Monday, 6 November 2017

The Cayman Islands historically has been a tax-exempt destination. On 8 February 1794, the Caymanians rescued the crews of a group of ten merchant ships, including HMS Convert, an incident that has since become known as the Wreck of the Ten Sail. The ships had struck a reef and run aground during rough seas.Legend has it that King George III rewarded the island with a promise never to introduce taxes as compensation for their generosity, as one of the ships carried a member of the King's own family. While this remains a popular legend, the story is not true.The government of the Cayman Islands has always relied on indirect and not direct taxes. The territory has never levied income tax, capital gains tax, or any wealth tax, making them a popular tax haven.


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