Cayman Special Economic Zone Opens Up
Wednesday, January 4, 2012
The Premier of the Cayman Islands, McKeeva Bush, in his new year's address, has
noted that the territory is to attract additional investment as a result of the
Cayman Enterprise City - the first special economic zone in the Caribbean - due
to begin admitting companies this month.
Bush said the Cayman Enterprise City has made great strides since the signing
of a Memorandum of Understanding between the organisers and the government eleven
Bush described 'extraordinary progress' by CEC stakeholders, which has meant
that the CEC zone is now operational. The Special Economic Zones Law was passed
by the legislative assembly in September 2011. The Special Economic Zone Authority
held its first meeting in the last week of December, and has confirmed that
it is prepared to license the first zone companies in January 2012.
Investors located in the zone will benefit from: exemptions from income tax;
from corporate tax; from capital gains tax; from tax on the repatriation of
capital and profits; exemptions from work permits; and companies will be permitted to be 100% foreign owned.