Grand Cayman
- Thread starter Weasel
- Start date
I looked into it awhile back. If you dont have a permit from a job down there you have to pay the island ...if i rember right, 100k to live there?? I may be wrong but i think that is what i read.
I looked into this a while back. If you get hired for a job the fee is nominal. If you move there with permanent resident status you can't work at a "job" for at least 2 years. If you are planning to trade your own account this should not be a problem because you will simply be "managing your investments" and not working. Permanent residency status costs $18,500 and requires an investment "in the Island" of $175,000 which basically means buying real estate but might be able to be satisfied by buying stock in a Cayman Islands publicly traded company. I don't remember whether these figures are in USDs or Cayman Islands dollars (exchange rate is $1 CI to $.82 US--I think). Either method of moving there will get you the US tax exemption for living offshore but neither will completely get you out of paying US taxes. To get out of US taxes you need to change your citizenship (St. Kitts/Nevis will sell you citizenship for about $50,000 and you have to spend $250,000 on real estate but there is no residency requirement so you could still live in the Caymans).
I live and trade in Grand Cayman. Well most of the time, I've been in London for a couple of months but will be back at the end of March.
The residency conditions have changed in the last couple of months and I am not fully up to speed myself on this. You cannot get residency by just buying property above a certain value. There are now two categories: Entrepreneurs and Wealth retirees. With the former, one is expected to explain to the government how you are going to employ loads of local people so the latter looks like the option for us.
Being non-resident at the moment I have to leave the island every 30 days or so and come back. This is fine by me because I get what they call 'island fever' very quick. I have business interests in the UK so I go back there (here) most of the time. The alternatives are shopping trips to Miami or weekend visits to Jamaica or (not for US citizens) Cuba. The later is well worth a visit may I add.
I would like to hear from anyone else that lives and trades from Grand Cayman.
The residency conditions have changed in the last couple of months and I am not fully up to speed myself on this. You cannot get residency by just buying property above a certain value. There are now two categories: Entrepreneurs and Wealth retirees. With the former, one is expected to explain to the government how you are going to employ loads of local people so the latter looks like the option for us.
Being non-resident at the moment I have to leave the island every 30 days or so and come back. This is fine by me because I get what they call 'island fever' very quick. I have business interests in the UK so I go back there (here) most of the time. The alternatives are shopping trips to Miami or weekend visits to Jamaica or (not for US citizens) Cuba. The later is well worth a visit may I add.
I would like to hear from anyone else that lives and trades from Grand Cayman.