Featured. The Government recognises the importance that the finance industry plays in the local economy and works with the industry to provide compliant, responsive and flexible services to local and international markets. The Primary Advantages of a Cayman Islands Tax Haven The Cayman Islands does not impose any tax burden on income, capital, sales or capital gains. This means incredible diversity when it comes to restaurants, entertainment, shopping and socializing. Eyebrows often raised when I told people where I was living, their impressions of the Cayman Islands formed by Paradise Papers coverage and … Cayman’s financial services industry is the envy of the world over. The Advantages of Living in West Bay Quiet, peaceful, unhurried, pastoral – West Bay has many charms that make residing here a country living experience. Most “western” of the Caribbean islands (could be a pro or con depending what you looking for) Cons: High cost of living (rent is getting higher, groceries are expensive, and if you have kids that’s another thing all together) Outdoor hobbies are limited to … The islands’ population is a bit over 60,000, which is dwarfed by Miami’s 463,000 residents. 6. In many cases, this mirrors British nationality. This site uses cookies to offer you a better browsing experience. Some of the most popular nationalities include Canadian, American, South African, Filipino, British and Irish – to name a few! However, there is one bit of your former life in the US that will remain virtually unchanged. Cayman is a multi-racial society with well over 100 nationalities living here in harmony. This means incredible diversity when it comes to restaurants, entertainment, shopping and socializing. ", Copyright © 2008-2021 Hawksford. You’re still living in the United States. One of the main benefits of living in the Cayman Islands is the financial advantage of not having to pay any income tax. Whether you're moving here, thinking of taking the leap or you're lucky enough to already live in paradise and you just want to keep up with the locals- we've got you covered. With its tropical climate, the Cayman Islands receive plenty of sunshine all throughout the year. The cost of living in the Cayman Islands is relatively expensive. Benefits of Cayman The Cayman Islands is recognised as a major international financial centre with leadership in a number of areas. You can find how we use these by clicking “More info” or click “Accept” to agree, Jurisdictional comparison - 01 October 2016. "Protection of the finance business and maintenance of the zero tax environment is critical to the Islands future prosperity. What's it like living in the Cayman Islands? The Cayman Islands is a British Overseas Territory, meaning it is overseen by the British Government, has a Governor appointed by the UK and a local government which runs the islands’ day-to-day affairs. The Cayman Islands are home to the first medical tourism facilities in the Caribbean, Health City. Leaving the US to move to the Cayman Islands can be a big step for many people. The Cayman Islands are the pinnacle of the international tax and business world. One of the advantages of opening a company in the Cayman Islands which is a corporate entity is the fact that the investors will be protected against the debts of their business. One of the benefits of choosing to retire in the Cayman Islands is high quality health care. Located on the southern shore of the rugged east end of Grand Cayman, Health City Cayman Islands looks as out-of-place amongst the tropical palms and sun-baked sands as one might expect. The island also receives protection from the military in case there is something that happens in the world. Winter is the best time of the year, as it is the least rainy and the average temperature is approximately 75 Degrees. In addition to having no corporate tax, the Cayman Islands impose no direct taxes whatsoever on residents. Daily direct flights from Owen Roberts International Airport link the islands to major North American gateways including New York, Toronto, Atlanta, Tampa, Charlotte and Chicago, and Miami is only a short 90-minute flight away. Tax only comes indirectly in the form of import and customs duties and stamp duties on property purchases. Since it is a tax neutral jurisdiction, there is no income tax or corporation tax.The government accumulates funds for running the country through … One of the first noticeable differences about West Bay is the number of large pastures and fields throughout the district. The immediate needs of new residents are very well catered to. Here’s how to move your business to Cayman and pay zero US tax. Locations such as Rum Point and Camana Bay are particularly well geared towards entertaining kids and provide fun for all the family. Mar 24, 2020. The relationship between Cayman and the Americas is well established, thanks to excellent political, commercial and community links. We are a tax neutral jurisdiction, which means we don’t pay income, capital gains, property or inheritance tax. 5. Likewise, excellent car dealerships and electronic stores are on island to assist with your important large purchases. Postal Service delivers your mail here as well. Cayman Islands living is both laid back and exciting. Established in 2015, our Cayman Islands office is one of the most recent developments in our expanding global footprint. The Cayman Islands is a self-governing British Overseas Territory (BOT). At the end of the day, opening an offshore bank account in Cayman Islands is about maximizing the benefits available in the United States tax code, and not hiding assets from the IRS. There are undoubtedly many advantages to choosing to invest in The Cayman Islands.Here we will take a brief look at some of the legal benefits and what opportunities there are to make a return on your investment in the Cayman Island property, please consult a local attorney for more details. There is also no inheritance/estate tax in the Cayman Islands which … Tax Treatment: Perhaps the most well-known aspect of registering in the Cayman Islands is the favourable tax climate. Or, you can always ask an expat or our team for some advice to make the transition easier! With such a large expatriate community, relocating and setting up in the Cayman Islands can be quite simple. Many of the experiences that you will have are the same as any othe… Delaware, a massive … If you decide to start living in St. Thomas, then you are going to be living in a U.S. territory. 1. All rights reserved. Safe, English speaking, and with a huge talent pool of professionals form all over the world, the Cayman Islands are easy to love, both for business and pleasure. (The Netherlands, Bermuda, Cayman Islands and Ireland head the list for havens with the most foreign profits booked there. The Cayman Islands are a tri-island archipelago consisting of Grand Cayman, Cayman Brac, and Little Cayman. The establishment of a Trust may create tax benefits for the Settlor and the Beneficiaries. Everyone might dream of living on a Caribbean island, enjoying tropical temperatures, sandy beaches and a relaxed, laid-back lifestyle, but few actually take the steps to investigate whether it’s a real possibility for them professionally or simply just a pipe dream. Its climate is warm and mild year-round, making it an ideal getaway if you want to never see winter again. The island is a brilliant location for raising youngsters, and nurseries and schools are of a very high standard. Furthermore, the Cayman Islands also attracts plenty of wealthy vacationers and expats, so services on the island tend to cater to those communities. How to Start and Maintain a Fitness Routine While Living on an Island. We lead the world in the hedge fund industry and are the world’s number two in the provision of captive insurance. 2. However, in order to offset this, salaries tend to be sky high. The U.S. Free range green iguanas and chickens roam the island uninhibited without a care in the world. They have no income tax, no property … There is no income tax or capital gains tax payable in relation to Trust assets in the Cayman Islands. So long as you use banks and brokerage accounts that do not have branches in the United States, the asset protection component of going offshore is preserved. This means we have an incredibly strong financial services industry which, in turn, means we have some of the world’s best accountancy and legal firms on island to provide services to the industry. The beaches, diving, sophisticated attractions and local hospitality, encourage visitors to Cayman to conduct business in person, whilst enjoying the pleasures the islands have to offer. While there are always employment opportunities available within the Island’s two pillar industries, finance and tourism, other sectors such as medical, construction, retail and food and beverage also provide good employment prospects. Renting or purchasing property is easy to source with ample professional real estate agents who will help you rent or purchase. ", The time location (GMT- 5) is ideal for organisations operating their businesses from Asia, Europe and the Americas. In addition, there is a thriving second hand market whereby you can purchase a myriad of items such as cars, sports equipment and household products (see ecaytrade.com and http://freecayads.com as good examples). Protection of the finance business and maintenance of the zero tax environment is critical to the Islands future prosperity. However, the costs and challenges of getting a visa have kept small businesses out. Moreover, pollution levels in this region are low. Some of the most popular nationalities include Canadian, American, South … Although particularly renowned for the establishment of investment funds (both hedge funds and private equity funds), Cayman Islands Our neighbor downstairs would go out everyone morning and pull out a dozen or so eggs from underneath the bushes. 1. The US government has a simple and effective tool for determining whether your benefits will be affected. Family of four estimated monthly costs: CI$6,163 Single person estimated monthly costs: CI$3,496 WARNING! Trying to go offshore fishing? 3. In the Cayman Islands we like to think we have it all: a fantastic Caribbean environment in which to work, live and relax and a first class professional infrastructure that makes this jurisdiction one of the world’s most successful offshore financial centres. Prior to deciding upon Cayman for our new office, Hawksford took the opportunity to first review all of the Americas-based offshore jurisdictions, to determine which had the reputation, credibility, products and appeal to meet the demands of existing and potential clients. Many wealthy individuals will find that there are many economic benefits to obtaining permanent residency or Cayman Islands dual citizenship. These estimates are based on data that may have some inconsistencies at the moment. Cayman’s cosmopolitan nature has given way to a diverse and inclusive employment landscape. That means you will receive protection via the criminal laws of the United States. Grand Cayman is home to the Islands’ business district. The Cayman Islands was the jurisdiction that best passed those tests. You’re living in paradise. US citizens or green card holders are subject to US taxation on their worldwide income even when they are not living … Top 7 perks of relocating to the Cayman Islands. Discover Hawksford in the Cayman Islands >. While there is no Caymen Islands dual citizenship, foreigners can obtain BOTC status. A high quality infrastructure means we enjoy some of the best telecommunications services anywhere in the world, with broadband internet services and wifi in many public places such as in libraries and coffee shops. 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