The economic benefits of Cayman Islands residency are many. First, there are no taxes on income or investments (your income from China would not be taxed, nor would any other income be taxed), and you would have complete freedom of investing. Second, there are no traditional malls (although there are plenty of independent stores), and most people who move here find that they spend less on just about everything (except alcohol, perhaps). Third, if you work here, you would earn Cayman Islands currency, which is pegged to the U.S. dollar at a rate of 82 cents. In other words, one Cayman Islands dollar is 82 U.S. cents. There is an exception, however, when dealing with Lands & Survey. That government department uses US $0.84 as a conversion rate. The non-economic benefits of Cayman Islands residency are many. One, there are many, many community events. Second, there is a thriving sports culture, including an excellent squash club, a number of fitness centers, and quite a few yoga and meditation studios. Also, we have a wide-ranging culinary choices (and events), and a significant number of restaurants given the size of the island. This month many residents will attend the annual Taste of Cayman Event, where people pay a set price ($40 this year) to wander around Camana Bay sampling food from a variety of restaurants while local bands play music in the background. We also hosted Kaboo this year and are hoping to do so again in 2020. Note, however, that: you must pay duty on most things which you purchase outside the islands, but each person receives a duty exemption of $500 per visit off the island (most people who leave the island for a visit abroad end up buying things abroad, and the $500 duty exemption was meant for that scenario); you must pay for your own healthcare costs and you must enroll in a local healthcare plan; there is no property tax, but when you first purchase a home or an empty lot, you must pay stamp duty, or the amount formerly depended on the location within the Island, but is currently set to 7.5% of the price of the property, island-wide.
The Cayman Islands are an English-speaking British Overseas Territory in the western Caribbean Sea with no income, property, estate or corporate taxes and there are no restrictions on foreign ownership of real estate. In addition to being a major offshore financial center, the territory boasts one of the highest GDPs and standards of living in the world. It is home to a number of high net worth individuals and has one of the lowest crime rates in the Caribbean. As a person of independent means with permanent or long-term residency, you have the ability to (inter-alia): invest in local businesses; own real estate; reside year-round in the Cayman Islands; enter the Cayman Islands without a return ticket; place dependent children in school; have dependent children apply for permanent residency at the age of 18; and vary your residency to add more dependents. Under certain residency categories you can obtain: the right to work; naturalization as a British Overseas Territories Citizen; Cayman Islands and British passports; and the right to be Caymanian/Cayman status. For bespoke advice relevant to your specific situation, please do not hesitate to get in touch. I have assisted several HNW Chinese nationals previously in respect of residence in the Cayman Islands.