Located in the Caribbean Sea, the Cayman Islands is an autonomous British overseas territory. It is comprised of three islands, Grand Cayman, Little Cayman, and Cayman Brac. The capital city is George Town, and the population is approximately 62,000 inhabitants. The islands are often seen as a offshore financial haven for international businesses because of lenient tax laws. The Cayman Islands have heavily relied on indirect taxes, as it is a tax-exempt destination; this is one of the many reasons it is so popular for major, international companies, who seek to avoid taxes in their home country. There is no corporate, income, or capital gains tax on the islands. Import duties ranging from 5-22% contribute to the economy.
The government operates under a 19-seat legislative assembly which is voted by the people every four years. A governor is appointed by the Queen of England to represent the monarch. The executive authorities of the islands is vested in the Queen.
Cayman Islands Judicial System
In the Cayman Islands, the judicial system is four-tiered and based on English Common law. The highest court in the islands is the Cayman Islands Court of Appeal. Appeals of this court’s decision can be heard by the Judicial Committee of the Privy Council in London. The Grand Court sits below the Cayman Islands Court of Appeal, and it was established in 1975 and became a Constitutional Court in 1984. It has unlimited jurisdiction in both criminal and civil matters, and it serves as an appellate court. There are three divisions: the Admiralty Division, dealing with maritime law, the Family Division, dealing with family law and the Financial Services Division.
Tax compliance, tax evasion, financial services, OECD and government agency news, are among the topics which the National Law Review covers, as it relates to the Cayman Islands. Fiduciary duties, CFIUS deals, banking news, FACTA compliance, and other financial-sector and service news, are updated regularly by the National Law Review, for its visitors.