Living in Cayman

[talonraid]

Has anyone actually lived for any length of time on the Cayman Islands?

This is one of the retirement places that we are considering and would like to get any words of wisdom from someone who has "been there, done that".

How difficult is it to buy a house or condo?

Do you actually "own" it, or is it held in trust through a bank or some sort of escrow like in Mexico for example?

Thanks in advance.

 

[ianr33]

You would own it outright.None of the complications that Mexico has.

Only difficulty in buying is finding enough money!

 

[EastEndDiver]

Two years ago we bought on island.It is the same as buying in the states you own .There are NO property taxes,sales taxes,income taxes etc..Costs are hign I live in New York and I consider them high.Immigration is another thing which can be a problem ,you just can't decide to go to Cayman and live the rest of your life there,there are strict procedeures and time allocations.Housing costs are relatively high also.
If I can give you any other info just ask.

There are a few members who live on island full time ,I am sure they can give you a wealth of info.

 

[ianr33]

Immigration is another thing which can be a problem ,you just can't decide to go to Cayman and live the rest of your life there,there are strict procedeures and time allocations.

Some people can live there full time

<< Where the applicant intends to reside in Grand Cayman, he must satisfy the Chief Immigration Officer

* that he has a continuous source of annual income in the amount of CI$150,000, without the need to engage in employment in the Islands; and
* that he has invested the sum of CI$750,000 in Grand Cayman of which at least CI$250,000 must be in developed residential real estate. >>

from Independent Means

Dont see me being eligible for that anytime soon

 

[EastEndDiver]

Ian those figures are in C.I. dollars which are about 20% more than U.S. dollars.

 

[talonraid]

Hey thanks for the information so far.

Does anyone knowif the requirements are different for people who will reside there for 4-6 months out of the year?

I didn't really think about there being a different requirement for part-time rather than full time residents until I read the posts above.

 

[ianr33]

Visitors can stay for up to 6 months.
Visiting Here

Dont know if you could get around that by going to Miami two weekends a year or not.

I'm sure a lot of people live there part of the year. Living there full time seems much more difficult.

Ian those figures are in C.I. dollars which are about 20% more than U.S. dollars.

Yep. Guess I need to check down the back of my couch !!

 

[zf2nt]

Hey thanks for the information so far.

Does anyone knowif the requirements are different for people who will reside there for 4-6 months out of the year?

I didn't really think about there being a different requirement for part-time rather than full time residents until I read the posts above.

The CI culture takes a while to understand...and appreciate. Basically, there is a rule on the books somewhere which clearly explains that you absolutely cannot do whatever it is you want to do. The immigration rules, for example, are very strict. However, once the appropriate authorities get to know you, then all of those restrictive rules can be waived or ignored. Fundamentally, the Caymanians rely on individual judgment in order to maintain order in their society. That is a concept we in the U.S. absolutely do not have. Frankly, I think I like the Caymanian ways better!

To answer the question you posed: Yes, you can easily go there for 4-6 months at a stretch. But in the beginning, they will give you a one month visa, then renew it for only a month, etc. If you pay all of your bills on time, behave as a responsible member of society, don't even look like you might ever think about trying illegal drugs, etc., then suddenly the visa business becomes a mere formality. In the beginning, though, expect it to be a hassle. I lived there for 8 years, between 6 and 8 months each year. In the beginning, it was a nightmare. Eventually, though, I proved myself and then was accepted.

 

[Drew Sailbum]

Ownership of property is not a problem for ex-pats. As already stated, there are no annual property taxes but there is a one time stamp duty payable on the transfer of the property of about 7%.

The aforementioned visa requirements are for persons seeking a right to permanently reside without working in the Cayman Islands. If you want to engage in any form of gainful employment then you must obtain a work permit via your employer.

There are many ex-pats who live part time and use a renewable visitor's visa. Initially the visa is ususlly granted for one month. The first extension application costs CI$50 and it is CI$100 for each application renewal thereafter. Weekend trips to Miami of Jamaica can reset the period of eligibilty and may be a good way to get a bit of shopping done.

 

[talonraid]

Thanks again guys for the information.