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.
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.
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
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.
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.
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.
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:
- Certificate of Permanent Residence, which requires a US$2.4m investment in developed real estate
- 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.
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