Moving to the Cayman Islands is a truly exhilarating experience for many. They get to leave behind their humdrum lives and build a new life in a paradise setting. Even for those with highly conservative jobs, this move is one to look forward to thanks to what they can enjoy when off the clock.
Relocation Tips For New Residents
Relocation can be quite hectic, but when you have the right support, plan ahead and do your research,making the transition can be very easy and will set the tone for a very pleasurable stay.
- Expect to spend more during your first months. Just as when relocating to any other region in the world, you should expect to have to spend a tidy sum as a new resident. From paying deposits on your house and utilities, to buying a car and stocking up on groceries, your first few months are a transition period during which you will spend more than the usual amount. As you however work and accumulate some of that tax free savings, you will find your budget stabilizing and the cost of living very easy to cover.
- Do not buy a house too quickly. The housing market in the Cayman Islands is doing very well with several neighbourhoods and varied types of housing to be considered. It is a good idea to first rent before you even consider buying. Get in touch with us and let us take you around so you see what is currently on offer and form an idea of what you want and can afford. You will get plenty of great mortgage deals if you need them from the plethora of banks based here.
- Limit personal possessions. When you expect to live for several years in a new location, it can be very tempting to pack up everything you own and ship it to your new address. This is highly unnecessary as you will find the rental market on the islands is dominated by furnished housing options. Aside from the relevant documents, you will only really need clothing.
- Have a driving license. While there are plenty of public transportation options, in the form of minibuses, buses and taxi services on the islands, you will find that having a car is more beneficial. The islands may be fairly small, but the weather can get pretty hot making even walking a short distance a huge endeavour. Having a valid driving license will make it easier to hire or buy a car upon arrival.
- Join local clubs. There are all kinds of local clubs that cater to varied interests on the islands. This is an excellent way for new residents to socialize and make friends. The open, welcoming nature of the people and the fact that many are recent transplants to the islands means they can understand what you are going through and will help you where possible.
Financial Implications of Moving
Most people move to the Cayman Islands for the island lifestyle and financial benefits. Being a tax haven, you likely hope to accrue sizable tax savings during your stay, and take advantage of investments that would be otherwise prohibitive in most other parts of the world.
Before you can however start to enjoy these benefits, it is vital to understand that moving will cost you a pretty penny. First off, there is the cost of housing to consider. Most will start out renting a property. We can help you find a suitable place to live while you consider buying into the market. Be sure to factor in the cost of security and utility deposits that will be required from the start.
Also consider how you will get around. Taxi services are all well and good, but tend to be an extravagance. Hiring or buying a used car, scooter or moped is recommended, as walking long distances in such heat is not a good idea. This is another lump sum investment to be made.
These costs can be rather shocking in the beginning, but within a few months you will find yourself recouping this investment thanks to the tax savings earned. Also give thought to investing in real estate as the market is highly rewarding here. Properties valued at under CI$300,000 for first time buyers and land purchases do not attract stamp duty charges. The absence of property taxes, rental income taxes and capital gains taxes also help to sweeten the deal.
You can easily make back all the money spent on relocation and much more if you understand how to take advantage of the work and investment opportunities on offer.