30 Mar 2020
“Retirement – When you stop living at work and start working at living.”
There may be no better place in the world to start working at living than in the sun-drenched Cayman Islands. For those who dream of giving up the rat race and retreating to a land of sugar-white beaches and swaying hammocks, the Caribbean certainly provides that fulfilment. But what sets the Cayman Islands apart from its island neighbours is its ability to fulfil the practical considerations of retiring on a tropical island. Here are 10 ways the Cayman Islands does just that.
1. Tax neutrality
With retirement comes a fixed income and the need to control lifestyle costs. Budgeting for these retirement expenses in the Cayman Islands is made easier thanks to an absence of personal, recurring property, capital gains, inheritance and sales (VAT) taxes.
There are four hospitals in the Cayman Islands. Three are located on Grand Cayman and one on Cayman Brac. In addition to these hospitals, there are 1,000+ healthcare and wellness professionals providing a comprehensive range of services. In recent years, the Cayman Islands has emerged as a medical tourism destination thanks to the opening of Health City and as a result, the scope of healthcare services being offered is anticipated to continue to expand.
Modern conveniences are readily available in the Cayman Islands. From reliable suppliers of power, water, and telecommunications to well-appointed grocery stores, new residents find the transition “from the mainland” to be an easy one.
The Cayman Islands enjoys a low crime rate. Whilst there are some gated communities, it is a source of national pride that the population (including the affluent and famous) can move about freely and with anonymity.
The Cayman Islands has enjoyed a long history of peaceful and stable sound governance, and a sound judicial system. A British Overseas Territory, there is oversight from the United Kingdom for national defense and security.
The Cayman Islands enjoys one of the highest GDP rates per capita in the world, resulting in a high standard of living and a relative absence of tensions due to low poverty levels. There is also a strong community commitment to philanthropy helps those in need receive support.
Year-round tropical weather and a spectacular marine environment make staying active easy and almost impossible to avoid. From marine pursuits such as swimming, snorkelling, diving, boating, and wind sports, to land-based activities such as golf, tennis, running, cricket, and fitness classes, the population is widely engaged in staying active.
A strong sense of tradition and a cosmopolitan population consisting of 130+ nationalities have contributed to a rich cultural scene. The National Gallery of the Cayman Islands and the Harquail Theatre are two facilities which celebrate art and performing arts in the community, and a host of festivals, artists, and performers ensure that cultural pursuits are an important part of the islands’ lifestyle.
The Cayman Islands’ motto is ‘Caymankind’ – a passionate and genuine belief in being genteel and neighbourly to all. It makes it easy for newcomers to assimilate and encourages a community-wide dedication to being kind and supportive to others.
10. Real estate
The Cayman Islands offers a wonderful selection of properties that are suited to retirees. From modern condos on Seven Mile Beach, to quaint beach cottages in the quiet district of East End, there are properties for every lifestyle and budget. Building codes meet or exceed Miami-Dade standards and highly experienced development companies construct homes featuring the latest in sustainability designs. Purchasing a property for a minimum US$1.2 million also qualifies individuals to apply for a 25-year permanent residency certificate.
To learn more about the benefits of retiring in the Cayman Islands as well as properties for sale and the residency by investment programme options available, contact us.
About the author
Sue Nickason has been VP Marketing and Sales at Dart Real Estate since May 2017. Originally from Canada, Sue has worked in luxury residential-resort development in the Caribbean for over a decade. Sue and her team are committed to promoting the unique value proposition of the Cayman Islands to those seeking to establish a personal and/or corporate presence here. They serve as trusted advisors and offer exceptional service, timely market information and a warm “Caymankind” welcome. Sue earned a BA (Honours) from Mount Allison University, an MBA (Distinction) from University of Guelph and has completed studies/earned certificates in journalism, economic development, adult education, customer service, revenue management, and protocol. Sue is a member of the Christie’s International Real Estate Master’s Circle and an Angel in the 100 WIF network.