Well known as an offshore financial center, the Cayman Islands are a big draw for the wealthy with its zero personal income and capital gains taxes and because it has no mandatory social security contributions.
Employers, however, are required to provide a pension plan for all workers, including expatriates who have been working for a continuous nine months in the islands. While there is no value added tax or government sales tax, the country does have some indirect taxes such as import duties, which can range up to 25 percent.
A high standard of living in the Caymans also means high property prices. The average cost of an apartment in April was over $550,000, while the average cost of a house was more than $736,000, according to government figures.
Pictured: Aerial view of downtown Georgetown, Cayman Islands.