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Cayman Economy

Update Date:2018-4-26 11:22:07     Source:www.3737580.com     Views:530

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The Cayman Islands are a British Overseas Territory in the western Caribbean Sea. The territory comprises the three islands of Grand Cayman, Cayman Brac and Little Cayman, south of Cuba and northwest of Jamaica. The Cayman Islands are considered to be part of the geographic Western Caribbean Zone as well as the Greater Antilles. The territory is a major world offshore financial centre.

 

With an average income of around KYD$47,000, Caymanians have the highest standard of living in the Caribbean. According to the CIA World Factbook, the Cayman Islands GDP per capita is the 14th highest in the world. The islands print their own currency, the Cayman Islands Dollar (KYD), which is pegged to the US dollar 1.227 USD to 1 KYD. However, in many retail stores throughout the island, the KYD is typically traded at 1.25 USD.


The government's primary source of income is indirect taxation: there is no income tax, capital gains tax, or corporation tax. An import duty of 5% to 22% (automobiles 29.5% to 100%) is levied against goods imported into the islands. Few goods are exempt; notable exemptions include books, cameras, and infant formula.

 

On 15 July 2012 the Cayman Islands premier McKeeva Bush announced the intended introduction of a "community enhancement fee" in the form of a payroll tax to be paid solely by expatriate workers. Caymanians themselves were to remain exempt from this tax. This would have been the first direct tax on income in the Cayman Islands' history. Bush also announced a five percent fee on "certain categories of employment" to be payable by businesses. However, the payroll tax would lower GDP and was scrapped before it had been implemented.

 


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