Last updated on June 12th, 2023 at 07:32 pm
The Cayman Islands are known for their tax haven status, but there are reasons to live there other than starting a business or investing in hedge funds. Let’s take a look at a few pros and cons of living in the Cayman Islands.
The Cayman Islands are a great place to live for anyone looking to embrace the island lifestyle. It’s possible to immigrate to the Cayman Islands, although it involves a lot of paperwork and will cost you a pretty penny.
If, after reading this article, you decide you want to move there, speak to a Cayman Islands law firm to help you with all that form-filling.
But first, to help you make that all-important decision, we’re going to list the pros and cons of living in the Cayman Islands. Keep reading to learn more.
What Are the Pros of Living in the Cayman Islands?
We’re going to start with the pros–all the best reasons for living in the Cayman Islands, before we discuss the reasons you might not want to move there.
Beaches, nature, and beautiful weather
The first thing you notice when you get to the Cayman Islands are the stunning beaches. These beaches are known to be some of the best in the world, with their white sands and crystal-clear water. In fact, Cayman’s Seven Mile Beach is often touted as the Caribbean’s best beach!
But, there are plenty of other beaches to choose from too. Each district has its own beaches, and you’ll find the locals sunbathing, swimming, kayaking, or just taking a stroll along the shore.
The water here is shallow for quite a long way out, and there are no strong currents. There’s nothing better if you want to teach your kids to swim, or just want to take a relaxing dip at the end of the day.
If beaches aren’t your thing, you can always explore the islands’ natural wonders by visiting the Crystal Caves, the Turtle Centre, or the Queen Elizabeth II Botanic Park.
The climate in the Cayman Islands is nearly perfect year-round! With temperatures ranging from a summer average of 84 degrees down to the 70s in the winter and comfortable humidity, nearly every day is a beach day.
And, although hurricanes are not unheard of, the Cayman Islands are located far from the path most hurricanes take. The islands have rarely seen severe hurricane damage.
Safety and sense of community
People in the Caymans, a British territory, are known for being very friendly and open to meeting people from other countries. The islands are a melting pot of people from people from around the Caribbean and the world. There’s a strong sense of community with family and religion at its core. Neighbors look out for each other, and families and friends often come together for social events.
On top of all that, the Cayman Islands has the lowest crime rate in all of the Caribbean, if not the world. This is in large part thanks to the strong sense of community where everyone knows each other and looks out for their neighbor.
These islands are definitely a great place to live if you’re looking to be part of a friendly and safe community.
Wondering what healthcare is like for those living in the Cayman Islands? The health service isn’t quite the same as Britain’s NHS or the Canadian healthcare system, but it’s definitely a close second.
You’ll find state-of-the-art hospitals, testing facilites, and labs, particularly in Grand Cayman. There are approximately 4.5 doctors for every 1,000 residents in the Caymans. So, there’s no need to worry about availability of healthcare if you choose to move there.
Expats planning to work in the Cayman Islands will be signed up for a healthcare plan through their employer.
If you’re retired or not working for a Cayman Island employer, you’ll need your own insurance. You can find more detailed information here.
That said, if an emergency arises, and you can’t afford to pay for your hospital bills in the Cayman Islands, they aren’t allowed to turn you away. All you have to do is sign a promissory note that is sent to the government promising that you’ll pay your bill sometime in the future.
Unspoiled water and clean air
Speaking of health, another great reason to live in the Cayman Islands is the lack of pollution. If you live in an industrialized western city, you’re breathing in car fumes and the water is polluted with microplastics.
In the Cayman Islands, the government is strict on cleanliness, so littering and plastic pollution aren’t an issue. The island is also surrounded by trees, and there aren’t many vehicles or much heavy industry polluting the air.
If you want to live somewhere clean, with great air quality and beautiful water, living in the Cayman Islands could be for you.
Standard of living and education
If you’re immigrating to the Cayman Islands with your family, you couldn’t be moving them to a better place.
The islands are known for having one of the highest standards of living in the world due to their modern infrastructure, well-appointed grocery stores, reliable utilities, and high-quality residential properties.
The Caymans also have excellent schools that offer both British and American curriculums. Students regularly exceed international levels on standardized tests and gain acceptance to top universities across the US, UK, and Canada.
Or, your children can stay in the Cayman Islands to complete their college degrees, since there are several colleges and universities. They include a law school affiliated with the University of Liverpool, as well as well-regarded and accredited schools of medicine and veterinary medicine.
If you’re ready to escape the rat race and embrace a more stress-free lifestyle, the Cayman Islands is the place to do it.
A major reason people flock to the Caribbean is for the laid-back, slower pace of living. Once you adjust to “island time,” you’ll find yourself relaxing on the beach, enjoying the natural beauty of the islands, and lingering over a meal with friends instead of eating at your desk. You might even wonder why you didn’t make the move sooner!
Modern conveniences and infrastructure
Although you might love the slower pace of island living, you don’t have to worry about missing any modern conveniences.
You’ll find that internet access and phone service are top-rate. You’ll also enjoy easy access to entertainment, restaurants, banks, health care centers, and shopping. Grocery stores are well-stocked with fresh, high-quality products–even carrying many US brands.
And, getting around isn’t a problem since the roads are very well-maintained–in contrast to many other Caribbean nations.
Taxis are expensive, however, and Uber and Lyft don’t operate in the Caymans, so if you want to drive, renting a car is also an option–or, of course, buying one.
As far as public transportation goes, the Cayman Islands operates a mini bus system which connects all the districts of Grand Cayman and runs seven days a week.
Easy international travel
International travel is easy, and you’re just a few hours (or less) by air from the east coast of the United States. Living in the Cayman Islands shouldn’t stop you from visiting loved ones back home as often as you’d like. And, you can be sure, they’ll be coming to see you to enjoy all the islands have to offer!
Yes, the Cayman Islands are known for being a “tax haven.” Here’s why: they have no filing requirements and 0% corporate and income tax on money earned outside its territory.
This is why many businesses and those who are wealthy are attracted to the territory. Be sure to consult a financial planner or attorney regarding tax laws.
What Are the Cons of Living in the Cayman Islands?
To give you a more balanced view of things, it’s now time for the cons. Many of these cons of living in the Cayman Islands are related to the pros because with every upside there’s often a downside…
Of course, the beautiful beaches and crystal-clear water are obviously great “pros,” but the mostly flat terrain means the scenery is very one dimensional.
The main outdoor activities for those living in the Cayman Islands are water sports. This isn’t a problem if you’re an avid water sports fan, but those who want to do other outdoor activities might find it somewhat limiting.
Anyone who has lived in a small town or village knows that living in a small community breeds gossip.
Friendly neighbors and a sense of community was one of our pros, but most everything comes with a cost and, in this case, it’s gossip.
We discussed the standard of living in the ‘pros’ section, but one of the reasons the standards are so high is because of how expensive everything is.
Everything you buy in the Cayman Islands has to be imported, because there’s little to no local production, making many goods incredibly expensive. And, let’s not forget that property in the Caymans isn’t cheap either.
If you decide living in the Cayman Islands is for you, and you wish to become a citizen, be prepared for a lot of paperwork. You’ll also need to make a significant real estate investment.
In short, in order to live on the islands, having a good job or other means of support is crucial, or you could find yourself out of money, and fast.
If you’re considering a move to the Cayman Islands, you’ve almost certainly visited the islands already, and you know they’re a popular vacation spot.
Tourist season runs from December to April, and although tourism feeds the local economy, it means crowded beaches, more traffic, and busier stores and restaurants.
Having your own car is essential if you move to the Cayman Islands. The public transportation system is limited to buses, expensive taxis, and hitchhiking, which is a common practice on the islands.
As mentioned earlier, ride-sharing services don’t operate here and although you’ll find car rentals, they can be expensive.
On the upside, cars are surprisingly affordable to purchase and can be shipped from different countries around the world. If you don’t drive, however, the Cayman Islands might not be the place for you since your ability to get around using only public transport means you’ll miss out on much of what the islands have to offer.
And, a final point about cars–be sure you obey the traffic laws, since fines for speeding and other infractions are high.
Potential for hurricanes
As we talked about earlier, the Cayman Islands are not hit by hurricanes as often as some other areas, but there is always a risk during hurricane season (June through November).
If you plan to visit during this time, or are making the Caymans your home, you’ll need to create an emergency plan, including stocking the appropriate supplies, knowing where your nearest shelter is should you have to evacuate, etc.
If you’ve ever lived in a hurricane-prone area, you also know that your homeowner’s insurance will be higher, so take this into consideration.
Are there any other pros and cons to take into account?
We’ve listed a number of pros and cons of living in the Cayman Islands to help you decide whether it’s the right move for you.
The pros and cons listed here are the most obvious things you’ll notice when you move to the islands, but there are always more to be found. If you’re still unsure about whether living in the Cayman Islands is right for you, some more in-depth research may be in order.
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