in place to ensure compliance with international standards and to prevent abuse of the tax system. These measures include the automatic exchange of information with other countries and strict regulation of the financial sector.
In summary, the tax system in the Cayman Islands is highly favorable for businesses and individuals. The zero percent corporate income tax rate and the absence of personal income tax and other taxes make the islands an attractive location for businesses and individuals looking to reduce their tax burden. However, the Cayman Islands are not considered a tax haven and have measures in place to ensure compliance with international standards and prevent abuse of the tax system.
how to enjoy life in the Cayman Islands
The Cayman Islands are a tropical paradise located in the western Caribbean Sea, offering an abundance of activities and attractions for visitors to enjoy. Here are ten things you can do in the Cayman Islands to fully experience the beauty and culture of this amazing destination:
- Relax on the beach: The Cayman Islands are home to some of the most beautiful beaches in the world, including Seven Mile Beach and Rum Point Beach. Spend your days lounging on the soft white sand and swimming in the crystal-clear waters.
- Dive or snorkel in the coral reefs: The Cayman Islands are a top destination for diving and snorkeling, with over 200 dive sites to explore. The reefs are home to an incredible array of marine life, including vibrant tropical fish, sea turtles, and even the occasional stingray or shark.
- Visit the Stingray City Sandbar: This popular attraction allows visitors to interact with Southern Stingrays in their natural habitat. You can swim with the rays, feed them, and even give them a gentle pat.
- Go on a boat tour: The Cayman Islands are surrounded by crystal-clear waters, making them the perfect place to go on a boat tour. Choose from a variety of options, including sunset cruises, snorkeling tours, or fishing charters.
- Explore the history and culture of the islands: The Cayman Islands have a rich history and culture, with a blend of African, Caribbean, and European influences. Visit the National Museum to learn about the island's past and visit local markets to experience the vibrant culture.
- Golf at one of the world-class courses: The Cayman Islands are home to several top-rated golf courses, including the North Sound Golf Club and the Britannia Golf Course. Spend a day on the greens and enjoy the breathtaking views of the ocean.
- Go horseback riding: The Cayman Islands are home to several stables that offer guided horseback riding tours through the beautiful countryside. You'll get to experience the natural beauty of the islands up close and personal.
- Take a cooking class: The Cayman Islands are known for their delicious Caribbean cuisine. Take a cooking class and learn how to make traditional dishes like jerk chicken or conch fritters.
- Visit the Queen Elizabeth II Botanic Park: This beautiful park is home to a variety of plants and animals native to the Cayman Islands, including the Blue Iguana, which is only found on these islands. The park also has walking trails, a lake, and a beautiful orchid garden.
- Go on a sunset sail: The Cayman Islands are known for their stunning sunsets, and there's no better way to experience them than by going on a sunset sail. You'll get to watch the sun sink below the horizon while sipping on a refreshing drink and enjoying the warm Caribbean breeze.
There are so many things to do in the Cayman Islands, it's hard to narrow it down to just ten. But no matter what you choose to do, you're sure to have an unforgettable vacation in this tropical paradise.