SAN JUAN – The Grand Cayman Special Economic Zone has attracted up to $70 million in investment in less than four years, Cayman Enterprise City said in a statement.
CEC said 60 new companies set up shop in the zone last year alone, furthering the government’s aim of diversifying the economy.
“As one of the largest financial service centers in the world, we are a community that is business-focused and welcome a diversity of businesses to our shores,” Cayman Islands Premier Alden McLaughlin said.
Last week, the Cayman Islands government approved a new development plan to create a 85,000 square-foot office complex near George Town, expected to open by 2018.
The Special Economic Zone was established to enable foreign businesses and investors to take advantage of Cayman’s jurisdictional benefits, which include exemptions from corporate tax, income tax and capital gains tax.