Lowtax Network

Back To Top

Your Lowtax Account

Cayman Islands: Offshore Legal and Tax Regimes

Fees Payable by Financial Institutions

Banks and Trust Companies (ie companies providing trust services) are licensed under the Banks and Trust Companies Law 1995 as amended and pay annual fees as follows:

  • Class A License (unrestricted domestic and offshore banking): from KYD600,000
  • Class B License (offshore banking; and trust companies): from KYD60,000
  • Class B Restricted Banking License (business dealings restricted to a list of specified persons): from KYD37,000
  • Trust Company License: from KY90,000
  • Restricted Trust Company License: from KYD7,000

Insurance companies are licensed under the Insurance Law 1979 as amended and pay annual fees as follows:

  • Class A License (Domestic insurance business): KYD75,000
  • Class B License (Offshore insurance and reinsurance): KYD8,500
  • Class B Restricted License (Captives): KYD8,500

Mutual funds and their administrators are licensed under the Mutual Fund Law 1996 and pay annual fees as follows:

  • A licensed mutual fund administrator pays KYD20,000 for up to 50 administered funds and KYD25,000 thereafter;
  • A restricted mutual fund administrator pays KYD7,000;
  • Mutual funds pay KYD3,500.

The initial and annual fees for listing on the Cayman Islands Stock Exchange are as follows:

  • Specialist Debt: USD2,500 and USD2,500 thereafter;
  • Eurobonds: USD2,500 and USD2,500 thereafter;
  • Debt Programmes: USD3,000 and USD1,500 thereafter;
  • Mutual Funds: USD2,500 and USD2,500 after the first year (subsequent annual fees rise according to the shares classes/sub funds/ series);
  • Depository Receipts (sponsored): USD3,000 and USD4,000 thereafter;
  • Derivative Warrants: USD3,500 and USD1,500 thereafter;
  • Equity Securities: USD10,000 to USD20,000 (depending on value of securities) and USD10,000 thereafter;
  • Debt Securities: USD4,000 and USD2,000 thereafter;
  • Secondary listings: USD2,000 and USD2,000 thereafter.

NB: Fees charged by listing agents are a separate matter; the above fees are simply set annual dues. The charges of a listing agent are likely to be in the KYD5,000 neighbourhood.

 

 

Back to Cayman Islands Index »