Investors Impressed by the Cayman Islands: Three Jewels in One Crown

Grand Cayman has always been a destination for day-trippers and snowbirds alike. In 2019, we saw the highest arrival numbers in recorded history of the tourism industry, and while 2020 has seen less foot traffic, the Cayman Islands Government has attracted immensely positive attention and favourable sentiments at home and abroad for their handling of the COVID-19 pandemic. As a result of strict measures including a swift and early lockdown, exceptional healthcare, and some of the highest per capita testing measures in the world, the Cayman Islands are cautiously coming out of lockdown in time for summer and officially reopened for business.

The Cayman Islands, made up of three jewel-like islands in the Northwest Caribbean Sea, the largest being cosmopolitan Grand Cayman, is home to a thriving business community and quiet residential enclaves, and an ideal and welcoming locale for the residential investor. Thanks to these islands’ management of the Novel Coronavirus, Grand Cayman, in particular, has seen renewed interest in potential residents of independent means.

There are many reasons to consider this an ideal place to settle for the long term. With the borders expected to reopen in September 2020, it is easy to travel from Miami, New York and Toronto, there are also regular direct flights from Heathrow. Facilities for private jet aircraft are as readily available as berths for yacht owners. Reliable utilities and telecommunications mean that your business continuity is guaranteed, even in the worst weather. Setting up a business can be arranged remarkably quickly and in many cases, is easier than in other business markets and financial centres.

Residency by independent means is a straightforward process while acquiring real estate for the residential investor is a simple and streamlined procedure and can be expedited by a competent attorney. Restrictions on the foreign ownership of property are minimal, and beyond the one-time stamp-duty paid upon purchase, there are no subsequent property taxes.

And if you just might be at the stage of your career or investment trajectory when it is time to begin thinking of where to spend your retirement, there are few locales as well situated and equipped as Cayman to consider for watching the sun set as a new profession. Grand Cayman boasts miles and miles of pedestrian-friendly footpaths and bicycle lanes, even along the famous Seven Mile Beach. Sunscreen and regular health checks are highly recommended due to our proximity to the equator, but these can be carried out locally thanks to easy access to accredited medical doctors, along with the region’s leading cardiac and tertiary care hospital with a second opinion always less than an hour’s flight away.

Equal parts cosmopolitan and private, you will find that your privacy is respected here in Cayman and your safety and security always ensured; the Cayman Islands enjoy one of the lowest crime rates in the world and our status as a British Overseas Territory ensures the protection of the United Kingdom from all contingencies. Livable, accessible, safe and welcoming – you will find the routes to long-term residency are remarkably simple. Why not come for a visit? Chances are that you will want to stay for a while.

As a full-service law firm, HSM is able to assist clients with setting up a business, residency requirements and property transactions. Author and Partner, Linda DaCosta, manages our property team and has been practicing in the Cayman Islands legal field for over 25 years.