The Cayman Islands, situated 480 miles south east of Miami, enjoy a semi-tropical climate and contain a population of approximately 27,000 people of mixed origin.

The Islands are a British Crown Colony. Her Majesty the Queen is represented by a Governor who is Chairman of both the Legislative Assembly and the Executive Council.

Tax Free Status

There are no taxes whatsoever on income or profits, capital or wealth or capital gains. The revenues of the Islands are derived from indirect taxes such as import duties and stamp duty.

Companies incorporated in the Cayman Islands enjoy the same tax free status as individuals regardless of nationality of ownership. This absence of taxes, together with political and racial stability, has attracted the attention of investors seeking a tax free base for their operations. The Government is aware of this attraction and has encouraged investment by the deliberate introduction of laws and development of the financial sector. Government policy is aimed at a continuation of the development of this aspect of the Islands' economy.

The official tender in the Cayman Islands is the Cayman Islands dollar, although American, British and Canadian currencies are honored and readily accepted. The official rate of exchange is currently CI$l.00 to US$1.20. There is no restriction on any company maintaining accounts in any currency either inside or outside the Islands. Currently there are approximately 30,000 companies, 530 banks and 370 insurance companies of various categories registered or licensed in the Cayman Islands

Accessibility

Grand Cayman is served by various airlines including the national carrier Island Airways, British Airways, Air Canada, American Airlines, USAir and Air Jamaica, with to the United States and Canada, the Caribbean and the United Kingdom.

The Cayman Islands postal services provide a quick and efficient service within the Americas, Europe and other parts of the world including priority and first class mail. Federal Express and DHL courier services both have their own fully staffed offices in Grand Cayman and can provide overnight delivery to the world's financial centers.

These modern facilities enable CaymanBank to service clients all over the world, facilitate international transactions and provide instant communication with professionals in other jurisdictions. Today the Cayman Islands are recognised as an offshore financial center of major importance to international commerce.