Pressures from international regulatory bodies placed upon entities to show a physical presence in their offshore location has meant that the Cayman Islands are quickly becoming an attractive place for relocation. Companies and individuals benefiting from the savings derived from a presence offshore such as the tax neutral Cayman Islands realise that a “physical presence” means more than a shiny brass plate and are therefore eyeing the Cayman Islands as the obvious choice for relocation for themselves and their families.
The Cayman Islands is a choice destination for executives to reside, for the same reasons that investors choose to purchase property in the Islands. The proximity to the US and convenient airlift to many locations in the US as well as the UK and other parts of the world are clear advantages to relocating to Cayman, as is the first class communications infrastructure. Indeed, the recent announcement by telecommunications provider LIME that it would soon be launching a 4G network, a fourth generation of cellular wireless standards, means that the communications links will be even faster than ever before, of huge benefit to businesses operating within this global economy.
The stability of the Cayman Islands government and low crime rates relative to our Caribbean neighbours are added draws for such executives to the Islands. The Cayman Islands government continues to promote a business-friendly environment working in partnership with the private sector. Recent new policy guidelines introduced by the Department of Immigration to encourage top executives to remain in the Islands after their seven year term limit is a typical example of such proactivity. The Immigration (Financial Services Sector) Directions, 2010 allow for an organisation within the financial services sector to become an accredited employer. Once this takes place the presumption then exists on the part of the relevant immigration Board for designating senior employees, who meet specific criteria, as key employees of their firm. Once they are designated as key they may remain on island past the seven year term limit, commonly known as the “rollover” period, and subsequently apply for permanent residency. This has important benefits for both the individuals themselves, who have the chance to ensure continuity of their residence for themselves and their families, and also for companies who can enjoy similar continuity from a business perspective.
The Cayman Islands has much to offer young families in terms of a safe and secure environment geared up towards providing children with a great many sporting, artistic and other leisure opportunities unlike many other first world environments.
As someone who has been brought up here in Cayman I can testify first hand that the environment is highly conducive to a stable and happy upbringing. Now, as a parent myself, I’m delighted to be able to offer my own children the same opportunities afforded to me. In particular, the climate and geography of this small island affords young people so many fun outdoor activities, including sailing, kayaking, snorkelling and diving, while there is also a thriving inline hockey league for youngsters as well as classes specifically targeting young people in sports such as tennis, squash, football, rugby and much more.
Culturally and artistically the Cayman Islands has grown at a rapid rate in recent years. Construction is currently well on its way for a brand new National Gallery of the Cayman Islands, a testament to the importance the Islands have placed on the visual arts, while the performing arts have recently been showcased during Cayman’s Cayfest event, produced by the Cayman National Cultural Foundation, a two-month long celebration of singing, dancing and performing.
While the indigenous Caymanian population still just outnumbers ex-patriates, the very make-up of the Islands is a unique mix of over 100 different nationalities. The Cayman Prep and High School steel pan group ‘Pantastic’ is an excellent microcosm of the Island as a whole, comprising of Caymanian, Trinidadian, English, American, Malaysian, Philippino and Canadian youngsters. Where else in the world would young people get the chance to grow up experiencing so many cultures, living and studying together in harmony?
Prospective new residents looking for a real estate agent to help facilitate the transition from overseas to their new life in the Cayman Islands should not hesitate to get in touch. Reaping multiple benefits for both your business and your family, moving to the Cayman Islands is one move you will not regret.