Why Cayman

BUSINESS WORKS IN THE CAYMAN ISLANDS

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The Cayman Islands The Cayman Islands is an acclaimed tourism and diving destination hailed for its white sand beaches, extensive coral reef system, burgeoning culinary scene and luxury resorts.

But it’s not all play.

Beyond the veneer of flip flops and designer sunglasses is a sophisticated business community consisting of global banks, accounting and law firms, all operating in a highly regulated international financial centre. The legal system is rooted in English common law with an established, wellrespected judiciary overseen by a stable, democratically elected government.

Aerial of Grand Cayman

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The absence of corporate, income and capital gains taxes make the jurisdiction a particularly appealing one in which to operate a business. Those who choose to make the Cayman Islands their personal as well as their business address find the absence of personal income tax highly desirable. They also enjoy a selection of luxury residential properties to choose from that are free from property tax.

Seven Mile Beach

Why operate a business from the Cayman Islands?

1 | Taxation

There is no direct taxation in the form of corporate, capital gains, personal income or property taxes. Government revenue is derived from taxes on visitor arrivals and tourist accommodations resulting from a high-performing tourism industry, a one-time stamp (property transfer) tax applied to real estate transactions, and regionally competitive import duties on consumer goods.

2 | Stability

The Cayman Islands is led by a democratically elected government. As a British Overseas Territory, the country also has a Governor permanently in residence to serve as the representative of the Monarch of the United Kingdom.

3 | Safe and Sophisticated

The Cayman Islands is one of the safest places in the Caribbean (if not the world) to live and work. A low crime rate, a professional and well-established police force, and a stable judicial system contribute to the successful growth of the country as an offshore business locale. The expansion

of the business community has catalysed sophisticated networks – modern hospitals and road infrastructure, a sound communications network, a quality education system and cosmopolitan shops, services and restaurants.

4 | Robust Economy

In 2022, the economy grew by 5.2% and the Government maintains a healthy surplus. Air arrivals are on the upswing, rebounding to near pre-pandemic record levels.

5 | Ease of Doing Business

Authorities have worked hard to ensure the Cayman Islands is a transparent and pro-business jurisdiction. This has helped it to achieve the lowest complexity score on the TMF Group’s Global Business Complexity Index 2023. With its healthy economy, the Cayman Islands is an easy place for foreign companies to operate.

6 | Location

The country’s close proximity to the United States (90-minute flight to Miami) and nonstop flights to other major North American cities in under a half-day’s flying time make doing business in the Cayman Islands easy and accessible.

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Direct flights from the Cayman Islands USA

Regional

Canada

Atlanta......................... 2hr 40min Baltimore*................... 3hr 15min Boston*........................ 3hr 55min Charlotte...................... 2hr 50min Chicago*...................... 3hr 50min Dallas*.......................... 3hr 30min Denver*........................ 4hr 30min Detroit*........................ 3hr 40min Fort Lauderdale........... 1hr 45min Houston....................... 2hr 50min Los Angeles................. 5hr 30min Miami........................... 1hr 20min Minneapolis*............... 4hr 35min Newark*....................... 3hr 50min New York..................... 3hr 40min Philadelphia*............... 3hr 25min Tampa.......................... 1hr 40min Washington, Dulles*... 3hr 15min

Nassau, Bahamas............ 1hr 30min Barbados.......................... 3hr 40min Cayman Brac.................... 35min Havana, Cuba.................. 1hr Roatan, Honduras............ 1hr 10min La Ceiba, Honduras......... 1hr Kingston, Jamaica............ 55min Montego Bay, Jamaica.... 45min Little Cayman.................... 35min Panama.............................. 2hr

Toronto.................. 3hr 54min

Denver

London.................. 11hr (via Nassau)

* Seasonal flights

Toronto

Boston Newark Chicago Philadelphia New York Washington, DC Baltimore

Minneapolis

UK

Detroit

London

Charlotte

Los Angeles Dallas Ft. Worth Houston

Atlanta

Tampa Havana

Roatan

Ft. Lauderdale Miami Cayman Brac Little Cayman Montego Bay Kingston

La Ceiba Barbados Panama 4 | DART.KY

There is also a direct flight from London, England to Grand Cayman, operating four times weekly with a tarmac stop in Nassau, Bahamas. The Owen Roberts International Airport exanded to accommodate up to three million passengers. The expansion was officially opened by then Prince Charles and The Duchess of Cornwall during their visit to the Cayman Islands on 27 March 2019.

The Cayman Islands is comprised of three islands: Grand Cayman, Cayman Brac and Little Cayman.

Combined, the three islands cover 102 square miles, with the highest point being The Bluff on Cayman Brac at 140 feet above sea level.

N

MA CAY TLE

AN

M CAY

LIT

60 miles northeast of Grand Cayman

C

BRA

90 miles northeast of Grand Cayman

WEST BAY

Rum Point

Seven Mile Beach

NORTH SIDE

Starfish Point NORTH SOUND

Camana Bay GEORGE TOWN

Cayman Islands Hospital

GRAND CAYMAN EAST END

Airport Doctors Hospital

Health City Hospital BODDEN TOWN

SOUTH SOUND

CARIBBEAN SEA

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Government Administration Building

The Cayman Islands Government The first recorded election in the Cayman Islands took place in 1831; however, historical documents at the Cayman Islands National Archive indicate the islands were administered by magistrates as early as 1798.

Today a democratically elected government is appointed every four years, led by a Premier, the leader of the political party with the majority votes.

The Cayman Islands is a British Overseas Territory and accordingly, a Governor is appointed by Her Majesty’s Government.

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The Governor presides over the meetings of Cabinet, but is not a member. The Governor also chairs the National Security Council, and, in accordance with the Constitution, is bestowed special responsibility for defense, external affairs, internal security, the police and civil service. Under the Constitution, the Governor promotes good governance and acts in the best interests of the Cayman Islands “so far as such interests are consistent with the interests of the United Kingdom.”

The Governor, in addition to overseeing the civil service, also appoints members of the judiciary and various commissions established by the Constitution.

Cayman Islands Judicial System

The Cayman Islands has a stable judicial system dating back to 1798. The Judiciary is one of three separate arms of Government. It administers the law independently of the Executive and the Legislative arms of Government, an independence that is safeguarded in the Constitution of the Cayman Islands. It is comprised of the following hierarchy: Summary Court, Grand Court, Court of Appeal and Privy Council. The practice and procedures of these courts are based on English law.

Government House – Official residence of the Governor of the Cayman Islands

A Chief Justice was first appointed in 1975. There are more than 800 lawyers licensed to practice law in Grand Cayman.

Peace Memorial Town Hall, George Town DART.KY | 7

Quick Facts

2

Public hospitals

Esterley Tibbetts Highway underpass

Safe and Sophisticated Modern Infrastructure

The economic growth of the Cayman Islands is well supported by modern infrastructure.

The progressive road infrastructure is matched by underground telecommunications, a recent major airport expansion project and, potentially, a new port to welcome the approximately two million tourists who arrive annually by cruise ship.

2

Private hospitals

700+

registered practitioners and private specialists

2.4% unemployment

(Spring 2023 Labour Force Survey)

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Organisations such as the Cayman Islands Chamber of Commerce routinely offer professional development seminars.

Environmental Responsibility

Protecting the island’s environment and its fragile ecosystem is another example of how forward looking the Cayman Islands is.

The Caribbean Utilities Company (CUC) introduced ConsumerOwned Renewable Energy tariffs in early 2009. Customers with an interest in environmentally friendly renewable generation can connect to CUC’s distribution grid and receive credits for generated power. The programme is offered to residential and commercial properties.

Health City Cayman Islands

First-Rate Healthcare Facilities

There are three full-service hospitals on Grand Cayman and one on Cayman Brac and several public clinics across the three islands. Healthcare is provided by more than 1,000 healthcare professionals.

Quality Education

Private and public schools offering a choice of American and British curriculums are available to residents. Public education facilities are free to citizens of the Cayman Islands, and private schools are attended by citizens and expatriate children.

School attendance is compulsory from kindergarten to grade 12. The population is largely skilled, educated and literate, representing a 99% literacy rate. Approximately 97% of high school-aged students complete high school.

In addition to elementary and secondary schools, the Cayman Islands has the University College of the Cayman Islands which offers programmes ranging from Associates to Graduate programmes. St. Matthew’s University (medical school) and the Truman Bodden Law School, two accredited colleges largely offering undergraduate degree programmes, and a number of private schools offering vocational training programmes.

Some properties take the commitment to environmental responsibility a step further and apply for LEED® certification.

There are four buildings in Camana Bay that are built to LEED® certification standards and Kapok which is built to Fitwel standards, which is the world’s leading healthy building certification. There are a number of office fit-outs and private residences which have also earned LEED® certification within the Town Centre.

The country’s natural environment benefits from the work of the National Trust. The Trust is a not-for-profit non-governmental organisation created to preserve the history and biodiversity of the Cayman Islands. The organisation conducts education and conservation work to protect environmentally sensitive and historically significant sites across all three Cayman Islands.

Cayman International School, Camana Bay

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Quick Facts

1,000+

Kimpton Seafire Resort + Spa

Diversified and Robust Economy Home to one of the world’s premier global financial hubs and one of the most highly recognised tourist destinations in the Caribbean, the Cayman Islands economy is diversified and robust.

The 22-mile-long island of Grand Cayman welcomes over two million visitors annually. There are also 100,000 companies and over 600 banks registered in the Cayman Islands.

It’s a dramatic change from the humble early beginnings of the island, which was largely characterised by shipbuilding, fishing and rope making from the native silver thatch palm tree.

But what has endured throughout the centuries is a culture of entrepreneurship and innovation, which continues with consistent growth in the small business sector on island.

Stocks, Eurobonds, Global Depository Receipts on CSX

13,000

+

$8.5

Net Value of Funds:

USD

Trillion

(Cayman Islands Government, 2023) 10 | DART.KY

Mutual Funds

Financial Services

The Cayman Islands is a leading offshore financial centre. The country has long maintained its position among the top 10 largest global financial sectors and is internationally regarded as a world-class centre of commerce. Some 600 banks and trust companies have been incorporated in the Cayman Islands. With approximately 700 captives, it is also the world’s second largest captive domicile in the world. Financial services contribute approximately 55% of the country’s GDP. Companies incorporated in the Cayman Islands are listed on major stock exchanges around the world, including the NASDAQ, NYSE, London Stock Exchange, Hong Kong Stock Exchange, Singapore Stock Exchange and the Cayman Islands Stock Exchange.

The country’s domestic bank is Cayman National Bank. International retail banks include Scotiabank, Royal Bank of Canada, Fidelity and Butterfield Bank.

There is also a Cayman Islands branch of CIBC First Caribbean Bank, a subsidiary of the Canadian Imperial Bank of Commerce (CIBC) and a leading financial institution in the Caribbean region.

The country’s financial services sector has been the recipient of a number of prestigious international awards, including Top Specialised Financial Centre

by Banker Magazine, Best Hedge Fund Services Jurisdiction by Hedgeweek Global Awards, and Top Offshore Captive Domicile at the U.S. Captive Services Awards.

62 Forum Lane, Camana Bay

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Quick Facts Cayman Islands Court House

Legal The Cayman Islands is home to leading international law firms Maples Group, Walkers, Appleby, Ogier, Mourant and Conyers as well as several boutique law firms. Individual lawyers and law firms alike have been recognised in Legal 500, Legal 500 Caribbean, Chambers and Partners, Chambers Global, IFLR1000 and the Citywealth Leaders List, and taken home accolades at the STEP Private Client Awards and Who’s Who Legal.

The Cayman Islands’ legal system is based on English common law, locally enacted by statutes and Orders-in-Council. Local principal statutes (laws) are passed by the Legislative Assembly and assented to by the Governor.

There are over 50 law firms and more than 800 lawyers practicing in the Cayman Islands. The private sector legal system is represented by the Cayman Islands Law Society, an association which aims to promote a fair and ethical practice of the law.

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50+ 800+ Law firms

Licensed attorneys

690

223

Notary publics

Justices of the Peace

Insurance With over 800 active insurance licences, the Cayman Islands is a major centre for international insurance business, offering a broad range of coverage in the areas of home, health, life, personal property, marine, automobile, business, construction and liability.

Aetna, Generali, Fidelity Insurance, Aon and Pan-American Life Insurance are but a few of the regional insurance companies with offices in Grand Cayman.

Quick Facts • The #1 domicile worldwide for healthcare captives • The second largest domicile for captives globally • 83 Class B, C and D insurance companies licensed in Cayman, including 85 reinsurance companies

The Insurance Law was first passed in the Cayman Islands in 1979. Since then the country has become a major centre for international insurance business. The Cayman Islands is the second largest domicile for captives and holds the number-one position worldwide for healthcare captives.

According to the Cayman Islands Monetary Authority, healthcare is the primary class of business among Caymandomiciled captives, while workers’ compensation is the second largest class. The Cayman Islands captive insurance industry is composed mainly of North American companies. The next most important geographical source is the Caribbean and Latin America, collectively.

The annual Cayman Captive Forum is widely recognised as the leading conference in the insurance industry.

Camana Bay

Accounting Firms The economic strength of the Cayman Islands is a natural draw for globally recognised top accounting firms. KPMG, Deloitte, EY, Grant Thornton and PwC are among the firms offering accounting, auditing and advisory services and add to the country’s reputation of having a well-regulated business environment. The accounting industry is supported by the Cayman Islands Institute of Professional Accountants, which was first established in 1970 and has some 1,000+ professional members.

18 Forum Lane, Camana Bay

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George Town harbour 14 | DART.KY

Shipping and Aviation Shipping

The Cayman Islands is widely recognised in the maritime industry as a top-quality flag state and in the international aviation sector as the registry of choice.

The Cayman Islands Shipping Registry was first established in 1903. The Merchant Shipping Law, which was revised in 2016, is the governing legislation for all boats registered in the Cayman Islands. The law offers many different types of yacht registration, including full, interim, provisional, a ship under construction, and demise charter/bareboat registration.

Owen Roberts International Airport

Photo Credit: AirVu Media

The Maritime Authority of the Cayman Islands provides a well-developed regulatory framework for the registration, security, certification and crew documentation of merchant ships and pleasure yachts. While a boat licence is required in the Cayman Islands, insurance is not.

Aviation

Owing to the Civil Aviation Authority of the Cayman Islands’ steadfast standards and exact requirements to qualify, the country has earned a high level of respect throughout the aviation industry. This statutory body works closely with prospective registrants through the process of applying, seeking legal counsel, obtaining insurance and issuance of the certificate of registration.

The Owen Roberts International Airport in Grand Cayman facilitates arrivals from major airlines including Air Canada, American Airlines, British Airways, Delta Airlines, JetBlue, Southwest, United Airlines and WestJet and the national carrier Cayman Airways. A separate fixed-base operator, the General Aviation Terminal, caters to private aircraft.

Cayman Islands Yacht Club marina

Quick Facts • 4.3 million gross registered tonnage • Four full-service marinas in Grand Cayman

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Recent Industry Accolades and Awards:

George Town harbour

Tourism Grand Cayman welcomes close to two million visitors to the island each year via air and cruise ships. Approximately 400,000 of these tourists are overnight visitors who are attracted to the islands white sand beaches, world-acclaimed dive sites, thriving culinary scene and a blend of Caribbean charm and modern conveniences. Close proximity to the United States and airline and cruise ship options offered by leading companies in their respective industries makes access easy and affordable.

Visitors can choose from 19 hotels, including the AAA Five Diamond-rated The Ritz-Carlton, Grand Cayman and Kimpton Seafire Resort + Spa as well as a wide selection of luxury villas, traditional B&Bs or beachfront condos for their vacation accommodations.

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• 2024 Forbes Travel Guide’s Star Awards • Forbes Travel Guide, Grand Cayman as the top destination in Top 24 Destinations for 2024 • New York Times, Trending Destination for 2024 • Caribbean Journal, 2024 Luxury Destination of the Year • Skyscanner - The Most Buzzing Places in 2024 • TripAdvisor #8 Best of the Best for Nature Destination in the World 2024 • Travel + Leisure, Top 25 Caribbean Islands • Conde Nast Traveler. 25 Best Places to go Snorkeling in the World 2023 • 2024 Forbes Travel Guide’s Star Awards- The RitzCarlton, Grand Cayman triple 5 Star Rating • 2024 Forbes Travel Guide’s Star Awards, The Kimpton, Seafire Resort + Spa awarded 5 Stars for their hotel and spa • #7 in the World’s Most Loved Destinations Around the World - by TSI • Scuba Diving Magazine, 2023 Readers Choice Awards • Golf Pass, Best International Golf Course, North Sound Golf Club 2022

Retail As a small island with minimal exports, most resale goods are imported into the Cayman Islands from the USA. The retail industry in Grand Cayman thrives with an abundance of storefronts, most of which are located in the heart of George Town or along Seven Mile Beach. While many retail stores are family-owned or entrepreneurial ventures, there are some international brand stores including Victoria’s Secret, Island Company, GNC, Books & Books and Cost U Less. In addition, many luxury brands are carried at local stores, such as POLO, Apple, Rolex, Cartier, Philip Stein, Hermes, Tory Burch and Tacori.

Shopping on the Paseo, Camana Bay

Quick Facts

1.7

million+

tourists annually

90

min

flight from Miami

400,000+ airline passengers

200+

80.8%

air arrivals from USA

400+

restaurants

9.7%

Contributions to GDP:

cruise ships dock annually

12,500+ industry employees

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Why choose Dart?

1 | Architects of Lifestyle Dart creates places where people want to live, work, play and stay. The company has invested more than US$1.7 billion in real estate development in the Cayman Islands to date, including more than US$700 million in the creation of Camana Bay, a 685-acre mixed-use, master-planned town and the Caribbean’s first community founded on the principles of New Urbanism.

Dart is committed to sustainable economic growth, pursuing development excellence and properties that meet exacting standards for design, quality and functionality.

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2 | Sustainably Developed Sustainability is a way of life in Camana Bay. Each building is designed for longevity, with thoughtfully selected materials that will age gracefully while promoting energy efficiency and providing the highest standards of protection against Caribbean weather conditions. Inspired landscaping using only indigenous and endemic plant species provides a refreshing natural environment and sloped roofs collect rainwater for irrigation. Taking a stroll is always a pleasure, thanks to an abundance of solar shading and designs that capture prevailing breezes.

RENEWABLE ENERGY • Innovative technology employed • 2MW installed solar capacity installed across portfolios • Largest solar arrays can be found at Cayman International School • Chiller plant at Camana Bay is one of the largest in the country

5 | Turnkey Services Dart’s sister company, Decco, provides turnkey solutions and custom interior fit-outs that provide certainty of delivery and costs and allow for a seamless relocation, permitting you to focus on work.

In association with a prospective tenant’s interior design team, Decco is responsible for project management of the office fit-out phase, coordinating design and construction, overseeing specialist contractors and providing procurement and delivery of furniture, fixtures and equipment.

6 | Personal Approach Camana Bay Harbour

3 | Committed to the Cayman Islands Camana Bay, the developer’s signature property, is a lively waterfront town blending New Urbanism with traditional Caribbean charm. The address for the head offices of a number of global accounting firms, including EY, Deloitte and PWC, a superlative range of restaurants, independent boutiques and residential property, it is a testament to Dart’s commitment to quality, thoughtful design and placemaking.

4 | Dedicated Landlord and Property Management Team Dart is dedicated to supporting the prosperity of its tenants. From design to delivery of leased premises, Camana Bay provides a meticulously managed work environment matched to tenants’ specific requirements, ensuring unburdened occupancy within a state-of-theart infrastructure.

Dart’s property management team takes pride in providing best-in-class maintenance services while working collaboratively with tenants to foster strong, enduring relationships. The first point of contact for all premises matters, from day-to-day fundamentals to future planning or leasing, the property management team at Dart ensures prompt management of all facilities or property issues and communication on all pertinent topics from operations to maintenance and billing. The fundamental goal is a long-term positive experience for each tenant, allowing them to focus on their core business.

7 | Operational Efficiency Dart’s properties offer the best in operational efficiency, renewable energy, recycling and healthy living practices. Buildings are designed with sustainability in mind and typically incorporate energy efficiency in the way of lighting, mechanical, electrical, plumbing and airconditioning systems.

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Quick Facts • 3,500 + live and work in Camana Bay Camana Bay Town Centre

Camana Bay

• Ample complimentary parking and use of the Camana Bus as well as bicycle and scooter rentals.

• 10-minute drive from Owen Roberts International Airport • Pedestrian sea-to-sound connectivity via the Rise

Camana Bay is a thriving business and financial centre in the Cayman Islands and offers a prestigious address to the local and international business community. The 685-acre community is located in the heart of Seven Mile Beach, boasts nearly 900,000 square feet of Class-A office space and is the Caribbean’s only true mixed-use, master-planned community.

Camana Bus 22 | DART.KY

Work/Life Balance

Consistent with its New Urbanism design philosophy of “live, work, play”, Camana Bay underscores the importance of a high-quality work and lifestyle environment. Tenants are awarded inspiring views, beautiful outdoor spaces, diversity in shopping, dining and entertainment, sports fields, a harbour, car parks, a helipad, a fitness centre, nightly entertainment and on-site medical services.

Living at Camana Bay The Terraces

Camana Bay’s waterfront residential communities offer everything residents need to live, work, play and have fun - all within walking distance with over 100 + luxury residences and 150 + long-term luxury apartments.

The Terraces The Terraces offer a luxury collection of fully furnished one and two-bedroom apartments located in the heart of the Town Centre. Residents at The Terraces enjoy waterfront views, underground parking, 24-hour security and access to a rooftop pool.

Kapok

Kapok The newest residential addition to the Town Centre is Kapok, a 10-storey, 120,000-square-foot for-lease residential building with 89 units from studios to three-bedroom apartments.

OLEA With homes ranging from one-bedroom condominiums to four-bedroom duplexes and townhomes, OLEA offers diverse floor plans to suit every taste and family. Walkable, Sustainable. Connected. Diverse. OLEA has been designed with coastal character and architectural integrity that harmonises with the Camana Bay Town Centre on its doorstep.

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Doing Business in the Cayman Islands

Setting up a business in the Cayman Islands is a straightforward process and involves a few essential steps.

Acquiring a Trade & Business Licence

Before conducting any business in the Cayman Islands, all individuals, partnerships and companies must apply to the Trade and Business Licensing Board for a grant of a Trade & Business Licence (subject to limited exceptions). If the company does not have at least 60% Caymanian ownership and control, it will also require a Local Companies Control License from the Trade and Business Licensing Board (unless it is otherwise exempted from such requirement). The Trade and Business Licence fee is payable every year and the application for renewal must be made at least 28 days before the anniversary of the grant of the Trade and Business Licence. It is an offence to operate a business without a valid Trade and Business Licence. The Trade & Business Licensing Board meet every two weeks to review applications, which may take two to six weeks to review, approve (or deny) and communicate with the applicant.

Certain types of businesses will also require an inspection by one (or more) government departments; for instance, a new restaurant will need to be inspected by the Department of Environmental Health.

A detailed guidance document, schedule of fees, further information and all necessary forms are located on the Department of Commerce & Investment website at dci.gov.ky.

Incorporating a Company

The most convenient way to incorporate a company is through the services of a corporate services provider, of which there are many in Grand Cayman. These firms specialise in providing compliance and regulatory advisory services, company incorporation and secretarial assistance, fund administration, client accounting and more.

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For more information about the advantages of registering a company in the Cayman Islands and a schedule of the registration and annual fees, visit the General Registry of the Cayman Islands: ciregistry.ky.

Applying for a Work Permit

Persons who have received permanent residency and the right to work do not have to apply for a work permit, nor do persons married to a Caymanian.

All non-Caymanians are required to apply for a permit to work in the Cayman Islands. Permit applications are specific to a person’s role within the company and the fee structure is based on this role. Permits are generally granted in three-month, sixmonth, 12-month and two-year periods.

In addition to a completed application, cover letter and payment of the application, prospective permit holders will need to complete a medical exam, undergo an English exam (for non-English speaking applicants), obtain a clean police record and include any supporting certificates, diplomas or degrees from educational institutions attended.

If hiring non-Caymanian employees, the prospective employer must advertise the vacancy in a local newspaper to ascertain the availability of a Caymanian to fill the role. If no such Caymanian applies, the prospective employer may submit the permit application for a non-Caymanian.

The Immigration Department provides a wealth of information on its website, including guides to completing a work permit application, fee structure, who is exempt from a permit and answers many frequently asked questions: immigration.gov.ky.

Arranging Health Insurance

Employers are required by law to provide each employee with basic health insurance, of which a minimum of 50% of the premium must be paid for by the employer. Employees may choose to include their spouse and/or dependent(s) on their health insurance plan at their cost.

Opening a Bank Account

There are several commercial banks in the Cayman Islands attending to everyday banking needs, including setting up a new account, transferring offshore funds to a Cayman Islands account, personal lending, business loans, mortgages and credit applications.

Each bank will have its own required documents and forms for opening a business account; however, most request the company incorporation paperwork, the certificate of incorporation, financial statements or a business plan (for corporate accounts), a copy of the Trade & Business Licence, a bank reference, a passport, a utility bill, and professional references at the minimum.

Opening a Pension Account

Employees are also required by law to have a pension plan. A minimum of five percent of gross earnings are to be paid each pay period by the employer and employee to said account.

Buying Property

Unlike other Caribbean countries, there are no restrictions on foreign ownership of land in the Cayman Islands. Added to this, a simple and safe online land registry process that guarantees property title to landowners by the Cayman Islands Government.

There is a one-time stamp duty (land transfer fee) that is owed to the Cayman Islands Government when purchasing property.

The dollar amount payable is based on the purchase price of the property or the value of the property, whichever is greatest.

Buyers are encouraged to appoint an attorney to prepare the necessary legal documentation for closing and it is estimated to cost between 0.5% and 1% of the purchase price.

If using a broker, real estate agent fees are present, but are paid only by the vendor – offering buyers another cost-saving benefit.

If you seek a mortgage and choose to finance with a Cayman Islands bank, a valuation report is required. The mortgage approval process usually takes four to six weeks from the time of application.

With an abundance of legal and financial professionals on island, buyers can find comfort with expert care and advice when they have chosen a Cayman Islands home that best suits their requirements.

Once you have completed the purchase process, international buyers are eligible for permanent residency in the Cayman Islands if real estate is purchased at a value of US$2.5 million or more.

The real estate specialists at Provenance Properties can introduce you to a wide range of luxury properties and help explain the process of buying real estate in Grand Cayman.

Disclaimer: The content of this brochure is intended for general information purposes only and does not constitute and should not be interpreted as legal advice or any other form of professional advice, nor used or relied upon as such. Information is not intended to be comprehensive and Dart Enterprises Ltd. gives no warranty as to the adequacy, accuracy or completeness thereof. Should you require legal or other professional advice, it is recommended that you contact a suitably qualified lawyer or other relevant professional.

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Quick Island Facts Official language:

Expatriate population:

ENGLISH

Time zone:

UTC (-5)

Nationality:

CAYMANIAN

YEAR-ROUND

Capital city:

56%

Nationalities:

130+

Total Population:

83,671

GEORGE

TOWN

102 Size:

(Cayman Islands Government, 2018)

square miles Total imports:

CI$852.2M Official currency:

CAYMAN ISLANDS DOLLAR (CI) CI$1

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US$1.25

Average annual total compensation per employee:

US$66,585

Unemployment rate:

2.4%

(Cayman Islands Government June 2023

Average high:

95.5°F / 35.3°C Average low:

84.5°F / 29.2°C

Average annual rainfall:

1,428mm/56in

Average relative humidity:

77%

National bird:

GRAND CAYMAN PARROT

Driving is on the

LEFT

National flower:

WILD BANANA ORCHID BLUE IGUANA indigenous to Grand Cayman

National tree:

SILVER THATCH PALM

Main industries:

TOURISM FINANCIAL SERVICES CONSTRUCTION

Political status:

BRITISH OVERSEAS TERRITORY DART.KY | 27

+ 1.345.640.3600 | leasing@dart.ky | dart.ky

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