moving to cayman islands

Moving to Cayman Islands

Cayman Islands Score
Shithole Paradise

What are Cayman Islands ?

living in cayman islands flag

Cayman Islands are 3 islands in the Caribbean sea

The Cayman Islands are a self-governing British Overseas Territory located in the western Caribbean Sea.

The territory consists of three islands: Grand Cayman, Cayman Brac, and Little Cayman.

The capital and largest city is George Town, located on Grand Cayman.

The Cayman Islands are known for their stunning beaches, crystal-clear waters, and vibrant marine life, making them a popular destination for tourists and divers.

The islands are also known for their offshore financial industry, which is a major contributor to their economy.

The population of the Cayman Islands is around 70,000, with the majority of residents living on Grand Cayman.

It has the highest standard of living in the Caribbean.

English is the official language, and the currency is the Cayman Islands dollar.

The Cayman Islands have a tropical climate, with temperatures typically ranging from the mid-70s to the mid-80s Fahrenheit (around 24-30 degrees Celsius).

The islands are vulnerable to hurricanes during the Atlantic hurricane season, which runs from June to November.

Overall, the Cayman Islands offer a unique blend of natural beauty, rich culture, and modern amenities, making them a popular destination for visitors from around the world.

moving to cayman islands map
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Moving to Cayman Islands requirements

The requirements for moving to the Cayman Islands temporarily are pretty lax, as you don’t need to get a visa for a stay of up to 6 months.

After that, it becomes trickier, and you’ll have to invest money into the country to get a residency permit – a lot of money.

The language barrier is practically non-existent, due to English being the official language.

Cost of living in Cayman Islands

The cost of living in the Cayman Islands is very elevated, roughly $4,000 per month for a single person.

If you compare this to the below $1,000 a month you can live on in many other tropical countries, you can see how living in Cayman Islands isn’t a good idea if you’re on a budget.

I’d advise you not to rely on this minimum amount either, aim for having around twic that, to account for unforeseen circumstances.

However, one bright point here: Keep in mind that the Cayman Islands are a tax haven, so while the cost of living is high, you won’t have to pay taxes on your income.

living in cayman islands

Living in Cayman Islands advantages

  • Beautiful nature

    The Cayman Islands are a typical Caribbean nation, which means they’re beautiful. Crystal clear water, white sands, coral reefs, etc

  • Tax haven

    Hate paying taxes to a greedy and incompetent government? At the Cayman Islands, you won’t have to!

  • Great climate

    Plenty of sunshine and not a lot of rainy days. The average temperature is ideal for human beings, although the humidity is a tad high

  • High English proficiency

    English is the official language here, so there won’t be any language barrier

  • Easy visa

    You don’t need a visa to enter the Cayman Islands as a Westerner, for a stay of up to 6 months

  • Connected to the UK

    The West is going down, and the UK most certainly, so being tied to it doesn’t bode well

Living in Cayman Islands disadvantages

  • Natural disasters

    Cayman Islands get hit by hurricanes

  • High cost of living

    Living in Cayman Islands costs a pretty penny, around $4,000 a month at minimum

  • Expensive residency options

    You can get residency and citizenship, but it all costs quite a lot of money

  • Humid

    While the weather’s pretty great all year long, it is humid, so you’ll be sweating a lot

moving to cayman islands

Moving to Cayman Islands - by the numbers

Cayman Islands Score
Shithole Paradise

Climate: 7.8/10

Hours of sunshine (10/10) Temperature (10/10) Rainy days (8/10) Humidity (3/10)
27 C – 81 F

Level of English: 9/10

High to Very High Proficiency

Cost of Living: 1/10

Minimum Annual Wage Average monthly cost single person

Taxes on international income: 10/10

The Cayman Islands don’t charge any taxes. No income tax, no property tax, no company tax. A true paradise in this regard.

Economic growth: 6.5/10

Average GDP growth over the last 10 years: 3.2%

Safety: 8.3/10

Global Terrorism Index (10/10) Intentional homicide rate (5/10) Rape rate (10/10)

Visa: 7.7/10

  • Visa (9/10)

    No visa is required for a stay of up to 6 months for most Westerners, for tourist purposes.

  • Permanent Residence (5/10)

    A Permanent residency program is possible, which can lead to citizenship. You do need make a minimum investment of $2.4 million in real estate. You can also be a “person of independent means” and get a Residency Certificate, for which you must prove you have an annual income of around $150.000 derived from outside the country, have a Cayman Islands bank account with half a million USD in it, and invest “only” $1.2 million investment in real estate. There are some more options, but all of them are expensive.

  • Citizenship (9/10)

    After 5 years of residency you can become a citizen. At this point, you can also get a British passport. Dual nationality is allowed.

Are Cayman Islands a good place to live?

We can be pretty short about this one: if you make a lot of money, the Cayman Islands can truly be a paradise for you.

Zero taxes, beautiful weather, a high English proficiency, and a relatively close proximity to many Western nations make this country a very desirable place to be.

Getting residency is easy – just costly.

And once you have it, it opens up the door for citizenship as well.

Just want to go there for a vacation? You don’t even need to get a visa for a stay of up to 6 months.

It’s a great place, just very expensive.

If you can deal with the cost of living, then by all means go live in the Cayman Islands, it has so many advantages.

However, if you’d prefer not to spend 4x the amount of money you’d have to spend to live in countries in Latin America or Southeast Asia, then perhaps you can just use the Cayman Islands as a Base for your businesses.

Zero taxes is really, really good – being tied to the UK on the other hand is not.

The Cayman Islands has a lot in common with Dubai, with regards to no taxes, a sunny climate and a high cost of living.

I’m not going to be living there because I’m frugal and I dislike places that are too closely tied to the collapsing Western world, but for setting up a business … you can do a lot worse.

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