In these current times of pandemic and uncertainty, it’s clear to see why the Cayman Islands are increasingly touted as the perfect place to relocate or retire.
If you have the opportunity and resources, there are many compelling reasons to move to the Cayman Islands. With 300 days of sunshine a year, a friendly and cosmopolitan population, magnificent beaches, low crime, and an economy that thrives without any taxation, the Cayman Islands are a true Caribbean tropical paradise.
In these current times of pandemic and uncertainty, it’s clear to see why this British Overseas Territory is increasingly touted as the perfect place to relocate or retire. Here are 10 of the top reasons why:
Great Location: The Cayman Islands are easy to reach from both North America and Europe. It’s a one-hour flight to Grand Cayman from Miami, a major international airline hub and the world’s biggest cruise terminal. The territory has daily non-stop flights to London Heathrow, one of the world’s busiest airports.
Mature and Stable Property Market: Regulated by CIREBA, the Cayman Islands Real Estate Brokers Association, a professional real estate industry that ensures new and existing residents can buy or rent homes and commercial property with minimal legwork and restrictions. All property for sale in the Cayman Islands comes with a guaranteed title.
Optional Residency: You are eligible for permanent residency if you have an independent annual income of CI$150,000 and make a local investment of CI$ 1 million. Most foreign real estate buyers meet the investment requirement by purchasing Cayman properties above CI$1 million to meet the requirement for residency with one transaction.
Minimal Red Tape: Setting up a business in the Cayman Islands, securing work and residency permits, and opening the doors for business usually takes just four days, thanks to tax-free zones and minimal government red tape.
Special Economic Zones: Various business categories, including internet/technology, media/marketing, biotechnology, commodities, and maritime services, were prioritized in 2015. They were declared qualified businesses and pay zero taxes in the Cayman Islands when operating in a tax-free zone, where certain import duties are either reduced or removed, and there are no corporate, capital gains, sales, or income taxes. Foreign businesses are encouraged to relocate their physical presence to the Islands where 100% foreign ownership is allowed. Investors are offered five-year renewable residency permits, and there are zero government reporting requirements.
Stability: The Cayman Islands not only have a robust economy, but they also have the region’s most stable legal and political system. The territory is considered to be the safest destination in the Caribbean. Crime is low, and personal security is not a concern in this family-oriented island paradise.
Cultural Melting Pot: Expatriates make up almost 30% of the total population of around 65,000 people. Citizens from more than 140 countries make their home here, creating a cultural fusion of arts, festivals, cuisines, music, and ideas that meld together to create the islands’ unique and welcoming Caribbean character.
Healthcare: With more than 1,000 healthcare professionals, three hospitals (and another on the way), and more than 200 registered health facilities, residents are well served by an international-standard health system. All residents of the Cayman Islands are covered by compulsory health insurance.
Education: Among its many appealing features, the Cayman Islands is a family-oriented destination with English as the official language. Expat families have five international schools to choose from, providing primary and secondary education of high quality.
Leisure Activities: Visitors from all over the world are attracted to the Cayman Islands’ world-beating watersports, scuba diving, and sports fishing. The incredible clarity of the water, the coral reefs, and the stunning variety of marine life are all around the islands. Onshore, there are dozens of eating and nightlife entertainment options – from waterfront restaurants serving fresh local seafood to theme pubs, discos, live music, or just relaxing under the stars with a long, cool drink listening to the gentle lapping of the waves on the shore.