5 benefits of moving to the tax-free Cayman Islands

benefits of moving to Cayman Islands

The Cayman Islands are better known in the world as a tax haven. What is a tax haven, you ask? Well, it’s a place, usually, a country where no profits or income are taxed. Additionally, you don’t have to pay tax for buying a house or a car.

Some people and businesses hold bank accounts in these tax havens, not to be taxed for their income in the country where they live.

If, for any reason, you are looking for tax havens and thinking of moving there, then why not make a bit of research about the Cayman Islands. You can find here a list of five benefits of moving to the Cayman Islands.

5 benefits for moving to Cayman Islands:

1. The high quality of life:

When we think of countries rated with a high quality of life, they are often associated with a high living cost. Unfortunately, this is no exception for the Cayman Islands.

Indeed, the high amount of money you need to pay to even live here, can sometimes undo the financial benefit of not paying any taxes. The country has an excellent infrastructure; making it extremely easy to travel between the different islands. It’s also family-friendly as the schooling system is very good and provides many educational opportunities for children.

You need to be prepared for the exorbitant price of mundane things, but if you have a job or source of income that allows you to support this high living cost then it may be great. In this case, the Cayman Islands are a good option for you. 

2. Cayman citizenship benefits:

As part of the oversees British Territory, if you apply for Cayman citizenship, which you can do after eight years of residing in the Cayman Islands. You will also be granted a British passport that will give you citizenship in other British overseas territories.

This could be very practical if you need, one day, to move countries again; as it would accelerate the moving process.

3. It’s a safe country:

We have already established that the Cayman Islands have exceptional infrastructures, so it is to be expected that it is an advance and safe country to live in. It also comes with a low crime rate.

Some countries offer big opportunities for their residents to thrive to but, unfortunately, walking alone in the street at night isn’t very safe. However, that’s not the case for the Cayman Islands. The Cayman Islands has one of the lowest crime rates in the entire world. It’s so low that, if you have children, you should know that it’s very safe to let them play outdoors without much adult supervision.

It’s always good to spend some quality time with your kids, but if you can’t make time for it in some weeks, they don’t have to be stuck at home without anyone else to play with. 

There’s a strong sense of community among neighborhoods. People know each other and look out for the most vulnerable family members. If you decide to move to the Cayman Islands, you don’t need to be concerned if your children will be able to make friends. Most likely, they will quickly play with the children of your neighbours.

4. It has great healthcare:

One of the things you need to take into consideration when you’re moving countries is researching to learn about its healthcare system. Luckily, the Cayman Islands provide a great healthcare system. This is a country with a small population which makes it easy for the number of doctors to be equally distributed for the residents.

Additionally, the Cayman Islands have three hospitals; and soon will have four and over 200 healthcare facilities to guarantee that you will always be seen by a doctor or a medical professional quickly. In other words, it doesn’t take long to schedule and wait for a doctor’s appointment.

If you need medical care regularly, you shouldn’t worry about moving to the Cayman Islands, as there is a very diverse and good medical specialties. 

5. The beautiful nature and greenery:

Located in the Caribbean, the Cayman Islands enjoy more than three hundred days of sunshine, warmth, and clear skies per year. This gives you plenty of opportunities to engage in outdoor activities more.

You can go running, play sports or just have a picnic with your friends as many times as you want. Of course, the beach is always an available option, where you’ll be able to practice water sports as well, if that’s what you like.

By looking at the variety of outdoor activities available with a good weather and that you can do regularly, you can sense that this is a place where you will feel happier. Besides, even if you are not purposefully trying, your physical and mental health will benefit from a similar lifestyle. 

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