LUXURY LIVING
There is one small locale that is quietly emerging as an option for the affluent to reside – the Cayman Islands. The sunny British Overseas Territory located a 70-minute flight from Miami is attracting the attention of discerning individuals who are searching for a low-tax jurisdiction with a high standard of living.
THE CAYMAN ISLANDS A Jurisdiction of Choice for High-Net-Worth Individuals and Family Offices It’s sometimes said that good things come in small packages. For many of the world’s wealthy citizens, that proves true when it comes to their choice of a location for their permanent residence and often their family office. From Monaco (0.78 square miles) to Singapore (281 square miles), these small and densely populated hubs often serve as the primary base for high-net-worth individuals. By Candice Beaumont 70
Like its counterparts, the Cayman Islands does not occupy a large land mass; the three-island archipelago is 100 square miles in size. The largest island, Grand Cayman, which is well known as the location of a leading global offshore financial services center, covers 76 square miles. Private client advisors to the word’s wealthy are also well aware of Cayman’s tax-neutral status – there are no corporate, income, capital gains, inheritance, gift, sales (VAT) or recurring property taxes in Cayman. This makes the Islands a competitive choice for those individuals or families seeking a low-tax domicile. Aside from its size and lack of direct taxation, the similarities to locales such as Monaco start to wane. To start, Cayman enjoys a small population with a tight-knit community. Spacious, luxury properties abound, from beachfront villas in Grand Cayman’s quiet east end to expansive penthouses in low-rise condominiums on Seven Mile Beach and sprawling canal front estates in private gated neighborhoods. These residential offerings serve as a marked contrast to higher density hubs, where property prices are typically higher too due to the premium placed on land and real estate. Furthering the appeal of owning property in Cayman is the lack of restrictions on foreign ownership of property, no alien landholding license requirements, and the opportunity to gain permanent residency and eventually naturalization through investing in real estate. Then there is the ease of access. Compared to its counterparts in Europe and Asia, Cayman is easy to reach from the United States and Canada, with nonstop flights available year-round from Toronto, New York City, Charlotte, Miami, Atlanta, Dallas and more. A 70-minute hop to Miami and a three-and-ahalf-hour flight to New York City make living and working in Cayman efficient for globally mobile individuals and family office representatives. Reaching Europe is also convenient thanks to nonstop British Airways flights from Grand Cayman to London Heathrow.
