The Cayman Islands has a population of about 65,000 people, with international finance and tourism crucial to the economy. There are many types of business entities that can be established, and there is no income tax in the Cayman Islands.
Labor and Payroll Considerations:
- Minimum wage is CIS 6.00 per hour, but service workers earning gratuity have a minimum wage of CIS 4.50 per hour
- Employment contracts can be written or oral, but some aspects must be written including additional pay deductions or time off in lieu of overtime pay
- Foreign workers need a work permit to work in the Cayman Islands
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