Simplified Procedures to Move to The Cayman Islands – Do You Qualify?
How would you like to move to The Cayman Islands? If you’re tired of the northern winters and the seemingly never ending lockdowns in some places why not head for the sun drenched Cayman Islands? It might not be as difficult or as expensive as you think.
So, how do you move to The Cayman Islands? The Cayman Islands government recently simplified procedures for anyone who wants to live on the islands who is able to work remotely. If you have income of more than $100,000 per year and no criminal record you qualify. There is now a simple online form to fill out and upload your documents. You could be approved to start a new tax free life in as little as three weeks. The initial visa on offer is for 24 months. You’re not able to get a job on the Islands.
The Caymans compare favourably with tax havens like Monaco. They are one of the few remaining tax havens that has no taxation at all. Not even property taxes.
The Caymans are made up of three islands. Grand Cayman, Cayman Brac and Little Cayman offering the best in Caribbean beach lifestyles. As a well established tax and banking haven The Caymans offers every service you’re likely to need local. It’s also a short flight away from Miami and has good connections with the US and Europe.
A nice waterfront condo in the Caymans will cost around $5,000 per month, significantly less than accommodation in other well established tax havens.
To apply for residency you’ll need to provide the following 7 documents:
- Letter showing proof of employment from an entity outside The Caymans. This could be a letter from your own company.
- Letter must state that the applicant makes a minimum of $100,000 for a single applicant and $150,000 if you’re bringing a spouse.
- Proof of legal existence of the Company such as an extract from the Companies register in the country of incorporation.
- Bank reference and six months of bank statements. This should be notarised.
- Copy of your passport.
- Police Certificate from your last country of residence showing a clean criminal record.
- Health insurance must be obtained within 30 days of entering the Cayman Islands.
The Government Want You to Move to The Cayman Islands – And They’ll Help
Under the new Global Citizen Concierge scheme the Caymans government can help you with the application and help you with finding suitable accommodation and schools for your children.
This new scheme from the Caymans is an example of how countries are likely to compete more fiercely in the future for high net worth long term nomads who can work remotely. Several countries are rolling out similar schemes and the market place is likely to get more competitive.
It is inevitably going to be more difficult to travel with Covid tests and quarantines now common on both arrival in destinations and on return to your home country. This will encourage travellers who are able to work remotely take longer trips. Countries like the Caymans will seek to take advantage of this by making it easier for those who can work remotely to become residents.
The Global Citizen Concierge programme was set up by the tourist department of the government, specifically to help digital nomads to move to The Cayman Islands for up to 2 years. If you live in a big city like London or New York you can probably live less expensively when you move to The Cayman Islands than you can at home. For a typical Brit, living in London it could be particularly attractive as you will be saving at least 40% on income taxes. That saving alone will cover your rent after you move to The Cayman Islands.