Working in the Cayman Islands?
Working in the Cayman Islands
The fiscal power of the Cayman Islands relates to its position as both a favorite destination for tourists and overseas investment. Due to the extremely lucrative tax rates available to foreign companies looking to invest in or operate from the territory, UK and US private citizens and companies continue to pour money in to the state.
It’s little surprise to find, then, that the Cayman’s GDP of an impressive 1.939 billion USD is about 80% tourism and finance, with agriculture and services making up for most of the rest. So, if you are planning on working in the Cayman Islands, then it is likely going to be in one of the former two industries that you will be employed. The Caymans Islands Investment Bureau is a government run body that encourages investment and development in the country.
Taxation in the Cayman Islands
As mentioned above, the Cayman Islands offers residents a very friendly tax rate, and this is the main reason so many offshore businesses operate from it. In fact, people and businesses from over 125 separate nations now call this small clutch of sunny islands their home, and so this gives you all the more reason to work in the Cayman Islands. Given that it is entirely tax neutral, even those in low paying jobs can enjoy great earning power. That, coupled with the high quality of life, makes it a very nice place for expats to settle.
Nonetheless, the government does collect money from certain sources. In general, the taxation is gathered on indirect taxes; For instance, the authorities do claim fees on imports, which are very lucrative given that almost all household goods and food items are imported to the islands. As long as you are just working in the Cayman Islands, however, you will not have to worry about giving anything up to the taxman.
Job Hunting in the Cayman Islands
There are lots of job opportunities available to English speaking people looking to travel and to work in the Cayman Islands. It is, however, not always easy to apply from overseas as local companies will get a deluge of foreign applicants for most positions they advertise. Websites such as CaribbeanJobs, SteppingStones and Affinity Recruitment will all regularly post jobs based in the territory.
When an expat applies for a work permit or has a work permit that is up for renewal, the company for whom they work for is required to advertise the position as vacant until the work permit has been granted, whether or not the resident is planning to leave in case of a renewal process. This means many of the jobs you see advertised in the Caymans will actually be available only if the current holder of the position is turned down for their visa. So, if you are looking to work in the Cayman Islands, it might be wise to approach your desired company directly. In particular, there are great career opportunities for accountants on the Cayman Islands, for obvious reasons.