Next up in our “far-flung places to immigrate to” series are the Cayman Islands, which are part of the British Overseas Territory in the western region of the Caribbean Sea. These idyllic islands are well known for being an offshore financial haven for people from all over the world. Read further to discover why.
Why expats love the Cayman Islands
A tax-free haven
Residents living in the Cayman Islands don’t have to pay any tax on their income, but they are required to pay taxes on their worldwide income in their home country.
Easy purchasing of real estate
As a foreigner, you have no restrictions on owning any property whether it be residential, land or commercial. There is no property tax, capital gains tax or inheritance tax, so the entire purchasing process is relatively straightforward and in the last two decades, real estate has shown strong positive growth, making it a good investment.
Good career prospects
The tourist industry booms in the Cayman Islands, so if you’re involved with this, you’re sure to see good returns. Professionals with degrees in law, finance, corporate services and accounts are also welcomed. Many internationally reputed companies also have their offices on the island.
The Cayman Islands enjoy a stable political system based on a foundation of restrained civil governance. This stability is the reason why many people who come to enjoy the islands for investment purposes often end up living here.
Good but expensive healthcare
As an expat, you need to be aware that there are no government-subsidised healthcare services in the Cayman Islands. Instead, it has an American-style healthcare and insurance system which requires that you personally finance your own medical treatment. Care and treatment for expats is very good and fast, but expats need to be aware that if they are involved in a serious accident or are very ill, they may need to be flown by air ambulance to an overseas hospital, so you need to have the health insurance to cover this!
Wonderful weather and activities
The Cayman Islands offer beautiful weather with a balmy tropical climate and plenty of sunshine. Winter is the best season as it is less rainy and the temperatures are comfortable. The residents of the Cayman Islands tend to be very social and welcoming and there are large expat communities where you can socialise. Most expats tend to spend their free time swimming, sailing and exploring the island and its myriad of beautiful beaches. There is also a wide selection of shops, clubs and restaurants, which are enjoyed, by locals and tourists alike.
If you’re planning on immigrating abroad and need advice about your financial migration, contact us today and we’ll help you on the path to financial freedom in your new home.
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