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UNITED\ue000 STATES
SECURITIES\ue000 AND\ue000 EXCHANGE\ue000 COMMISSION
Washington,\ue000 D.C.\ue000 20549
FORM\ue000 10-K
x
ANNUAL\ue000 REPORT\ue000 PURSUANT\ue000 TO\ue000 SECTION\ue000 13\ue000 OR\ue000 15(d)\ue000 OF\ue000 THE\ue000 SECURITIES\ue000 EXCHANGE\ue000 ACT\ue000 OF\ue000 1934
For\ue000 the\ue000 fiscal\ue000 year\ue000 ended\ue000 December\ue000 27,\ue000 2008
or
\u00ae
TRANSITION\ue000 REPORT\ue000 PURSUANT\ue000 TO\ue000 SECTION\ue000 13\ue000 OR\ue000 15(d)\ue000 OF\ue000 THE\ue000 SECURITIES\ue000 EXCHANGE\ue000 ACT\ue000 OF\ue000 1934
For\ue000 the\ue000 transition\ue000 period\ue000 from\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000 to\ue000______
Commission\ue000 file\ue000 number\ue000 0-31983
GARMIN\ue000 LTD.
(Exact\ue000 name\ue000 of\ue000 registrant\ue000 as\ue000 specified\ue000 in\ue000 its\ue000 charter)
\ue000
Garmin\ue000 Logo
Cayman\ue000 Islands
98-0229227
(State\ue000 or\ue000 other\ue000 jurisdiction
\ue000 (I.R.S.\ue000 Employer\ue000 Identification\ue000 No.)
of\ue000 incorporation\ue000 or\ue000 organization)
\ue000
P.O.\ue000 Box\ue000 10670,\ue000 Grand\ue000 Cayman\ue000 KY1-1006
\ue000
Suite\ue000 3206B,\ue000 45\ue000 Market\ue000 Street,\ue000 Gardenia\ue000 Court
N/A
Camana\ue000 Bay,\ue000 Cayman\ue000 Islands
(Zip\ue000 Code)
\ue000 (Address\ue000 of\ue000 principal\ue000 executive\ue000 offices)
\ue000
Registrant\u2019s\ue000 telephone\ue000 number,\ue000 including\ue000 area\ue000 code:\ue000 \ue000(345)\ue000 640-9050
Securities\ue000 registered\ue000 pursuant\ue000 to\ue000 Section\ue000 12(b)\ue000 of\ue000 the\ue000 Act:
Common\ue000 Shares,\ue000 $0.005\ue000 Per\ue000 Share\ue000 Par\ue000 Value
NASDAQ\ue000 Global\ue000 Select\ue000 Market
(Title\ue000 of\ue000 each\ue000 class)
(Name\ue000 of\ue000 each\ue000 exchange\ue000 on\ue000 which\ue000 registered)

Securities\ue000 registered\ue000 pursuant\ue000 to\ue000 Section\ue000 12(g)\ue000 of\ue000 the\ue000 Act:\ue000 \ue000None
Indicate\ue000 by\ue000 check\ue000 mark\ue000 if\ue000 the\ue000 registrant\ue000 is\ue000 a\ue000 well-known\ue000 seasoned\ue000 issuer,\ue000 as\ue000 defined\ue000 in\ue000 Rule\ue000 405\ue000 of\ue000 the\ue000 Securities\ue000 Act.\ue000 YES\ue000\u02db \ue000 NO\ue000\u00ae
Indicate\ue000 by\ue000 check\ue000 mark\ue000 if\ue000 the\ue000 registrant\ue000 is\ue000 not\ue000 required\ue000 to\ue000 file\ue000 reports\ue000 pursuant\ue000 to\ue000 Section\ue000 13\ue000 or\ue000 Section\ue000 15(d)\ue000 of\ue000 the\ue000 Act.\ue000 YES\ue000\u00ae \ue000 \ue000 \ue000 NO\ue000\u02db
Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 registrant\ue000 (1)\ue000 has\ue000 filed\ue000 all\ue000 reports\ue000 required\ue000 to\ue000 be\ue000 filed\ue000 by\ue000 Section\ue000 13\ue000 or\ue000 15(d)\ue000 of\ue000 the\ue000 Securities\ue000 Exchange\ue000 Act

of\ue000 1934\ue000 during\ue000 the\ue000 preceding\ue000 12\ue000 months\ue000 (or\ue000 for\ue000 such\ue000 shorter\ue000 period\ue000 that\ue000 the\ue000 registrant\ue000 was\ue000 required\ue000 to\ue000 file\ue000 such\ue000 reports),\ue000 and\ue000 (2)\ue000 has\ue000 been
subject\ue000 to\ue000 such\ue000 filing\ue000 requirements\ue000 for\ue000 the\ue000 past\ue000 90\ue000 days.\ue000 YES\ue000\u02db \ue000 NO\ue000\u00ae

Indicate\ue000 by\ue000 check\ue000 mark\ue000 if\ue000 disclosure\ue000 of\ue000 delinquent\ue000 filers\ue000 pursuant\ue000 to\ue000 Item\ue000 405\ue000 of\ue000 Regulation\ue000 S-K\ue000 is\ue000 not\ue000 contained\ue000 herein,\ue000 and\ue000 will\ue000 not\ue000 be contained,\ue000 to\ue000 the\ue000 best\ue000 of\ue000 registrant\u2019s\ue000 knowledge,\ue000 in\ue000 definitive\ue000 proxy\ue000 or\ue000 information\ue000 statements\ue000 incorporated\ue000 by\ue000 reference\ue000 in\ue000 Part\ue000 III\ue000 of\ue000 this Form\ue000 10-K\ue000 or\ue000 any\ue000 amendment\ue000 to\ue000 this\ue000 Form\ue000 10-K.\ue000\u02db

Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 registrant\ue000 is\ue000 a\ue000 large\ue000 accelerated\ue000 filer,\ue000 an\ue000 accelerated\ue000 filer,\ue000 a\ue000 non-accelerated\ue000 filer,\ue000 or\ue000 a\ue000 smaller\ue000 reporting company.\ue000 \ue000 See\ue000 the\ue000 definitions\ue000 of\ue000 \u201clarge\ue000 accelerated\ue000 filer\u201d,\ue000 \u201caccelerated\ue000 filer\u201d\ue000 and\ue000 \u201csmaller\ue000 reporting\ue000 company\u201d\ue000 in\ue000 Rule\ue000 12b-2\ue000 of\ue000 the\ue000 Exchange Act.

Large\ue000 Accelerated\ue000 Filer\ue000 \ue000\u02db
\ue000 Accelerated\ue000 Filer\ue000\u00ae
\ue000
\ue000
Non-accelerated\ue000 Filer\ue000\u00ae
Smaller\ue000 reporting\ue000 company\ue000\u00ae
(Do\ue000 not\ue000 check\ue000 if\ue000 a\ue000 smaller\ue000 reporting\ue000 company)
Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 registrant\ue000 is\ue000 a\ue000 shell\ue000 company\ue000 (as\ue000 defined\ue000 in\ue000 Rule\ue000 12b-2\ue000 of\ue000 the\ue000 Exchange\ue000 Act).
YES\ue000\u00ae \ue000 NO\ue000\u02db
\ue000
Aggregate\ue000 market\ue000 value\ue000 of\ue000 the\ue000 common\ue000 shares\ue000 held\ue000 by\ue000 non-affiliates\ue000 of\ue000 the\ue000 registrant\ue000 as\ue000 of\ue000 June\ue000 28,\ue000 2008\ue000 (based\ue000 on\ue000 the\ue000 closing\ue000 price\ue000 of\ue000 the
registrant's\ue000 common\ue000 shares\ue000 on\ue000 the\ue000 Nasdaq\ue000 Stock\ue000 Market\ue000 for\ue000 that\ue000 date)\ue000 was\ue000 $6,026,179,129.
Number\ue000 of\ue000 shares\ue000 outstanding\ue000 of\ue000 the\ue000 registrant\u2019s\ue000 common\ue000 shares\ue000 as\ue000 of\ue000 February\ue000 20,\ue000 2009:
Common\ue000 Shares,\ue000 $.005\ue000 par\ue000 value\ue000 \u2013\ue000 200,392,897
Documents\ue000 incorporated\ue000 by\ue000 reference:
Portions\ue000 of\ue000 the\ue000 following\ue000 document\ue000 are\ue000 incorporated\ue000 herein\ue000 by\ue000 reference\ue000 into\ue000 Part\ue000 III\ue000 of\ue000 the\ue000 Form\ue000 10-K\ue000 as\ue000 indicated:
Processed and formatted by SEC Watch - Visit SECWatch.com
Document
\ue000
Part\ue000 of\ue000 Form\ue000 10-K\ue000 into
which\ue000 Incorporated
Company's\ue000 Definitive\ue000 Proxy\ue000 Statement\ue000 for\ue000 the\ue000 2009\ue000 Annual\ue000 Meeting\ue000 of\ue000 Shareholders\ue000 which\ue000 will\ue000 be\ue000 filed\ue000 no
later\ue000 than\ue000 120\ue000 days\ue000 after\ue000 December\ue000 27,\ue000 2008.
\ue000
Part\ue000 III
\ue000
Processed and formatted by SEC Watch - Visit SECWatch.com
\ue000
Garmin\ue000 Ltd.
\ue000
2008\ue000 Form\ue000 10-K\ue000 Annual\ue000 Report
\ue000
Table\ue000 of\ue000 Contents
\ue000
Cautionary\ue000 Statement\ue000 With\ue000 Respect\ue000 To\ue000 Forward-Looking\ue000 Comments
3
\ue000
\ue000
\ue000
\ue000
Part\ue000 I
\ue000
\ue000
\ue000
\ue000
Item\ue000 1.
Business
3
Item\ue000 1A.
Risk\ue000 Factors
18
Item\ue000 1B.
Unresolved\ue000 Staff\ue000 Comments
\ue000 28
Item\ue000 2.
Properties
28
Item\ue000 3.
Legal\ue000 Proceedings
29
Item\ue000 4.
Submission\ue000 of\ue000 Matters\ue000 to\ue000 a\ue000 Vote\ue000 of\ue000 Security\ue000 Holders
30
\ue000
Executive\ue000 Officers\ue000 of\ue000 the\ue000 Registrant
30
\ue000
\ue000
\ue000
\ue000
Part\ue000 II
\ue000
\ue000
\ue000
\ue000
Item\ue000 5.
Market\ue000 for\ue000 Registrant\u2019s\ue000 Common\ue000 Equity,\ue000 Related\ue000 Stockholder\ue000 Matters\ue000 and\ue000 Issuer\ue000 Purchases\ue000 of\ue000 Equity\ue000 Securities
32
Item\ue000 6.
Selected\ue000 Financial\ue000 Data
34
Item\ue000 7.
Management's\ue000 Discussion\ue000 and\ue000 Analysis\ue000 of\ue000 Financial\ue000 Condition\ue000 and\ue000 Results\ue000 of\ue000 Operations
36
Item\ue000 7A.
Quantitative\ue000 and\ue000 Qualitative\ue000 Disclosures\ue000 About\ue000 Market\ue000 Risk
50
Item\ue000 8.
Financial\ue000 Statements\ue000 and\ue000 Supplementary\ue000 Data
52
Item\ue000 9.
Changes\ue000 in\ue000 and\ue000 Disagreements\ue000 with\ue000 Accountants\ue000 on\ue000 Accounting\ue000 and\ue000 Financial\ue000 Disclosure
78
Item\ue000 9A.
Controls\ue000 and\ue000 Procedures
79
Item\ue000 9B.
Other\ue000 Information
81
\ue000
\ue000
\ue000
\ue000
Part\ue000 III
\ue000
\ue000
\ue000
\ue000
Item\ue000 10.
Directors,\ue000 Executive\ue000 Officers\ue000 and\ue000 Corporate\ue000 Governance
82
Item\ue000 11.
Executive\ue000 Compensation
83
Item\ue000 12.
Security\ue000 Ownership\ue000 of\ue000 Certain\ue000 Beneficial\ue000 Owners\ue000 and\ue000 Management\ue000 and\ue000 Related\ue000 Stockholder\ue000 Matters
83
Item\ue000 13.
Certain\ue000 Relationships\ue000 and\ue000 Related\ue000 Transactions,\ue000 and\ue000 Director\ue000 Independence
84
Item\ue000 14.
Principal\ue000 Accounting\ue000 Fees\ue000 and\ue000 Services
84
\ue000
\ue000
\ue000
\ue000
Part\ue000 IV
\ue000
\ue000
\ue000
\ue000
Item\ue000 15.
Exhibits\ue000 and\ue000 Financial\ue000 Statement\ue000 Schedules
85
\ue000
Signatures
89
\ue000
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