If you’re thinking about packing your bags and moving abroad, then you’ll have a number of potential destinations in mind. But what about the Cayman Islands? It could be perfect if you’re looking to save some money! Read on for more.
For many of us, the thought of taking your life abroad is the ultimate dream. Why spend your days in the drizzle of the UK when you could be living it up in the sunshine? Well, the reality is, moving abroad comes with plenty of strings attached – one of which being the associated costs.
But what if you could move to a country where you’re likely to save money? Does such a place exist? Well, as I’m sure you’ve probably figured out by this point, it certainly does – the Cayman Islands.
There are a number of benefits to moving to the Cayman Islands, not least being the tax relief you will be entitled to receive, as well as potential incentives for business owners, such as the Cayman Special Economic Zone. So, to find out more, be sure to keep reading below!
How Might You Save Money by Moving to the Cayman Islands?
Income Tax Relief
One of the most immediately obvious financial advantages of moving to the Cayman Islands is the fact that citizens are not required to pay any form of income tax. The Cayman Islands is a tax-neutral jurisdiction, which means there is no income tax or corporation tax to pay. And that’s only going to be a good thing when it comes to saving money, right?
The government of the Caymans accumulates funds to run the country through indirect taxes, called fees. A significant source of indirect taxation is a duty on imports, as there is no production of food or any manufactured goods on the island.
Cheap Cost of Living
Despite indirect taxes being applied to various goods, the cost of living in the Cayman Islands remains relatively cheap and is not adversely affected. In fact, many retail sections, such as the luxury goods sector, still remain duty-free. This is yet another bonus for anyone looking to lead an affluent lifestyle while still keeping costs to a minimum.
Simple Real Estate Procedures
In many foreign jurisdictions, the real estate process can be very expensive and needlessly complicated. Fortunately, for anyone planning on moving to the Cayman Islands, this isn’t a cause for concern.
Buying real estate is the Caymans can be considered a very financially savvy decision, as there are no property taxes to worry about other than Stamp Duty. Any property owner in the Caymans can get a good return rate, and the stability of the country helps to protect homeowner’s rights. It’s all good news!
What Other Benefits Are There to Moving to the Cayman Islands?
While you’ll undoubtedly be saving money if you decide to move to the Cayman Islands, it’s not just a ‘budget option’! In fact, there are plenty of other important advantages to the Caymans…
A Beautiful Natural Climate
Any island in the Caribbean is bound to be blessed by spectacular weather and, of course, the Cayman Islands is no different. The tropical climate is a big pull for anyone living in the UK, where you’re only likely to see the sun for what seems like a combined total of one week per year.
It’s nearly always sunny in the Caymans, and the temperature rarely dips below 25 degrees Celsius. Sounds glorious, right?
A Diverse and Interesting Community
One of the most daunting prospects of moving abroad for many people is having to integrate into a brand-new community, full of unfamiliar faces. That’s much less of a problem in the Caymans, as the large expat community are bound to make you feel at home almost immediately.
The diverse range of people living in the Caymans is surprising given its relatively small size. The population currently consists of people from over 130 different countries – including the UK, Canada and Jamaica!
High Quality Infrastructure
Moving to the Caymans won’t result in sacrificing some of the benefits of living somewhere as developed as the UK. The high-quality infrastructure in the Caymans means that the country enjoys some of the best telecommunication services anywhere in the world.
Safety and Stability
You’ll be pleased to know that the Caymans is an extremely safe environment, with crime rates far lower than other comparable Caribbean islands. This likely stems from the fact that the Caymans is politically stable, relying on a system that rests on a foundation of restrained civil governance.
Great Social Life
You’ll never be bored if you decide to move to the Cayman Islands. The atmosphere there is friendly and relaxed, and you’ll have no trouble meeting up with people and enjoying a busy social life.
There are fantastic restaurants at every turn, plenty of activities and facilities, including tennis courts and golf courses, and even a few water sport activities for the sea lovers. Besides, you’re going to have some spare cash to use after you’ve made the most of the tax reliefs, right?
There would be no use moving somewhere abroad if it didn’t have something to offer on the natural beauty front. Fortunately, there are countless beauty spots you can make the most of in the Caymans, including:
- The limestone formation at the heart of Cayman Brac
- The renowned Seven Mile beach
- The Bloody Bay Wall off the coast of the island of Little Cayman
Are You and Your Family Thinking About a Move to the Cayman Islands?
So, are you giving the Cayman Islands some consideration now? If not, then why not! As you can see, not only will you be getting the opportunity to save money, but you’ll also be moving to a country with plenty more to offer.