Since the Covid-19 pandemic in 2020, the world has changed a lot. We've seen new ways of working emerge, and what seemed like tough challenges for businesses have turned into opportunities. Offering businesses with once formidable challenges that, in retrospect, have harvested substantial rewards through their efforts in embracing challenges.
Businesses relocating to the Cayman Islands have successfully leveraged the advantages of this established financial hub. Esteemed service providers in trust management, legal expertise, insurance, banking, accounting, administration, and mutual fund management contribute to a conducive operational environment within a stable economy. The government also offers attractive tax incentives, enhancing the appeal for enterprises seeking stability and prosperity when setting up businesses offshore.
Making use of Cayman Enterprise City (CEC)
CEC provides an affordable entry point for international investor and entrepreneurs establishing businesses in the Cayman Islands. You can anticipate a tailored, all-inclusive package designed according to your preferences, with CEC offering a streamlined setup and ongoing support to meet your business requirements and needs.
Drawing from the expertise of CEC's Global Mobility team provides you with access to extensive knowledge. This enables them to navigate paperwork seamlessly on your behalf, allowing you to retain full ownership and control of your business. Consequently, you can concentrate on managing your business affairs without the interruption of bureaucratic hurdles.
What you can expect as an expatriate residing in the Cayman Islands
As of the 2022 Cayman Islands population statistics, 53% of residents are non-Caymanian – marking a notable increase of 7% from the 2019 figures before the onset of the Covid-19 pandemic. This growth in the expatriate community underscores the diverse and attractive lifestyle offered by the Cayman Islands, with luxury resorts, impressive real estate options, and top-notch housing catering to various preferences. The region's commitment to quality education is evident in high-standard schools, making it an appealing destination for families. Additionally, the healthcare sector features state-of-the-art medical facilities, ensuring comprehensive and top-tier medical services for residents. These elements, combined with exceptional business opportunities, contribute to the Cayman Islands' allure as a destination that provides not only professional growth but also a well-rounded and high-quality lifestyle.
CEC effortlessly facilitates the transition into this luxurious lifestyle by connecting newcomers with real estate specialists and fostering community integration through networking events, prioritising education, addressing health and well-being, and focusing on community engagement and cultural initiatives. CEC not only streamlines business setup but orchestrates a comprehensive and high-quality lifestyle experience in the Cayman Islands.
Logistics and Essential Information for Your Cayman Islands Relocation
Upon relocating to the Cayman Islands, you can import your personal goods duty-free within the initial six months of your move. As a member of the CEC special economic zone, companies enjoy the privilege of importing items for business use with a 100% duty-free benefit. For your shipping needs, while DHL is recommended, our staff can suggest alternative courier and freight forwarding services based on your preferences. It's worth noting that DHL specializes in small packages and doesn't handle household relocation or brokering. Registering on the Customs and Border Control online system (COLS) is essential for all importers, ensuring a smooth tracking process for incoming shipments and their assigned customs clearing agents. And don't forget, the Cayman Islands boasts excellent grocery stores and shopping options, but if you're craving more variety, a quick flight to Miami opens up a world of choices.
Navigating financial considerations
While the Cayman Islands serves as a tax-neutral jurisdiction for businesses, the tax landscape for individuals, especially US citizens, has some nuances. Although employees working in the Cayman Islands may not face local income taxes, they could still be subject to taxation in their home countries. For US citizens, individuals can earn up to the first US$120,000 for 2023, and $126,500 for 2024, tax-free. However, provisions like the Foreign Earned Income Exclusion should be considered. It’s crucial to stay abreast of any changes in tax laws and therefore seeking advice from tax professionals is recommended, as they can provide updated and personalised guidance based on an individual's circumstances and the latest tax regulations. Additionally, for those considering relocation, CEC can play a valuable role by connecting individuals with expert tax advisors and offering insights into the intricacies of the ever-changing tax landscape.
In essence, making the Cayman Islands your business home through CEC not only positions you in a tax-neutral jurisdiction with a stable economy but also opens doors to a thriving expatriate community and a high-quality lifestyle. CEC's smooth and hassle-free business setup, coupled with its commitment to community integration, financial guidance, and cultural initiatives, makes the Cayman Islands an attractive destination for professional growth and a rewarding life experience. As global landscapes evolve, CEC stands as a strategic partner, ensuring your success and satisfaction in this vibrant Caribbean hub.
If you would like to hear more about Cayman’s thriving special economic zones and discover what our team can do to help your business grow please don’t hesitate to get in touch – trading in the snow for white sandy beaches is easier than you think.