Soft white sand, warm yet cool breeze, the smell of the fresh sea, and a beautiful view of the sunset setting on the pristine Seven Mile Beach. This, my friend, is what it is like to live in the Cayman Islands. It is a fascinating place many people do not fully appreciate. The island is best known for its professional financial services, tax-free jurisdiction, and incredible views all over the island.
Home to a number of successful industries that include tourism, real estate, construction, a special economic zone, and newly developing medical tourism industry, many are coming to the Cayman Islands to either start a business or find a comfortable place to retire at. But what makes Cayman Islands so appealing to the outside world? Let’s examine the positive characteristics this gorgeous overseas British Territory has.
The financial services in the Cayman Islands are the largest offshore hedge fund jurisdiction in the world. In addition to the second largest offshore captive insurance jurisdiction, and fifth largest banking centre in the world. With low fees and maintenance cost for accounts, along with no direct taxation, Cayman Islands are a thriving offshore banking and finance centre. The home to some of the most reputable legal and accounting firms, which support the financial service industry, many opt to bring their investments to one of the most prestigious and trusted offshore banks operating on the island.
With diverse and extensive banking solutions, the Cayman Islands are an ideal option for investors, portfolio manages, expatriates, and for people who simply wish to grow and manager their funds better. Cayman is recognized by the FATF as a leader within the Caribbean region in the fight against money laundering and commits to adhering to all the relevant international supervisory standards.
Advantages to Banking in Cayman Islands
The government does not impose a capital gains tax, withholding tax, or income tax. What does that mean to you? Basically, any gains you make on interest or income belongs to you. Your hard-earned money you worked for is all yours. The government will not tax your money.
The nonrestrictive exchange controls allow you to transfer funds easily in and out of the islands in any currency. This freedom allows individuals to open and maintain accounts in any currency.
One of the strictest bank secrecy laws in the world to protect your private information from unauthorized disclosures and extensive asset protection laws to protect your funds. Harsh criminal penalties occur if these laws are to be broken, which adds more security and peace of mind for many account holders.
Whether you decide to rent or own a property on this beautiful island, you will always get your money’s worth. Cayman barely any restrictions on foreign ownership and legal protection on owner property rights to property homeowners. Along with a front row view to one of the prettiest scenarios in the globe, makes Cayman Island an ideal place to invest in real estate.
Tax-free jurisdiction allows investors to gain a higher percentage of returns on rental properties. Also, with a low cost in legal and registration, the return on investing in real estate is more ideal for someone who wants to grow their net worth.
Hundreds of respectable and well-established financial institutions offer personal investment managers to help you diversify your investment portfolio. They will help guide you in investing your money to meet your financial goals.
So what are you waiting for? Contact a financial advisor today at any financial institution in Cayman Islands to get more information of how to successfully grow your assets! They can even direct you to a realtor so you can learn about the many spectacular properties for sale!
Cayman Islands, the place where you turn your dreams into reality.