Tax advantages and taxes
In the Cayman Islands, business profits obtained outside the jurisdiction and income from capital as interest or dividends are not taxed, making it a tax haven for various corporations and financial entities around the world. Companies operating from this jurisdiction have to pay annual license fees that are calculated based on authorized share capital.
Privacy and bank secrecy
The names of the beneficiaries of the offshore companies registered in the Cayman Islands are not incorporated in any public registry and there is no obligation to reveal their identity. The Cayman Islands does not have agreements to avoid double taxation with any country which means that the owners of bank accounts and commercial companies are safe from the tax authorities of their respective countries. Offshore companies are not required by law to submit their annual financial reports to the authorities, but an annual return is required.
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