Success tips when doing business in Cayman Islands in 2024

1. At the beginning of a business meeting, it is common practice to shake hands and exchange business cards with business partners. Hugging and exchanging of kisses are only suitable for family and therefore should be avoided in business contexts in Cayman Islands;
2. Exchange of gifts in a business meeting is not common in Cayman Islands. Government officers are not permitted to receive gifts, apart from diaries or calendars;
3. When addressing a person, the common etiquette is to use the first name added by a title (Mr or Miss). This is due to the large number of people having the same family names in Cayman Island such as Bodden or Bush;
4. Since the Cayman Islands are a British Overseas Territory, conservative attitudes such as politeness and modesty are strongly appreciated. When greeting a person, it is recommendable to introduce the most senior people first.

Interesting facts about Cayman Islands in 2024

1. The islands jut above the Caribbean Sea, formed from the highest portions of a huge oceanic ridge along what is known as the Cayman Trench;
2. The Cayman Islands has its own currency, the Cayman Islands dollar;
3. There is no income, company, corporation, inheritance, capital gains, or gift tax, property taxes or rates;
4. The cost of living is generally higher than in the United States or the United Kingdom as most commodities are imported and the cost of freight and insurance plus customs duty where applicable;
5. Departure tax of KYD20 (US$25) must be paid by all persons leaving the Islands (unless already charged on ticket);
6. The Cayman Islands were discovered in 1503 by Christopher Columbus;
7. The Cayman Islands is regarded as the birthplace of modern scuba diving;
8. The island of “Tortuga” referenced in the Disney film “Pirates of the Caribbean” is based upon the Cayman Islands;
9. The largest animal which is indigenous to the islands is blue iguana. It is a lizard, colored a characteristic blue and which was on the verge of extinction in 2003 with only 15 iguanas roaming free in the wild;
10. More than half of Cayman Islands’ population are expatriates mainly from the UK, the US and Canada;
11. Most of the trading partners of Cayman Islands are from the UK, the US, Trinidad, the Netherlands, and Japan;
12. In Cayman Islands, there are more registered businesses than people.