LYCOS RETRIEVER 
Cayman Islands: Government Business
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The Cayman Islands have no restrictions on the ownership of Cayman Island property by non-Caymanians, which makes the Caymans an attractive place to buy real estate. Additionally, the owner of Cayman property may maintain up to two units of rental property without having to first obtain any kind of work, trade or business permit or license -- so you can buy your dream home in the Caymans but lease it out until you are ready to live there.
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The Cayman Islands presently imposes a controversial "rollover" policy in relation to expatriate workers who require a work permit. Non-Caymanians are only permitted to reside and work within the Territory for a maximum of seven years (non-renewable) unless they satisfy the criteria of key employees. The policy has been the subject of some controversy within the press,[3] and concerns have been expressed that in the long term, the policy may damage the pre-eminence of the Cayman Islands as an offshore financial centre by making it difficult to recruit and retain experienced staff from onshore financial centres. Government employees are no longer exempt from this "rollover" policy according to this report in a local newspaper [8]. The Governor has decided to use his constitutional powers, which give him absolute control for the disposition of civil service employees, to determine which expatriate civil servants are dismissed after seven years service and which are not.
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Government-sponsored tertiary education in the Cayman Islands began in 1975 when the Community College was established as a part-time institution. From 1976 to 1981 three other institutions - the Trade School, the Hotel School and the Marine School - were founded. These schools were located at different sites and were supervised either by the Ministry of Education or the Ministry of Tourism and Labour.
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The Cayman Islands is inviting for potential investors for many important reasons. Not only is it an inviting location to visit, but upon arrival there are no property tax, no income tax, no capital gains tax and no inheritance tax. The language is English, and the American dollar is readily accepted although the local currency is the Cayman dollar which is pegged to the US dollar at US$1.25. The way the government exists in the Cayman Islands is by putting a 20% importation fee on all goods brought on the island.
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Prior to joining dms, Mr. Phillip worked at Ernst & Young Cayman Islands as a Senior Auditor, where he was responsible for coordinating and supervising the audits of both onshore and offshore hedge funds worth over $12 billion. Prior to that, he worked in the asset management practice at Ernst & Young's New York Financial Services Office. He holds a Master of Science degree in Accountancy from the University of Notre Dame, a Bachelor of Business Administration degree in Accounting and Finance from North Carolina Central University and is qualified as a Certified Public Accountant in the state of New York.
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Because the financial services industry is by far the largest of only two industries on the islands (the other being tourism), the Cayman government is very interested in the continued growth and sensible regulation of offshore business activities. There is close cooperation between the Cayman government and the private banks and other offshore service providers. The Cayman government is innovative in offshore services in a respectable sort of way, balancing freedom of commerce and the demand for new products and services against the need to properly regulate activity to keep crooks and scam artists out, and so tend to follow the "cutting-edge" jurisdictions of the Cook Islands and Nevis by a couple years in new legislation.
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