The Cayman Islands: 5 Reasons to Relocate to Paradise
29 Nov 2021 | Louise Chilcott, Business Development Manager
Made up of three islands — Grand Cayman, Cayman Brac and Little Cayman — the Cayman Islands is a British overseas territory in the Caribbean. It’s a particularly popular location for financial services organisations, appealing to both corporations and their employees alike.
The local Chamber of Commerce explains that: “Our residents enjoy one of the highest standards of living in the Caribbean, a healthy and robust economy, various employment opportunities, an active real estate market, and thriving financial services and banking sectors.“
Here are five key strengths of the Cayman Islands:
1. It’s Tax-Free!
There is no income or corporation tax payable in the Cayman Islands. This makes it an extremely attractive location for relocation assignees. Similarly, eating and drinking in the Cayman Islands does not incur a tax levy. Instead, the government secures fees and import duties (thereby making groceries and online shopping expensive).
2. It’s Beautiful!
The Cayman Islands have the most beautiful beaches of the Caribbean. The clear water and great climate mean that you can enjoy plentiful opportunities for sea-based activities such as snorkelling and sailing. The islands are also home to a diverse range of wildlife including the endangered blue iguana.
3. Cultural Diversity
As a British Overseas Territory, English is the mostly commonly spoken language. People have settled in the Cayman Islands from over 100 countries. Its popularity is growing fast and the population now stands at around 65,000 people. The cultural mix is very diverse with various beliefs celebrated. Another result of the cultural diversity is the amazing mix of cuisines to choose from. Enjoy!
4. Healthcare Services
Health insurance is mandatory for all residents of the islands. The Country’s private hospitals have state-of-the-art facilities and the public hospitals are also an excellent standard.
5. Instant Connection
This small point makes a huge difference to your arrival in the Cayman Islands: phone and internet services are available almost instantly. This is a huge advantage when staying in touch with loved ones and quickly enabling remote working when needed.
“The idyllic nature of the Cayman Islands appeals to almost everyone,” says Sarah Huntridge, Global Move Special at BTR International. “It’s great to see that it offers strengths as a business location too. Its tax system is a definite advantage for organisations and assignees.”
Are you thinking of relocating to the Cayman Islands?
Do you manage international assignments in the Cayman Islands for your organisation?