The Cayman Islands in the Western Caribbean Sea is a beautiful destination that offers a pleasurable way of life to its residents. The tropical climate continues throughout the year, there are plenty of attractive beaches and the place is filled with natural wonders. Most of the workforce in the Grand Cayman, the largest of the three islands comes from overseas. So why is the Cayman Islands such a great expat destination? Read on to find out.
Financial benefits
One of the main benefits of living in the Cayman Islands is the financial advantage of not having to pay any income tax. Since it is a tax neutral jurisdiction, there is no income tax or corporation tax.The government accumulates funds for running the country through indirect taxes, called fees; and other various means. A significant source of indirect taxation is the duty on imports, as there is no production of food or manufactured goods on any of the islands that comprise the Cayman Islands. But some retail market sectors, such as luxury goods, remain duty-free. The attractive cost of such items is another advantage of living here. The government also gains revenue from work-permit fees derived from the considerably large expat workforce in the country. It is the responsibility of employers to pay these fees. Due to the tax neutral environment, the Cayman Islands has become a hugely successful offshore financial industry and ranks among the wealthiest destinations in the world. Its GDP is higher than countries like the United States, the United Kingdom, Canada and Hong Kong.
Employment advantages
Professionals in the fields of accountancy, investment, corporate services and law are usually able to secure lucrative employment opportunities in the Cayman Islands. Many internationally reputed companies also have their offices on the islands.
Political stability
The Cayman Islands has a stable political system that rests on a foundation of restrained civil governance that has continued through many years. This is also complemented by the country’s economic prosperity and distance from foreign policy on account of its colonial relationship with the United Kingdom. Much of the public discourse focuses on public sector spending, economic development, social services and status of the large overseas community. This stability is the reason why many who come to the islands for investment purposes also end up living here.
Real estate benefits
Buying real estate in the Cayman Islands can be considered to be a sound investment since there are no property taxes apart from stamp duty. Property owners can expect to get good return rates. The stability in the country also helps protect property owners’ rights. Foreigners can easily own property, as there are no restrictions. There are also no inheritance or death taxes, and many invest in property in the Cayman Islands so that they can eventually retire here.
Social life
Expats can expect life in the Cayman Islands to be fairly pleasant. The climate is comfortable and warm all year round, although there are some times when it can get too warm. The atmosphere on the islands is friendly and relaxed. It’s easy to meet people and have an active social life. There are some fantastic restaurants and cafés serving up all kinds of delicious cuisines. For those who enjoy an active lifestyle, there are various activities and facilities including tennis courts and golf courses. Water sports and activities like fishing and deep sea diving are also popular. The island of Cayman Brac in particular provides residents with a high standard of living and unemployment is rarely a problem here.
Natural beauty
The Cayman Islands are known for their great natural beauty. Cayman Brac is home to the spectacular limestone formation that sits in the heart of the island. The mountainous formation is the highest point on the islands and has plenty of trails and caves to explore. On Grand Cayman, there’s the renowned Seven Mile Beach, a beautiful stretch of sand and sea that serves an ideal place for relaxation. The island of Little Cayman is a private paradise with just about a 100 residents. Encounter the Bloody Bay Wall here, a diver’s delight that stands 18 feet high and plunges to 1,200 feet. Divers can discover the incredible underwater world of coral gardens, coral trees and tropical fish.