The Cayman Islands, three jewels of the Caribbean, are a top destination not only for tourists. Famous for its role in the world of finance, the Caymans have risen to be much more than some lush peaks of the ridges south of Miami. Don’t get taken away by their looks, however. It is easy to fall for the Seven Mile Beach, rugged beauty of Cayman Brac or cosmopolitan George Town. Retiring in the Cayman Islands is admittedly for those with deeper pockets, regardless of their age.

Retiring in the Cayman Islands

Nowadays, everybody knows what Grand Cayman is famous for. That is being free from taxes, a magnet for hedonists, and its captivating nature. It all sounds like a paradise, but the doors of paradise are not that easy to reach. To call the Cayman Islands your retirement haven, you need to fulfill certain expectations.

The Cayman Islands’ government is welcoming everybody who can contribute to this British Overseas Territory. Even as a retiree, you would need to prove you have substantial means to support yourself and any dependents. However, it may sound to you, it is only logical. The CI Government doesn’t have the resources to assist the elderly with the state pension fund because there’s no income from taxes.

According to caymanresident.com, there are several types of permits allowing residence. However, a permit specifically intended for retirees is called Certificate of Permanent Residence for Persons of Independent Means. To become eligible for this permit, one must invest at least 1.6 million Cayman Island Dollars (close to 1.92 million USD) to buy developed real estate and pay the application fee.

Moreover, a wealthy and healthy retiree would need to prove he/she can weather the very high standard of living on the islands. Also, it is easy to understand why living costs are high. The Cayman Islands have to import almost everything, and import fees have to be high to compensate for the absence of the direct tax. If you believe this is acceptable, head to one of the 12 gateways to the Grand Cayman. Your retirement can begin.

What the Cayman Islands can offer to a retiree?

Retirement in the Cayman Islands begins with landing at the Owen Roberts International Airport. It would take you about an hour to arrive from Miami and around 3 hours from New York City. If you’re moving from NYC, you can at least get cheap packing containers in New York. Believe it or not, the standard of living is higher in the Cayman Islands than in the rest of the world. Why don’t you save where you can?

Real estate

Luckily for expats, foreigners can purchase real estate on the Cayman Islands with no limitations. Once again, there are no taxes. If you plan to buy property for personal use, there won’t be any restrictions whatsoever. If you decide to rent your property, you won’t have to pay the tourist tax if you rent it to residents. Furthermore, if you buy vacant land, there are no time limits for construction and development.

The Sister Islands are truly tiny and what they lack in real estate options they compensate for in leisure activities. Grand Cayman offers a much larger choice when it comes to real estate. Before you hand over your belongings to dynamicmoversnyc.com, contact real estate agents in Grand Cayman.

Neighborhoods on the largest Cayman island are unique and offer various residential options.

Health care

There is no state-run healthcare system on the Cayman Islands but every resident is required by law to have health insurance. However, there were proposals to the Government to consider free healthcare for children. The elderly would need it, too. For the time being, before CI Government acquires new investments, a health insurance plan as such must suffice.

The good news is that the Cayman Islands have excellent coverage in medical facilities and top-notch practitioners. Health City, for instance, is a modern hospital located in East End in Grand Cayman and offers world-class, cost-effective care.

On the other hand, patients with the most serious injuries or conditions are airlifted to the United States. Everything that medical practitioners can’t treat in the Cayman Islands is taken care of in overseas hospitals. This is done in the best interest of the patient because CI doctors are not routinely performing certain procedures.

Leisure activities

If your wealth encompasses good health too, nothing is stopping you from living large. The Cayman Islands have expats as a better part of their community and it is highly likely you will find a lot of like-minded people in the local social clubs, hobbyist groups, and cultural avenues.

The Grand Cayman shopping malls are mostly there for cruise ship tourists, but even bargain-lovers can find something to treat themselves.

If you are a fan of sports, you will not miss any. The most interesting might easily be cricket, field and roller hockey, horseback riding and also a variety of watersports. You can indulge in numerous year-round sports activities like walks and marathons. Also, take your time to explore the Islands by bicycle or motorcycle or enjoy the scenery from a helicopter. Botanic Park, Crystal Cave, Hell geological site, Blue Iguana Safari, and the Cayman Turtle Centre are only a few of the many attractions.

Some of the most beautiful beaches in the world are on the Cayman Islands but note that topless sunbathing is illegal and there aren’t nudist beaches. If you prefer being more active, kayaking, sailing, and fishing will not disappoint you.

If retiring in the Cayman Islands for you means shopping, remember that prices are higher than in the USA for the same reason the standard of living is high. Maybe you can’t avoid costly imports when it comes to apparel, electronics, and jewelry, but locally grown food should be your first choice. Art lovers are more than welcome to support local craftspeople and artisans.

The best way to move around the Grand Cayman is by car but don’t forget that Caymanians drive on the left-hand side of the road.

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