The Cayman Islands, situated in the northwestern Caribbean approximately 480 miles south of Miami, Florida, is a British overseas territory with a high degree of internal self-regulation. Grand Cayman is the largest and most developed of the three islands, and hosts the capital of George Town just to the south of the renowned Seven Mile Beach. Whilst Britain retains direct responsibility for foreign affairs, security and the judiciary, the Islands are responsible for enacting local laws and for the day-to-day administration of the Government. 

There are no direct taxes in the Cayman Islands. In particular, there are no income taxes on individuals or companies, no capital gains taxes, death duties or inheritance taxes. Revenue is raised through the imposition of import and stamp duties, registration and license fees and tourism. 

Cayman Islands law is derived from English common law, as modified by local statutes and the decisions of the local courts, which in applicable cases are ultimately subject to appeal to the Judicial Committee of the Privy Council in London. 

The development of the Cayman Islands as a significant offshore financial centre over the last 30 years has been dramatic. Cayman is ranked among the top offshore banking centres in the world. There are more then 400 banks and trust companies licensed in the Cayman Islands with 40 of the world’s 50 largest banks having subsidiaries or branches here. Cayman is the market leader world-wide for offshore mutual funds with 8,565 mutual funds registered in Cayman. There are more than 80,000 companies registered in the Cayman Islands and 745 offshore captive insurance companies. 

In addition, Cayman offers the services of a very developed professional infrastructure, with over 230 mutual fund administrators, numerous professional corporate managers and other highly skilled professional service providers, including lawyers and accountants.