General Taxes: Corporate income, capital gains, payroll, or other direct taxes are not imposed on corporations in the Cayman Islands.

VAT (Value Added Tax): There is no VAT imposed in the Cayman Islands.

Import Duties: Import duty is paid, generally at a rate of 22% to 27%, on importation of most goods. Refer to the Cayman Islands Customs’ website (www.cbc.gov.ky/) for the latest list of tariff rates.

Excise Taxes: There are no excise taxes in the Cayman Islands.

Property Taxes: There are no property taxes in the Cayman Islands.

Stamp Duties:

• Stamp duty is paid, generally at a rate of 7.5%, on transfers of Cayman Islands immovable property.

• Stamp duty, in the form of a transfer tax equal to the applicable stamp duty, also applies to transfers of shares in land holding companies.

• Cayman Islands stamp duty may also be payable if any documents are executed in, after execution brought to, or produced before a court of the Cayman Islands. Such stamp duty will be nominal in most instances and is capped at 500 Cayman Islands dollars (KYD).

• Stamp duties also apply on legal or equitable mortgages or charges of immovable property or debentures. The stamp duty ranges from 1% to 1.5%, depending on the sum secured.