Norway and Switzerland have domestic production of a lot of things.
Caymans basically don't. Everything has to be imported. Import tariffs are one of the very few sources of tax revenue.
Numbeo isn't perfect (self reported data and different quality/magnitude of sample sizes) but it can give you a pretty decent idea.
https://www.numbeo.com/cost-of-livi...Cayman+Islands&city1=Zurich&city2=George+Town
| Cost of Living in George Town is 10.9% higher than in Zurich (without rent) |
| Cost of Living Including Rent in George Town is 19.9% higher than in Zurich |
| Rent Prices in George Town are 38.2% higher than in Zurich |
| Restaurant Prices in George Town are 3.4% higher than in Zurich |
| Groceries Prices in George Town are 8.0% higher than in Zurich |
| Local Purchasing Power in George Town is 47.6% lower than in Zurich |
https://www.numbeo.com/cost-of-livi...2=Cayman+Islands&city1=Oslo&city2=George+Town
| Cost of Living in George Town is 40.9% higher than in Oslo (without rent) |
| Cost of Living Including Rent in George Town is 64.6% higher than in Oslo |
| Rent Prices in George Town are 126.7% higher than in Oslo |
| Restaurant Prices in George Town are 37.5% higher than in Oslo |
| Groceries Prices in George Town are 35.1% higher than in Oslo |
| Local Purchasing Power in George Town is 16.5% lower than in Oslo |
I must say these prices are very high.
When one explores moving offshore, they definitely need to examine a source like this, because when wanting to enjoy your life, you might spend more money on fees, generic items being so expensive, and just the obvious lack of activities when living on an island. After seeing this data, I would say it makes so much more sense for somebody to settle in the Caucasus and Eastern Europe (of course not for everyone but I see it as very appealing and fitting for a wide 'audience') - sure the company has to maybe 10% in taxes after some basic optimization, and sure you may be paying something a little above that for yourself, but the costs for the actual lifestyle are also completely different.
I was expecting maybe 100-150% prices in George Town than my residence in Bucharest but Numbeo suggests a 237% increase. See:
Cost of Living Comparison Between Bucharest, Romania And George Town, Cayman Islands
0% tax is visibly appealing and attractive until you realise you pay the same amount in import duties, visa fees and bureaucracy and end up living in a place where everything has to be imported and you can drive across the whole island within a couple hours. And you can't work with easily accessible (+
crypto-friendly and insured/safeguarded) corporate banking (Revolut Bank, easy PIs/EMIs, relatively reliable local banks in Visegrad 4 countries, Romania, Bulgaria, Serbia) because instead you have tens (if not hundreds) of thousands in minimum deposits, sometimes difficult processing depending on Cayman banks' correspondent (Although they are mostly better than other Carribean places).
I would like to thank the moderator
@Sols for the idea to explore Numbeo. The local self-reported data for Bucharest looks pretty accurate so I feel that this can provide people with a useful insight.
