Cayman Islands Tax Tables 2024 - Tax Rates and Thresholds in Cayman Islands

This page contains the tax table information used for the calculation of tax and payroll deductions in Cayman Islands in 2024. These tax tables are used for the tax and payroll calculators published on iCalculator™ KY, these tools are provided for your free use on our website. If you would like additional tax table information added to the tax calculators for Cayman Islands or would like to add to or suggest amendments to the information herein then please contact us.

Cayman Islands Personal Income Tax Tables in 2024

The Income tax rates and personal allowances in Cayman Islands are updated annually with new tax tables published for Resident and Non-resident taxpayers. The Tax tables below include the tax rates, thresholds and allowances included in the Cayman Islands Tax Calculator 2024.

Cayman Islands Social Security and Payroll Deduction Rates in 2024

The Cayman Islands have a unique approach to social security and payroll deductions, reflecting the territory's broader fiscal policies and economic structure. Unlike many countries, the Cayman Islands do not have a traditional social security system funded by payroll taxes. Instead, employers and employees contribute to mandatory pension schemes, which are the primary form of social security in the territory.

Pension Contributions: Both employers and employees are required to make contributions to private pension plans, which serve as the primary retirement savings mechanism for workers. These contributions are set aside in individual accounts, which employees can access upon reaching retirement age. The purpose of these pension schemes is to ensure that residents have a means of support during their retirement years, promoting financial independence and security for the elderly population.

In addition to pension contributions, there are no mandated health insurance contributions collected via payroll deductions. However, employers are required by law to provide health insurance coverage for their employees, ensuring that workers have access to medical care. This requirement underscores the importance of health and wellbeing for all residents, contributing to the territory's high standard of living.

The Cayman Islands' approach to social security and payroll deductions is consistent with its tax-neutral policy, which aims to attract international business and investment by minimizing direct taxes and mandatory government contributions. This system encourages economic growth and employment while ensuring that residents have essential protections for retirement and health care.

While the Cayman Islands may not have a traditional social security system, the mandatory pension contributions and employer-provided health insurance play a crucial role in safeguarding the welfare of the workforce, offering a model that aligns with the territory's economic and social objectives.

Historic Tax Tables supported for Cayman Islands

The following tax tables are supported by iCalculator™ KY as part of the suite of free tax tools we provide for Cayman Islands.