Cayman is known for its combination of Caribbean weather and lifestyle. The Cayman Islands leads the way in keeping pace with global regulatory changes while still retaining all the things that make it an attractive place for wealthy individuals.
Several reports including Knight Frank have noted that the Cayman Islands is an ideal safe haven for the super-rich. The Pandora papers also exposed the Island to areas where super-rich invest.
Security, proximity, and rich family settings are the key factors attracting many tycoons to the Cayman Islands.
Here Are Factors Encouraging Wealthy Individuals to Move to Cayman Islands.
Proximity
Traveling to Cayman Islands is not so much complicated. From Miami, US, a flight takes 70 minutes to land in Cayman setting the super-rich for maximum enjoyment with zero regrets.
It is connected by top airlines making it an ideal place for the ultra-rich to spend their wealth.
Little Crime and Small Population
Living on Cayman Island is conducive for the super rich as they do not have to look over their back while in the streets. According to records from law enforcement officers, the area has low crime rates.
With a small population of well under 100,000, the Cayman offers unparalleled freedom compared to its congested alternatives in Monaco and Singapore.
Piece of Paradise
What separates the Cayman from most other Caribbean countries is how it blends the urban luxuries of North American and European life with the rustic charm and relative escapism the Caribbean provides.
Caymanians and visitors have their pick of world-class hotels and photo-perfect beaches alike.
The culinary scene is perhaps only topped by Anguilla but boasts its own selection of diverse European and fusion fine dining options to complement the local flavor.
Tax Haven
Like Monaco and Singapore, the Cayman Islands are considered a tax haven.
While tourism makes up much of the country’s economy at more than 50 per cent, the other big contributor is foreign investment.
Cayman is one of the premier offshore banking sites in the world, paying generous dividends on investments while protecting the identities of the account owners and shielding their assets. The tax rate for both citizens and foreigners in Cayman is 0 per cent.
The Cayman Islands looks to maintain its “twin pillars of economic development” with tourism and international finance, and as long as it continues to lean in this direction, the financial capital of the Caribbean will continue to attract the ultra-wealthy for years to come.
There are more registered businesses on the islands than there are people. Here, companies do not pay any direct tax.
The Caymans were not always prom and proper though. In the early 1900s, the islands were a major drug smuggling and money laundering destination.
Now it is the world’s sixth largest banking center, with banking assets worth more than Ksh100 trillion, hosting over 11,000 mutual and other funds with a net asset value of more than Ksh200 trillion.
