Read our article in the Cayman Financial Review Magazine, eversion
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.