1. Location2. Environment3. Brief history4. Sightseeing/ facilities

Fiscal Paradise Cayman Islands

The Cayman Island have something in common with Greece and U.S. They are a fiscal paradise, there isn’t a personal income tax, no corporate income tax, non capital gains tax and no death tax. No major taxes at all. On the contrary, Greece Is a bankrupt, high tax welfare state, and the U.S sooner or later will suffer the same fate due to the misguided entitlement programs. The Cayman Island are one of the world’s richest jurisdictions ( more prosperous than the U.S according to the latest World Bank data) in part because there are no tax penalties on income and production. Here there’s an economic problem and this is that there has been to much spending, and the political problem is that politicians have been trying to buy votes by padding government payrolls. The political class in Cayman, hopes it can prop up its costly bureaucracy with a new tax. The politicians claim the tax will only be 10 % and will only be imposed on the expat community. If the Cayman Islands adopts an income tax regardless of whether they call it a community enchancement fee, it will be just a matter of time before the burden of government spending becomes even more onerous and Cayman loses its allure and drops from being one of the world’s 10 richest jurisdictions. The Cayman Islands are famous all over the world for being a fiscal paradise, according to some interpretations this dates back to 1794. In that November 10 ships of military convoy (HMS Convert) shipwrecked on the reefs in front of Gun Bay of the Grand Cayman Island but the crew saved themselves thanks to the colonies of the islands. According to the legend on board there was a member of the British royal family, consequently king George III wanted to reward the bravery of the colonies who were exonerated from the required military service and the parliament decided to exonerate them from the tax burdens. However there are no proofs that can say if it’s true or false.