Cayman Islands or Ireland: where should you start a business?
The Cayman Islands ranks higher in the index, 08 against 17. Which suits you depends on where the owners live, what the company is for and how it will be run.
Pillar by pillar
Doing business, side by side
Tax
Companies pay no corporate income, capital gains or withholding tax, and no VAT is charged. Individuals pay no income or inheritance tax.
Trading income is taxed at 12.5% and non-trading income at 25%, according to PwC. VAT is 23%, and Budget 2027 left the 12.5% rate unchanged.
Set-up
Registration costs CI$700 to CI$2,568 by capital band. An express service completes within 24 hours for CI$500 more, and no minimum capital applies.
Online incorporation costs €50 and the annual return €20. No standard time applies, and on 8 October 2026 the queue ran about eight working days behind.
On the ground
Directors need not live in the islands, but the company must keep a registered office there. Economic substance requirements depend on the activity.
At least one director must be resident in the EEA unless the company lodges a €25,000 bond or certifies a real and continuous link.
Ownership
Since 28 February 2025 the beneficial ownership register is open only to persons with a legitimate interest, including journalists, at CI$75 an application.
Public access was suspended in November 2022, and access now depends on a legitimate interest or on being a designated person.
Residence
The Certificate of Direct Investment requires at least CI$1,000,000 invested in a licensed business that generates employment.
The Start-up Entrepreneur Programme requires €50,000 in funding and a high-potential start-up. The Immigrant Investor Programme closed in February 2023.
Living and working
Currency
Cayman Islands dollar.
Euro.
Time zone
UTC-5.
UTC+0, and UTC+1 in summer.
Personal tax
There is no income, inheritance, capital gains, gift or property tax, but most real estate sales carry 7.5% stamp duty.
Income above €44,000 is taxed at 40% for a single person in 2026, plus a charge of up to 8%; gains are taxed at 31%, gifts at 33%.
Flights
Services include British Airways to London via Nassau and Delta and JetBlue to New York; there is no Dubai or Singapore service.
Language
Irish is the national and first official language, and English is the second official language under Article 8 of the Constitution.
Cayman Islands vs Ireland: common questions
The Cayman Islands: Companies pay no corporate income, capital gains or withholding tax, and no VAT is charged. Individuals pay no income or inheritance tax. Ireland: Trading income is taxed at 12.5% and non-trading income at 25%, according to PwC. VAT is 23%, and Budget 2027 left the 12.5% rate unchanged.
The Cayman Islands: Registration costs CI$700 to CI$2,568 by capital band. An express service completes within 24 hours for CI$500 more, and no minimum capital applies. Ireland: Online incorporation costs €50 and the annual return €20. No standard time applies, and on 8 October 2026 the queue ran about eight working days behind.
The Cayman Islands: Directors need not live in the islands, but the company must keep a registered office there. Economic substance requirements depend on the activity. Ireland: At least one director must be resident in the EEA unless the company lodges a €25,000 bond or certifies a real and continuous link.
The Cayman Islands: Since 28 February 2025 the beneficial ownership register is open only to persons with a legitimate interest, including journalists, at CI$75 an application. Ireland: Public access was suspended in November 2022, and access now depends on a legitimate interest or on being a designated person.
The Cayman Islands: The Certificate of Direct Investment requires at least CI$1,000,000 invested in a licensed business that generates employment. Ireland: The Start-up Entrepreneur Programme requires €50,000 in funding and a high-potential start-up. The Immigrant Investor Programme closed in February 2023.
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