Finding shangri-la: Cayman Islands

Oh, those wily Cayman Islands! Where people go to hide their money. When you hear of the Cayman Islands most people's first thought is no taxes and it's true, you keep the money you earn. There is no property tax, no inheritance tax and no capital gains tax but there is a 1 time stamp duty of of 7.5% for land transfers and property sales due at the time of sale.

Real Estate
Property can be pretty pricey here. Its tough to find a home under $300,000 U.S. dollars and some go for as high as 36 million dollars.
On the island of Cayman Brac I did find .51 acre beach front lot that's ready for you to build your dream home on. There are no restriction on the amount of property ownership for foreigners here like there is on some of the other Caribbean islands I've looked at.

Cost of Living
Cost of living is a little higher as well. Just like with the other islands all food and other supplies are flown or shipped in so the prices reflect that. They do offer a more diverse variety of products at grocery stores than most of the other Caribbean islands. That's a plus.

Residency
Getting residency and work permit paperwork is a lengthy and expensive process and it's recommended to hire a lawyer to help you through it. Bummer, but if your not worried about cost or have time restrictions than it could work out nice for you.

Healthcare
No social health care on the islands and all residence are required to have health insurance. The medical care is said to be similar to how it is in the states and most common procedures can be done on the island. There are limited on island hospitals though so it might be a bit of time before you can schedule whatever it is needing to be done. For emergencies and more complex procedures you're often flown to the closest mainland hospital excepting patients.

About the Islands
The Cayman islands are part of the British overseas territory and is made up of three islands.
Grand Cayman: the largest of the three is known for its beaches and colorful coral reefs. It's home to the Cayman Islands National Museum and the site of colonial Fort George ruins. George Town is it's capital and a large cruise-ship port.
Cayman brac: the Eastern most island has a lime stone bluff that runs most of its length and is full of caves to explore. There is also a parrot reserve on the island for endangered parrots.
Little cayman: the smallest island is home to the pink-hued sand of Point O' Sand beach. Things to see include the South Hole Sound lagoon and Bloody Bay Marine Park with their huge under water walls covered in coral.
The Cayman Islands share the title for friendliest country in the world with Australia and the United Kingdom according Forbes.
Did you ever watch the t.v. show Lifestyles of the Rich and Famous? If that show was still around I know there would be an episode filmed here.

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It seems to me to be more of a wealthy retirement place than somewhere I could start a small business. Maybe once I've made my fortune ( or found my fortune in buried treasure) on one of the other islands I will come back to the Cayman Islands and retire. It certainly sounds like a wonderful place to live, just not at this time in my life.

Next up Cozumel, Mexico

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