Cayman islands Flashcards
What is the Cayman Islands?
A British overseas territory in the western Caribbean Sea. As of 2023, the population is approximately 85,000
What was the GDP in 2023?
$7.1 billion with a per capita GDP of $100,000, indicating one of the highest standards of living globally
What are the Cayman islands largest sectors?
Financial services and tourism
How many companies are registered in the Cayman Islands?
116,000
How many banks are registered there?
600
How much money is held in assets in the Cayman Islands?
exceeding $500 billion
What percentage of personal income tax does the Cayman islands offer?
0%
What issues come with avoiding tax?
-some argue that companies and individuals are avoiding paying taxes in the very countries that enabled them to earn their wealth
How much money are American companies holding in cash overseas?
$2 trillion in cash
How much does Apple hold in cash abroad?
US$150 billion or 89% of it’s total cash.
What percentage of tax has apple avoided paying?
35% in corporate taxes that would otherwise be due in the countries where profits were actually being made.
Do governments and IGOs accept the growth of tax havens? e.g G7/WB
they accept the growth of tax havens. National govs seek investment from TNC’s to generate employment and wealth and they can set their own tax rates.
What are NGO’s viewpoints on tax havens?
In 2015, the EU declared that the ability of TNCs to move revenues earned throughout the EU to low-tax member states like Iceland was unfair.
