Living in the Cayman's how is it, how expensive is it?

[myhand]

I just read the following thread and it has made me curious to learn more.

Setting up business in countries which lead to citizenship

Hello all, Hopefully this thread will be informative to all that read it. I want to create a list here of all the countries that one can open a business, with no (or very low) minimum capital requirements, and also, no (or low) minimum income requirements. Then from there, the option to...

www.offshorecorptalk.com

According to the service provider mentioned, you can set up a company with substance and within 5 days get a Visa to live in the Cayman Islands. BUT - how much does it cost to live there and do you get access to live in the USA as well or is it only on those islands and how do you live on such an island? Some Castaway film or can you live a life there?

 

[Sols]

BUT - how much does it cost to live there

If you plan to rent, you're looking at 2-3,000 a month for a decent apartment/condo or 2-4x that for a decent villa.

If you plan to buy property, apartments/condos can be found for around 1-2 million, while villas are rarely less than 2-4 million.

Amounts are in KYD. 1 KYD = 1.22 USD.

and do you get access to live in the USA as well

Of course you don't get access to living in the US. Cayman Islands are an independent territory within the UK.

how do you live on such an island? Some Castaway film or can you live a life there?

There is quite recent Google Street View all over Grand Cayman (the main island). That'll give you an idea of what it's like.

It's expensive to live there but very comfortable, quiet, and relaxed. If you're someone who needs big city life or who wants rural living with large plots of land, Cayman Islands is not a good fit.

Everything is expensive because everything has to be imported.

 

[uranium]

I was thinking of this path my self but a couple of things pissed me off
1- you have to live in cayman to run your business. It is mandatory
2- Fatf Grey list! Any funds you are going to send from cayman Bank will not go smoothly
3- banking is not easy to get
So the cost doesn't justify the price.
I cannot believe it is going to cost me alot to barely get a bank account and still even if I do, wire transfers could be issue.

 

[Mike Williams]

Most of the gov revenue comes from Import duties. Cars 47%. Groceries etc are very expensive. Also what is there to do there? And there seems to be two types of people...wealthy well paid and the workers.

 

[JohnnyDoe]

Most of the gov revenue comes from Import duties.

Import less, spend less.

Cars 47%.

Still better than the Bahamas, nevertheless locals can afford luxury cars.
Btw you get reduced duties (or total exemption up to $30k) for electric vehicles.

Groceries etc are very expensive.

Do you move to the Caymans to save on groceries?

Also what is there to do there?

Living your life?

And there seems to be two types of people...wealthy well paid and the workers.

Exactly like in every country of this world.

The main problem of Grand Cayman is the Queens highway running too close to the shore, which leaves little space for seafront properties.

 

[Konstanz]

Yes, it's funny. People search tax free territories and imagine even saving on groceries.

 

[Mike Williams]

Too many comments from funny people who likely haven't even set foot in Cayman or lived on a small island in the Caribbean. And the comment that you can easily get a visa within 5 days to live there is not true. You need to either be sponsored, ie work for a bank etc, be very wealthy or get a work permit to be a domestic etc. Too many people selling snake oil in the offshore industry. So much fake info I smh daily with what I read.

 

[troubled soul]

Biggest cons, IMHO is "Hurricane" and hiring the house help like gardener or maid etc.........Dealing with Laid back attitude of worker...

 

[wellington]

I just read the following thread and it has made me curious to learn more.

Setting up business in countries which lead to citizenship

Hello all, Hopefully this thread will be informative to all that read it. I want to create a list here of all the countries that one can open a business, with no (or very low) minimum capital requirements, and also, no (or low) minimum income requirements. Then from there, the option to...

www.offshorecorptalk.com

According to the service provider mentioned, you can set up a company with substance and within 5 days get a Visa to live in the Cayman Islands. BUT - how much does it cost to live there and do you get access to live in the USA as well or is it only on those islands and how do you live on such an island? Some Castaway film or can you live a life there?
View attachment 5098

Cayman's is a UK overseas territory, thanks for sharing this as I've been looking at the Caymans on and off... used to live in the Bahamas.

 

[uranium]

Too many comments from funny people who likely haven't even set foot in Cayman or lived on a small island in the Caribbean. And the comment that you can easily get a visa within 5 days to live there is not true. You need to either be sponsored, ie work for a bank etc, be very wealthy or get a work permit to be a domestic etc. Too many people selling snake oil in the offshore industry. So much fake info I smh daily with what I read.

Sounds like you didn't even check the website

Technology City Cayman Islands | Cayman Enterprise City

Move your technology or Internet business to Cayman and pay no taxes, host your Intellectual Property offshore, and live in paradise! Cayman Enterprise City includes some of the world’s most significant blockchain development companies, leading traders of virtual assets and three of the world’s...

www.caymanenterprisecity.com

From official website it says:

5 Year renewable work permits/residency visas granted within 5 days

 

[I'mRobot]

Do you think it is possible in 5 days if you setup your company there with substance and all this ?

 

[uranium]

Do you think it is possible in 5 days if you setup your company there with substance and all this ?

I'm sure like 1 or 2 weeks max you should get visa
Most important is to setup company first which it takes between 1-2 months

 

[Praetorian]

Been there once, i can see why many decide to settle down there. You have access to just about everything from the mainland in terms of services, entertainment, etc and you get the nature, relaxed vibes, and great climate.

With that said it's a small island, so not much room for agriculture or any local production, meaning everything has to be imported. This makes cost of living higher than many other places and even other islands but at this point if you're thinking of actually moving there you should be doing fine financially to begin with.

The other point is also the risk of the island being severely isolated in case something bad happens in the world that disrupts imports/exports/transport logistics (War, cyberattacks, natural disasters in the region, etc), unlikely scenario but still something to consider. If that did happen it wouldn't take long before people start stabbing each other for food.

But overall that's a place worth considering if you're retiring or just want a quiet life somewhere. You're close to the US and latin america so travelling shouldn't be difficult.

 

[uranium]

Been there once, i can see why many decide to settle down there. You have access to just about everything from the mainland in terms of services, entertainment, etc and you get the nature, relaxed vibes, and great climate.

With that said it's a small island, so not much room for agriculture or any local production, meaning everything has to be imported. This makes cost of living higher than many other places and even other islands but at this point if you're thinking of actually moving there you should be doing fine financially to begin with.

The other point is also the risk of the island being severely isolated in case something bad happens in the world that disrupts imports/exports/transport logistics (War, cyberattacks, natural disasters in the region, etc), unlikely scenario but still something to consider. If that did happen it wouldn't take long before people start stabbing each other for food.

But overall that's a place worth considering if you're retiring or just want a quiet life somewhere. You're close to the US and latin america so travelling shouldn't be difficult.

Actually I didn't think that this country rely so much on importing goods
If Covid hit again, you can find your self completely isolated and probably shops and supermarket would be empty

 

[OffshoreMonero]

Okay, I live on Grand Cayman. Here's the straight dope:

If you are looking for a cheap cost of living, smooth roads, or good banking look elsewhere.

If you want Engish-speaking, stellar food/drink, reliable (yet expensive) power, not being on the hurricane path (Ivan not withstanding), and being safe then it might be a good fit.

There are no taxes here except for stamp/import. So you get to keep more that you make, but you spend more on everything so it has to be worth it.

It's an island so you have to like flying. People fly in and out constantly. Tourists partying and alcoholism is an issue.

You'll also have to get used to loving paperwork. The people here are "box tickers" and every form has to seemingly be notarized. lol

If you are an American you won't save much on taxes so don't bother. FACTA has you bent over a barrel unless you renounce. The banks here WILL rat you out to the IRS.

 

[clemens]

That some real good insides from all of you, I enjoy reading this thread.

 

[Konstanz]

Okay, I live on Grand Cayman. Here's the straight dope:

If you are looking for a cheap cost of living, smooth roads, or good banking look elsewhere.

If you want Engish-speaking, stellar food/drink, reliable (yet expensive) power, not being on the hurricane path (Ivan not withstanding), and being safe then it might be a good fit.

There are no taxes here except for stamp/import. So you get to keep more that you make, but you spend more on everything so it has to be worth it.

It's an island so you have to like flying. People fly in and out constantly. Tourists partying and alcoholism is an issue.

You'll also have to get used to loving paperwork. The people here are "box tickers" and every form has to seemingly be notarized. lol

If you are an American you won't save much on taxes so don't bother. FACTA has you bent over a barrel unless you renounce. The banks here WILL rat you out to the IRS.

To add Cayman is totally flat, not mountainous islands. It's just case of taste, but I don't like islands without mountains.
Also it can be flooded...when you live on low altitude

 

[OffshoreMonero]

To add Cayman is totally flat, not mountainous islands. It's just case of taste, but I don't like islands without mountains.
Also it can be flooded...when you live on low altitude

Well.. we have one mountain.

Mount Trashmore