Why are the uber-rich and wealthy moving to the Cayman Islands? The reasons are many. The Cayman Islands offer an incredible location to live, unparalleled privacy and safety, and one of the best bases to conduct business from.
Piece of Paradise
Firstly, it’s the Caribbean, so winter coats get swapped for short sleeve shorts and
sundresses. Living in the Cayman allows you to carve out a piece of paradise for yourself. Its hotels, beaches, and cuisines are on par with any to be found in the region.
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.
Proximity
The Cayman Islands have an added bonus as one of the easiest countries to travel to with direct flight options from most of the richest nations and is only a 70-minute flight from Miami.
Little Crime and Small Population
With a small population of well under 100,000, the Cayman offers unparalleled freedom compared to its congested alternatives in Monaco and Singapore. This, coupled with a stellar crime record, makes it one of the best places to live if you can afford it, while also being an ideal area to raise a family.
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.
