Cayman Islands

Overview

Last reviewed - 07 July 2020

The Cayman Islands, located in the western Caribbean Sea, were colonised from Jamaica by the British during the 18th and 19th centuries and were administered by Jamaica after 1863. In 1959, the islands became a territory within the Federation of the West Indies. When the Federation dissolved in 1962, the Cayman Islands chose to remain a British dependency. The Cayman Islands are an overseas territory of the United Kingdom. They are divided into six districts, with Georgetown as the capital. The official language of the Cayman Islands is English. The currency in the Cayman Islands is the Cayman Islands dollar (KYD).

With no direct taxation, the islands are a thriving offshore financial centre. More than 99,000 active companies were registered in the Cayman Islands as of 2016, including almost 300 banks, 750 insurers, and 10,500 mutual funds. A stock exchange was opened in 1997. The tourism and financial services industries create a significant majority of gross domestic product (GDP). The tourism industry is aimed at the luxury market and caters mainly to visitors from North America. The Caymanians enjoy one of the highest outputs per capita and one of the highest standards of living in the world.

PwC has been established in the Cayman Islands for over 30 years and has significant local experience with the financial services sector, utility providers, and other institutions. The PwC practice in the Cayman Islands provides a range of assurance, tax, and advisory services.

Quick rates and dates

Corporate income tax (CIT) rates
Headline CIT rate (%)

NA

Corporate income tax (CIT) due dates
CIT return due date

There are no tax filing requirements in the Cayman Islands.

CIT final payment due date

NA

CIT estimated payment due dates

NA

Personal income tax (PIT) rates
Headline PIT rate (%)

NA

Personal income tax (PIT) due dates
PIT return due date

NA

PIT final payment due date

NA

PIT estimated payment due dates

NA

Value-added tax (VAT) rates
Standard VAT rate (%)

NA

Withholding tax (WHT) rates
WHT rates (%) (Div/Int/Roy)

NA

Capital gains tax (CGT) rates
Corporate capital gains tax rate (%)

NA

Individual capital gains tax rate (%)

NA

Net wealth/worth tax rates
Headline net wealth/worth tax rate (%)

NA

Inheritance and gift tax rates
Inheritance tax rate (%)

NA

Gift tax rate (%)

NA

NA stands for Not Applicable (i.e. the territory does not have the indicated tax or requirement)

NP stands for Not Provided (i.e. the information is not currently provided in this chart)

All information in this chart is up to date as of the 'Last reviewed' date on the corresponding territory Overview page. This chart has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this chart without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this chart, and, to the extent permitted by law, PwC does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this chart or for any decision based on it.