The Caymans have become a popular tax haven among the American elite and large multinational corporations because there is no corporate or income tax on money earned outside of its territory. 1 This includes interest or dividends earned on investments, making the Caymans especially popular among hedge fund managers.
How do I move my business to the Cayman Islands?
You need to move your business, your workers, and yourself to Cayman Islands. You must reside on the island as a legal resident with a work permit (we have that covered for you), qualify for the Foreign Earned Income Exclusion, and obtain a license from one of their tax free zones.
Can I just move to the Cayman Islands?
As an island just 22 miles in length, new residents and visitors often ask if there are enough things to do in the Cayman Islands once you live here full time. The answer is a resounding yes!
Is Cayman Island a tax haven?
The Caymans have historically been a tax-exempt destination, and the government has always relied on indirect and not direct taxes. The territory has never levied income tax, capital gains tax, or any wealth tax, making them a popular tax haven.
Who owns the Cayman Islands?
British Overseas
The Cayman Islands is a British Overseas Territory and overseas territory of the European Union located in the western Caribbean Sea. The territory comprises the three islands of Grand Cayman, Cayman Brac, and Little Cayman, located south of Cuba and northwest of Jamaica.
Are Cayman Island accounts legal?
So, is it legal to hide your money in the Cayman Islands? As long as you’re only using your account in the Caymans to avoid taxes and not evade them, it’s all perfectly legal—you’re only required to pay the absolute legal minimum of taxes.
Is it illegal to move money to the Cayman Islands?
As long as you’re only using your account in the Caymans to avoid taxes and not evade them, it’s all perfectly legal—you’re only required to pay the absolute legal minimum of taxes.
The Cayman Islands charges an income tax of exactly 0%, making it very popular with both foreign banks and billionaires. As long as you’re only using your account in the Caymans to avoid taxes and not evade them, it’s all perfectly legal—you’re only required to pay the absolute legal minimum of taxes.
What happens when you move to the Cayman Islands?
Moving to the Cayman Islands may be an exciting, significant milestone in your life but there are a lot of details to consider before you arrive on the Island, move into your new home, unpack, start your job and then finally put your feet in the sand.
What can you do in the Cayman Islands?
Many of the expats choose to take up volunteering or conservation work in their spare time. Though there are several advantages of moving to the Cayman Islands, do keep in mind that getting your residency and work permit paperwork in place is a lengthy and complicated (not to mention expensive) procedure.
Can you work in the Cayman Islands as a permanent resident?
Permanent residents enjoy the right to work in the Cayman islands. A spouse and dependent children may also enjoy the right to reside in the Islands but must apply to the Chief Immigration Officer or the Caymanian Status & Permanent Residency Board for the right to work.
What do you need to live in Grand Cayman?
In the case of individuals looking to reside in Grand Cayman, an applicant is required to either: maintain a deposit of at least $400,000 in a licensed financial institution in the Cayman Islands and make an investment of at least $1 million, including $500,000 in developed real estate in Grand Cayman.
