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Get to Know About Cayman Islands
The Cayman Islands is in the Western Caribbean Sea. It is an autonomous British territory and covers an area of 264 square kilometers. About 64,420 people live on the island (national census).
The Cayman Islands is highly developed despite its size; the measures from UNDP show that the Human Development Index is 0.888. Also, the island has a Per Capita Income of $60,000, which might seem intriguing for many. The tourism industry is among the most growing in the islands; thus, it might just be the place for you if you are in the sector. Moreover, as it is a British territory, foreign relations are governed by the UK, so communicating with other countries is not so hard.
Doing business in the Cayman Islands has been the choice of many investors in recent days, due to various favorable reasons such as the absence of direct taxes, business framework, and a stable economy. The government is highly welcoming of any foreign investment, and the local workforce is skilled. Also, you can register in the Cayman Islands and conduct business operations in any part of the world. These days, the popularity of the Cayman Islands is peaking so much that there are more businesses registered in the place than the people. Well, there are more than 1000 companies who have opted to register in the Cayman Islands.
The challenges in the Cayman Islands include lack of workforce, limited reach, weather conditions (there are tropical cyclones from June to November) and some work-permit issues. There is something called the roll-over, which lets foreign workers work in the territory for a maximum nine years and another nine years only with a year-long gap in between.