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The Cayman Islands – A Safe And Welcoming Home for High-Net-Worth Families

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High-net-worth families represent an exclusive group who ordinarily have flexibility in choosing where they live and raise their families. Their financial resources permit them to select from an almost endless range of properties in most countries. They also have the human capital to support their global lifestyle and the education and access to technology to permit working remotely. Combined with the wealth necessary to travel for business as needed, there are few barriers for the wealthy mobile elite when it comes to deciding where they will live.

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Camana Bay, Grand Cayman

Equally, they have the financial means to meet the residency by investment requirements to move to foreign jurisdictions, a trend that is growing in recent years as governments around the world pose new restrictions on foreign migration and raise the minimum financial investment requirements to earn residency and – in some countries – citizenship.

Concurrent to this trend is demand from wealthy families to establish residency in a jurisdiction which offers personal safety, economic and political stability, a sound judiciary and a high standard of living for their families, particularly with regards to healthcare, education and socialisation.  

These parallel trends have prompted increased interest in the Cayman Islands – a locale which aptly serves the needs of wealthy families and provides a straightforward pathway to residency for a limited number of high-net-worth families each year.

In this article we talk about factors that attract families to the Cayman Islands and why, with its unique offering in the Caribbean, this trend is set to continue.

A booming business hub

Most people need a location that allows them to continue to conduct their business and ensure their family’s continued financial prosperity. The Cayman Islands is a 70-minute flight from Miami, Florida and may be one of the best options in the world in that regard.

The Cayman Islands describes itself as “tax neutral,” which means that it does not impose any income, corporate, capital gains, withholding or inheritance taxes on its residents. It also has no recurring property taxes. In this sense, Cayman provides its residents and businesses with unmatched financial freedom and opportunities. 

There are of course other tax-neutral jurisdictions in the world and many of them neighbour the Cayman Islands in the Caribbean Sea. What makes the Cayman Islands stand head and shoulders above its Caribbean counterparts, however, is the bustling financial and business infrastructure that makes Cayman such a financial and economic powerhouse. The financial services sector accounts for more than 32% of the country’s GDP and has been a driving force in bringing in business and prosperity to the Cayman Islands throughout the years. Other sectors such as travel, technology and real estate have been growing consistently. 

The ability to work remotely, something 2020 highlighted to us in emphatic fashion, coupled with the business and taxation landscape in the Cayman Islands make it a perfect place to situate your business and to manage and grow your families’ wealth.

A safe place for the family

The Cayman Islands are extremely safe and don the motto “Caymankind.” The crime rate in the Caribbean nation is negligible and it is considered an extremely safe location to both visit or live, where security considerations are often not given a second thought.

Cayman, like many smaller, tourist-focused locations in the world, enjoys a low crime rate partly due to the small population but also due to the high levels of prosperity the Islands’ population enjoys. The Cayman Islands also benefits from being a British Overseas Territory and its well-resourced police force the Royal Cayman Islands Police Service (RCIPS) are funded, trained and supported by the UK government. Whether your kids want to play outside or you want to take a walk on the beach after dark, the Cayman Islands is one of the safest places in the world to do so.

Robust healthcare

One of the main considerations when considering relocation, especially given the events of the last year, is healthcare. Fortunately, for the residents of the Cayman Islands, the British Overseas Territory provides its inhabitants with excellent, first-world healthcare.

The Cayman Islands are revolutionising healthcare in the Caribbean, and a testament to that is Fortune Magazine’s recognition of Narayana Health, the parent company of Health City Cayman Islands, as one of the most innovative healthcare companies in the world.

Cayman has three large hospitals for a population of just over 60,000 and has just announced another new hospital is to be opened in the island’s New Urbanism community of Camana Bay. In addition, Cayman has a large number of general practitioners and family medical practices, for non-acute medical conditions requiring treatment and prescribed medication. You can also find many private clinics across the islands offering specialised services in the areas of cardiology, endocrinology, gastroenterology, neurology, obstetrics and gynecology, nephrology, pediatrics, pulmonology and many more. There are more than 1,000 healthcare professionals in the Cayman Islands and many were originally trained in the UK, US and Canada. The standards in Cayman are extremely high.

In addition to all this, Cayman has an exemplary record when it comes to its handling of the COVID-19 pandemic. The islands have not had any community transmission of COVID since July 2020, thanks to a successful initial lockdown in the islands in spring 2020 and a robust border and quarantine policy. Cayman has since then received a steady supply of vaccines from the UK government and now over 70% of the Islands’ population are vaccinated. Cayman’s population has lived without masks and social distancing for more than 10 months, while the rest of the world has experienced wave after wave of COVID-19. The quality of healthcare and COVID management record is great news for anyone looking to reside in the Cayman Islands with their families. 

Great education infrastructure
Cayman International School, Grand Cayman

Ensuring your children get great education is extremely important for any new home, and the Cayman Islands delivers on this in spades. Through a mixture of both public and private schools offering British-style education and the International Baccalaureate and with an average pupil-to-teacher ratio of 15.7:1, children receive a high standard of education, and the Cayman Islands’ Government Office of Education Standards is constantly striving to improve this.

One of Cayman’s newest schools can be found in Camana Bay. Cayman International School (CIS) is a private, college preparatory, non-sectarian, co-educational school for students from two years old through Grade 12. It was established to provide an American/International educational programme for the dependents of the multinational professionals living in Cayman. The school boasts state-of-the-art facilities and excels in technology, with a modern STEM lab, 3D printers, laser cutter, robotics, 1:1 environment and modern learning infrastructure.

Early Childhood Centre, Cayman International School

Also boasting a further education college, a university and a school of law to service its 60,000-person population, the Cayman Islands has created an educational infrastructure that gives children every chance to fulfil their potential.

The weather

It is a tropical island, so do we need say more?

Sunny, warm weather all year round and pristine beaches are a mouthwatering thought for anyone living in the upper hemisphere. The weather in the Cayman Islands is one of its main allures, and the natural beauty that comes with it.

A walk on the beach with the family certainly beats those wintery nights, but for the rain lovers the Cayman Islands does have the occasional rainstorm. The weather in the winter is much cooler, but still warm enough for swimming and sunbathing.  

Top-notch living standard

For those who worry that the Caribbean can’t provide the living standard found in the USA, Canada or Europe, we say visit the Cayman Islands.

The country has modern infrastructure, art and cultural centres, top-tier communications, a world-class culinary and restaurant scene, enticing shopping and leisure activities, and certainly caters to a healthy lifestyle through an abundance of fitness centres, outdoor sporting opportunities and health food options.

Cayman’s housing market offers everything from private, gated estate homes to luxurious beachfront condos with full-service amenities such as The Residences at Seafire situated on Seven Mile Beach. The Residences feature diverse floor plans to suit every taste and family, unforgettable ocean and North Sound views, concierge, poolside service, valet parking, nanny service, a fitness centre, restaurants, spa, beach volleyball, pedal bikes and so much more for all the family to enjoy.

Cultural inclusion

The term “Caymankind” is very popular in the Cayman Islands; it refers to the mentality of kindness and acceptance in the country and it makes for easy integration for new residents.

More than 135 nationalities reside in the Cayman Islands and it is its cultural diversity and tolerance that makes it a wonderful place to live.

Simple residency-by-investment programme

One of the most interesting things about the Cayman Islands is how simple it is for you and your family to get residency permits. It offers residency by investment through real estate consisting of two options:

  1. Certificate of Permanent Residence, which requires a US$2.4m investment in developed real estate
  2. 25-Year Residency Certificate, which requires a US$1.2m investment in developed real estate (Source)

Both options provide great investment opportunities in a booming Cayman property market and could make securing residency through property ownership in the Cayman Islands even more fruitful. (Source) Cayman has the added advantage of having no restrictions on foreign ownership and guaranteed property titles.

A breathtaking British Overseas Territory with a simple residency-by-investment programme and a lifestyle to rival anywhere in the world; the Cayman Islands is one of the best places you and your family can call home. Those who have choices choose the Cayman Islands. To learn more, contact Sue Nickason, Vice President Marketing and Sales at Provenance Properties today. 

Interested in contributing a sponsored feature? Email us on cn@imidaily.com and see all our promotional options here.

The post The Cayman Islands – A Safe And Welcoming Home for High-Net-Worth Families appeared first on Investment Migration Insider.

Tech-Entrepreneurs Opt for Residency by Investment in the Cayman Islands

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The Cayman Islands has gained a name for itself in recent years as a global hub for technology businesses, from start-ups and mid-sized enterprises to major international corporations that have their headquarters in the Islands. This trend has led many technology-related entrepreneurs to consider Cayman as not only a place to live but also a place to do business.  

A technology & innovation centre

The range of technology businesses in the Cayman Islands’ innovation sector is diverse and includes blockchain, fintech, e-commerce, biotech, digital marketing, software development, programming, data services, aviation innovation, hosting, telecommunications, electronic publishing companies and more. 

Cayman’s emergence as a centre for technology and innovation business has partially been driven by a less location-centric global economy, ‘work from anywhere’ trends, and COVID-19, which has caused most businesses around the world to rethink their operations and to operate within more virtual and flexible parameters. 

What attracts businesses to the Cayman Islands?
Camana Bay, Grand Cayman

The Cayman Enterprise City (CEC) organisation states that, since it launched in 2011, Cayman has attracted over 250 businesses of all sizes from more than 20 countries around the world to set up in the Cayman Islands. 

It isn’t just about dispersal or diversification, however; Cayman’s rise has also come about as a result of the strong and business-friendly foundations that Cayman has offered for many years, particularly to those in the financial services sector.

Richard Munden, a partner with Carey Olsen law firm in the Cayman Islands, explains: “Cayman’s unique tax position is undoubtedly a draw in that there is no corporate income, capital gains, withholding or similar taxes with which a tech company need be concerned. Other advantages include a flexible corporate law framework and the ability to set up a form of legal entity to conduct the business that has governance and other characteristics similar to the types of entities with which investors and principals will be familiar in other jurisdictions.” 

Mr. Munden continues: “The fact that Cayman also boasts a long-established reputation as an investment funds hub, and as such is already a known commodity to many investors, may also facilitate the funding of entities based here. There is also a large and sophisticated base of legal, accountancy, corporate and other service providers available to assist new companies.” 

Not just business, it’s personal
The Residences at Seafire, Seven Mile Beach, Grand Cayman

The business benefits for technology and innovation entrepreneurs to relocate to the Cayman Islands are clear, however, it is also clear that the true motivation behind a decision to take up residency in Cayman is often much more personal. 

Cayman’s advantages extend beyond commercial business decisions and appeal to the individual entrepreneurs behind technology companies and in this regard Cayman’s many lifestyle attractions have not gone unnoticed.

Matt Vaughan is the founder of Fetch Tech SEZC, a company based in the Cayman Islands that provides strategic and commercial support to venture-backed growth technology companies. He expands on why Cayman is so attractive: “With the momentum we are now seeing for home working, distributed workforces and work-from-anywhere models there are a wider range of businesses and entrepreneurs moving to Cayman – which can also bring about tax advantages for those individuals, such as in the event of an eventual business exit.

“The lifestyle and sophistication that Cayman offers is not something that can be found in other offshore centres and appeals to many entrepreneurs. Whether it is the availability of high-quality healthcare, world-class schools and educational facilities or high-end restaurants, spas, gyms, boating, golf, fishing and waterfront properties on a Caribbean island, Cayman ticks a lot of boxes.”

Jennifer McCarthy from TechCayman—an organisation created to attract and build a growing tech industry in the Cayman Islands—also cites Cayman’s impressive response to the global pandemic as a real pull over the last few months. “People are coming to us and saying, we want to be there – it’s the safest place on earth. Our clients really appreciate the stringency of Cayman’s approach to [the] COVID-19 [virus].” 

Residency by investment made easy

Dart’s Vice President of Real Estate Marketing and Sales, Sue Nickason, believes that Cayman’s property ownership regime for foreign buyers is an additional attraction: “Cayman is a very compelling place to purchase property; there are no restrictions on foreign ownership of property, no property taxes, no alien landholding licenses and we have access to a range of desirable properties, from turnkey beachfront condos on beautiful Seven Mile Beach to luxurious private homes and estates. In addition, people who invest a minimum USD $1.2 million in developed property can qualify for permanent residency in this British Overseas Territory.  Since COVID-19, permanent residency status is becoming increasingly important to globally mobile individuals.”

“Our team at Provenance Properties can assist with everything you need to make a move to Cayman including relocation advice on topics such as healthcare, education, pets, fitness and more, proprietary market data and introductions to local service providers and professionals who can assist with your move.”

Finding commercial space in the Cayman Islands

For those looking for commercial space for a technology business or new venture in Cayman, Dart Real Estate’s commercial leasing team manages more than 800,000 square feet of Class-A and Class-B office, retail and commercial space in strategic locations across the Cayman Islands – including Dart’s flagship development of Camana Bay  Dart Real Estate has also recently launched readyspaces at Regatta Office Park on Grand Cayman; flexible, turnkey office space that’s ready when you are and starting from US$1,500 per month.  Dart’s newest project, 60 Nexus Way, is now pre-leasing at Camana Bay and will welcome new tenants in 2022. 

Are you interested in the Cayman Islands, but not sure where to start? Contact Sue Nickason, VP of Real Estate Marketing and Sales for more information.

Interested in contributing a sponsored feature? Email us on cn@imidaily.com and see all our promotional options here.

The post Tech-Entrepreneurs Opt for Residency by Investment in the Cayman Islands appeared first on Investment Migration Insider.

Life in the Cayman Islands: Pristine Beaches, Robust Infrastructure And a COVID-Free Community

 

It is difficult to recall life before the COVID-19 pandemic ravaged the globe; exhausting lockdowns, vigorous social distancing guidelines, continuous mask-wearing, and a relentless dependence on online services shape-shifted our lives and made them unrecognisable. Unless you’re in the Cayman Islands, that is. 

While this group of islands in the Western Caribbean is considered one of the most attractive places in the world, we won’t bore you talking about its crystal-clear waters, sandy beaches, luxury resorts, sunny tropical climate, or its world-class cuisine; Google Images and YouTube do that for us. The true allure of the Cayman Islands is its high standard of living.

Cayman International School, Grand Cayman

One of the safest and easiest places to live in the world, let alone the Caribbean, the Cayman Islands serve as a microcosm of how the world could be. Its infrastructure is second to none, its economic landscape is bustling and residents are accomplished and educated. 

A COVID-free safe haven
In the atrocious year of 2020 the Cayman Islands proved to be much more than just an aesthetically pleasing economic power hub; it arose as a safe haven in a world gripped by fear. The Cayman Islands’ handling of the pandemic was steady, decisive and timely. The British Overseas Territory has only had 416 cases since the beginning of the outbreak, the majority of which were managed in quarantine facilities and as such local transmission has not occurred since July 2020.

Due to robust quarantine measures and safety protocols for returning residents, the community itself largely has no social distancing regulations, imposed lockdowns, or mask-wearing (except in healthcare facilities). The population is living life as it was intended; free of constraints. 

Seven Mile Beach, Grand Cayman

Successfully containing the virus
One may argue that islands had an easier task when it came to imposing travel bans and containing the spread of the virus, which, to some extent is true. Yet the Cayman Islands exceeds that perceived notion; comparing it to other islands such as the Bahamas (8,311 cases) or Malta (20,047 cases) among many others, it shows the adeptness of the Cayman Islands in handling the pandemic.

This is in no way an indictment of other countries, rather a commendation of the extraordinary competence of the Cayman Islands in handling a global pandemic that other nations could not contain. It is an accolade of awareness, capability, and efficient management and cooperation of both the government and residents that has made the Cayman Islands one of the most sought-out locales in a COVID world. Those with those with the resources to do so are flocking to Cayman from all around the globe. 

The Cayman Islands continues to thrive
The islands have one of the highest GDPs per capita in the world at US$85,975 (more than double that of France), which is mainly derived from financial services. 

The Peninsula Estate, Grand Cayman

The Cayman Islands perfected balancing between economic sustainability and the health of its locals. Cayman was able to avoid an economic catastrophe and maintain the wellbeing of its population through diligent planning and execution of preventive measures.  

The excellent handling of the pandemic is not the only reason the Cayman Islands is considered one of the best places in which to live, either. 

Access to quality healthcare and education

  • Through a comprehensive and expertly maintained infrastructure, its residents are set for life when it comes to the essentials. The Cayman Islands has 4.5 doctors per 1,000 residents, nearly double the figure of the United States, and have the medical institutions capable of delivering the best healthcare services possible, including the state-of-the-art Health City Cayman Islands facility. Its education system is also top-notch, as Cayman has a choice of excellent secondary schools, some that follow the British system (GCSEs and A-levels) as well as Cayman International School, which delivers the IB Diploma. Cayman’s proximity to the USA means its residents have a portal to the entire world for higher education via a 70-minute flight to Miami. 

A superior business landscape

  • Its business landscape also proves unmatchable, with some of the best financial and professional institutions in the world having large offices in Cayman, these include Royal Bank of Canada, Scotiabank, EFG, Bordier, KPMG, EY, Deloitte and PWC. Doing business in the Cayman Islands is simple, efficient, and most importantly, cost-effective due to the its tax-neutral status. There are no income, inheritance, corporate, capital gains, direct sales or recurring property taxes. Include the fact that the country has no imposed lockdowns or restrictions due to coronavirus, it is largely business as usual on these Caribbean islands. 

High standard of living

  • As Cayman provides one of the best quality of living standards, made possible by attracting the best the world has to offer, it is attractive to those seeking to live there full time. Through the Cayman Islands’ residency-by-investment (RBI) programs, the Certificate for Persons of Independent Means which requires a real estate investment of US$1.2 million and the Certificate of Permanent Residence for Persons of Independent Means which entails a US$2.4 million property investment; the Cayman Islands have a direct and simple route for high-net-worth individuals who wish to not only grow their investment but obtain a second home in one of the best liveable countries in the world. 
Kimpton Seafire Resort and Residences, Grand Cayman

For more information about securing residency in the Cayman Islands contact Sue Nickason, VP Marketing and Sales at Provenance Properties, the official Christie’s Real Estate affiliate in the Cayman Islands. The simplest and quickest path to permanent residency in the Cayman Islands is through the purchase of developed real estate valued at US$2.4 million or higher. For example, purchasing this three-bedroom luxury beach home at The Residences at Seafire qualifies buyers to apply for Cayman Islands residency if all requirements are met. The Provenance Properties team has a wide range of listings available to help satisfy this requirement while finding your ideal home.

It has been a long time since a business meeting started with a handshake or a family gathering was adorned by hugs, unless, of course, you are in the Cayman Islands.

Interested in contributing a sponsored feature? Email us on cn@imidaily.com and see all our promotional options here.

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