The Cayman Islands is known for its tropical climate and its beautiful beaches. It is also reputed for the wonderful tax haven it provides to thousands of wealthy individuals and corporations. Besides being the ultimate tax haven, the Cayman Islands is a wonderful place to relax, get some sun, enjoy the pristine beaches and some of the top diving spots in the world.
Climate
The climate in the Cayman Islands is alomst perfect. The weather is great all year round and although temperatures can get hot, the trade winds provide a nice breeze. Temperatures usually range from the 70s to the 80s. There is a dry season and a rainy season. The dry season starts in December and ends in April, while the rainy season starts in May and ends in November. Hurricanes can be problematic between June and November.
Government
The Cayman Islands is an overseas territory of the United Kingdom. It is extremely easy to visit the Cayman Islands and no visa is required. The government is very stable and the country has a thriving economy. The Cayman Islands is extremely developed, and not only has a great tourism industry, but boasts a strong banking industry as well. More information about entry and residency requirements is located at the Cayman Islands Department of Tourism.
Tax System
The Cayman Islands’ tax haven status has caused it to be even more popular with expats. There is no local, income, resident, capital gains, or any other tax common in the US and UK. There is also a strong privacy policy in place that ensures that individuals and corporations do not have to report their income to any government agency.
Medical Care
Medical care in the Cayman Islands is quite good. It is in fact comparable to the care one would receive in the United States or United Kingdom. Although medical facilities are more than adequate, certain illnesses and injuries require evacuation to the states.
Employees on the island should be able to receive private health insurance. Tourists or expats who own a business can purchase private health insurance plans or just purchase travelers’ insurance that includes a medical component. This is helpful in the event that a tourist/expat needs to be evacuated to the states.
Real Estate
The real estate market in the Cayman Islands is open to foreign ownership. There are no real estate restrictions. Real estate on the island is priced moderate to high depending on the location and property. Visitors looking for short term accommodations may rent. The cost of renting an apartment, condo or house ranges from about $1,500 per month to about $4,000+ per month for top locations.
Shopping
Shoppers can easily find all their necessities in the Cayman Islands. However, since everything is imported, shoppers may not be able to locate certain items and will need to ship them in personally. The Cayman Islands has many shops that sell luxury goods and services, and many markets for bargain hunting tourists who visit the island via cruise ship daily.
There is quite a bit of entertainment around the island, including great restaurants, night clubs, bars, and lots of water sports. There are also plenty of pristine beaches and world class scuba diving spots around the island.
Cost of Living
The cost of living on the Cayman Islands is rated between moderate and expensive. Housing is much more expensive than in the states and the same is true about transportation, goods, food, and entertainment. However, anyone who makes a decent income can live comfortably and enjoy life in the Cayman Islands.
Extradition from The Cayman Islands
The laws of extradition from the Cayman Islands are set by the Extradition Treaty Between the Government of the United Stats of America and the Government of the United Kingdom of Great Britain and Northern Ireland.
Map of Cayman Islands
