If you want to move there, youll need to be prepared to spend over $1 million – even for just a temporary permit. While getting Cayman Islands residency is certainly not cheap, it can be worthwhile for the right person. Here are a few of the most common ways to get residency by investment in the Cayman Islands.

Is it illegal to move money to the Cayman Islands?

So moving your money to the islands where you pay 0% should be illegal, right? As long as youre only using your account in the Caymans to avoid taxes and not evade them, its all perfectly legal—youre only required to pay the absolute legal minimum of taxes.

Can US citizens move to the Cayman Islands?

As an island just 22 miles in length, new residents and visitors often ask if there are enough things to do in the Cayman Islands once you live here full time. The answer is a resounding yes!

Is healthcare free in the Cayman Islands?

Public healthcare is available in the Cayman Islands, but expats planning to use these services will still need to take out compulsory health insurance to cover them while they are on the island.

Why do people move money to Cayman?

The Caymans have become a popular tax haven among the American elite and large multinational corporations because there is no corporate or income tax on money earned outside of its territory. 1 This includes interest or dividends earned on investments, making the Caymans especially popular among hedge fund managers.

How much money do you need to retire in the Cayman Islands?

Retirees need to invest a minimum of US$1.2 million in developed real estate in order to qualify to earn a certificate of permanent residency for 25 years.

Does Grand Cayman have a hospital?

There are four hospitals in the Cayman Islands. Grand Cayman is home to the private Health City Cayman Islands, as well as the Chrissie Tomlinson Memorial Hospital. The public hospitals are the Cayman Islands Hospital (commonly known as the George Town Hospital); and Faith Hospital on Cayman Brac.

Does the Cayman Islands have a hospital?

The Cayman Islands Hospital, the principal health care facility in the country, is a modern, 139,066 sq. ft., two-story facility with 124 beds. Other facilities include: outpatient specialist clinics, administrative offices, and a modern high-tech electronic health information management section.

How much is a house in Grand Cayman?

House prices in the Seven Mile Beach area, particularly popular Grand Cayman neighbourhoods such as Crystal Harbour and the Yacht Club, typically start at $2 million and up. For those who prefer to rent instead of own property, the average rental price per month for a two-bedroom apartment is $4,000.

Do I need a passport to go to Grand Cayman?

You must hold a valid passport to enter the Cayman Islands. Your passport should be valid for at least the duration of your intended stay in the Cayman Islands. Check the Cayman Islands Government website for further details.

Are Cayman Island bank accounts illegal?

If your intention in setting up an offshore account in the Cayman Islands is to skirt tax laws, you cannot do so lawfully. If you are caught skirting tax laws by depositing money into an offshore account, you may face a variety of civil and criminal penalties, including forfeiture of money and possible imprisonment.

What language is spoken in Cayman Island?

English Cayman Islands/Official languages