Garmin to move place of incorporation to Switzerland from Cayman Islands

Garmin to move incorporation to Switzerland

NEW YORK — Navigation device maker Garmin Ltd. said Wednesday that it will shift the location of its incorporation from the Cayman Islands to Switzerland.

The board approved the move and the company will ask shareholders to vote in favor of the proposed change on May 20.

Garmin follows a number of other companies that are moving out of Caribbean offshore financial havens.

Garmin said its footprint in Europe has “grown considerably” in recent years.

“The Swiss office will provide a base for expansion of certain corporate functions in Europe and a more favorable structure from which it would be possible to acquire or partner with European businesses,” said Min Kao, chairman and CEO, in a statement.

The company expects the move to be effective on June 27.

Separately, Garmin also approved an annual cash dividend of $1.50, a one-time increase from 75 cents.

The dividend is payable to shareholders of record on April 15 and will be paid on April 30.