Considering moving outside of your country of origin might seem like a giant daunting step, especially without the necessary information. Being informed can help you make the right decisions. This short article seeks to outline some of the main reasons why businesspersons, entrepreneurs and families should consider residency in the Cayman Islands; after all, it is only a 1 hour and 45 minutes flight from Miami, Florida.
Multiple Options for Residency
Before diving into the benefits of residing in the Cayman Islands, it is also vital to briefly explore the different options available. The Residency by Investment Program in the Cayman Islands provides a variety of options to potential applicants. There are over four options, to name a few, the Certificate of Permanent Residence for Person of Independent Means, the 25-Year Residency Certificate for Persons of Independent Means, the 25-Year Certificate of Direct Investment and the new Global Citizen Certificate. With all these options, applicants are assured of choosing an option that fits their personal and business interests. JH Marlin Law can walk you through the investment requirements for each route to residency
You guessed it right: taxes are practically nonexistent! The Cayman Islands is one of the best options given its tax-neutral environment. The government does not impose any taxes on all Cayman Islands incomes, corporations and withholdings, capital gains, inheritance or gifts. On top of that, companies can be assured to have these tax benefits for 20 years – protecting their business from uncertainty in the law. Entrepreneurs, business owners, individuals or families seeking to benefit from such a tax system should consider the Cayman Islands.
The British Overseas Territory, the Cayman Islands, offers an environment suitable for business development and family tranquillity. The Islands scored a 99.5% in political stability (Trading Economics 2019) – higher than the US, which has not scored higher than 60% since 2008. Considering political stability can be crucial, especially for businesses, since the absence of political stability can lead to economies and market failures.
With political stability comes economic growth! Often used by Economists, the Gross Domestic Product (GDP) is a reliable indicator of a country’s economic growth. Since 2010, the Cayman Islands’ GDP has been increasing thanks to the growing investments and government policies. The Islands’ GDP growth was assessed at a 4.12 change (World Bank 2018) – higher than all G7 countries (Canada, the US, the UK, Italy, Japan, France and Germany). With higher GDP comes better profits for businesses. Any businesses looking to expand and entrepreneurs seeking to open up Startups can take advantage of the growing economy in the Cayman Islands.
Cayman Islands offers much more advantages than enumerated in this article. JH Marlin Law is there to help you walk through your business’/family’s/individual’s needs with you and make sure you make an informed decision.