Top 5 Financial Benefits Of Living In The Cayman Islands

February 2, 2023
Photo by Min An from Pexels

With its economic prosperity and freedom, the Cayman Islands is an attractive place for many people. Below we take a look at some of the top financial benefits of living in the Cayman Islands…

Located within the western region of the Caribbean Sea, the Cayman Islands is home to some of the world’s most pristine beaches and balmy weather.

The Islands economic success has seen the area become well-known for its financial services, modern infrastructure, and upmarket business developments. Due to its popularity, the Islands have become a hotspot for many expats in recent years.

Below, we’ll be exploring in further detail why living in the Cayman Islands can be beneficial financially…

1. Business Friendly Environment

The Cayman Islands has well-established political and commercial links with the UK, America and Europe, making it a popular place for investors. One of the biggest benefits of setting up a business in the Cayman Islands is that you don’t necessarily need to be living in the country to run the business. You can, in fact, run the business from anywhere in the world.

The Islands also boast a huge and diverse talent pool of professionals, making it an attractive place for start-ups and businesspeople.

2. Secure Economy

With the sixth-biggest GDP per capita worldwide, the Cayman Islands has been widely perceived as an economic success story. Anchored by a business-friendly government and its resilient and dynamic financial sector, the Cayman Islands can be a great place to invest.

Over the last few decades, the Islands have also witnessed huge growth in a variety of its sectors. Most notably, banking, insurance, and financial services have advanced massively.

On top of this, Cayman is home to its stock exchange set up in 1996. The exchange is globally focused and specialises in various sophisticated products.

3. Stable Currency

The KYD was introduced in 1972 and is the main currency of the Cayman Islands. It remains one of the top currencies in the world. The currency also has a fixed exchange rate with the US dollar, making it convenient for business.

4. Political and Economic Stability

As a British Overseas Territory, the Cayman Island political system is inherited from the British crown. However, the Islands do still enjoy a high degree of self-government with their own Legislative Assembly. The Assembly is drawn up of both elected and official members and is responsible for enacting local laws.

The Cayman Islands is considered to have a relatively high level of political stability. Not only are its taxation and business laws favourable to business, but the safe political environment can harbour and boost economic growth.

A considerable portion of the local economy is dependent on financial services, therefore there is significant political legislation relating to the industry. Due to the Island’s highly successful financial sector and vibrant local economy, employment rates are exceedingly high.

5. High Living Standards

The Cayman Islands is well renowned for its high standard of living. Not only would you be surrounded by sandy beaches and balmy weather all year long, but you’d also be on the doorstep of countless economic and employment opportunities. The islands crime rate is also relatively low, making it a safe place to raise a family.

Thinking of Moving to the Cayman Islands?

With its beautiful scenery and buzzing atmosphere, the Cayman Islands is arguably one of the most popular places to live and work in the Caribbean. From its business-friendly environment to its diverse workforce, it is clear the Islands boast an array of financial opportunities.

Before making a move, it’s important to look into your different options to qualify for residency in the Islands. To find out more about this, it’s advisable to seek the help of a trained solicitor who can guide you through the process.

Please be advised that this article is for general informational purposes only, and should not be used as a substitute for advice from a trained legal professional. Be sure to consult a commercial lawyer/solicitor if you’re seeking advice on residence in the Cayman Islands. We are not liable for risks or issues associated with using or acting upon the information on this site.

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