Cayman Enterprise City - Offshore company and work permit in the Cayman Islands

[FixieHartmann]

https://www.caymanenterprisecity.com
What do you guys think? It is quite expensive, however if you have the money it looks like a great opportunity to get an offshore company with zero direct taxes, be in a reputable jurisdiction, live in a tropical paradise and have a direct path to permanent residency in the Caymans.

Also with the Cayman Islands being home to 60% of all hedge funds in the world, I think it'll take some time until they bow to the pressure from the US / EU. AFAICT they are not even on any EU blacklists at the moment.

 

[Martin Everson]

Yes I discussed this program over 1 year ago in below thread and some other threads. If you do not have $100k you will not survive financially in Cayman Islands. It is not poor mans playground .

https://www.offshorecorptalk.com/threads/experienced-unbiased-advisor.28954/post-127964
Below are the figures I calculated for the program in 2019 - taking actual figures Cayman Enterprise City gave me for company setup, insurance etc etc. Feel free to verify figures for 2021 year


Company Setup Costs:
$5,000 Company setup
$275 Employee setup fees
$2,000 Co-working Space security deposit

Company Annual Costs:
$14,750 Annual Co-working Space
$2,000 Annual Company cost
$5,000 Annual Health insurance

Living costs Annual:
$24,000 2 Bed Apartment Rent
$720 water
$1,440 Telephone/mobile
$3,480 electricity
$960 internet
$8,400 Groceries

Total 1 year Cost $68,025
Total 2 year Cost $128,775

 

[FixieHartmann]

Yes I discussed this program over 1 year ago in below thread and some other threads. If you do not have $100k you will not survive financially in Cayman Islands. It is not poor mans playground .

https://www.offshorecorptalk.com/threads/experienced-unbiased-advisor.28954/post-127964
Below are the figures I calculated for the program in 2019 - taking actual figures Cayman Enterprise City gave me for company setup, insurance etc etc. Feel free to verify figures for 2021 year


Company Setup Costs:
$5,000 Company setup
$275 Employee setup fees
$2,000 Co-working Space security deposit

Company Annual Costs:
$14,750 Annual Co-working Space
$2,000 Annual Company cost
$5,000 Annual Health insurance

Living costs Annual:
$24,000 2 Bed Apartment Rent
$720 water
$1,440 Telephone/mobile
$3,480 electricity
$960 internet
$8,400 Groceries

Total 1 year Cost $68,025
Total 2 year Cost $128,775

Thank you so much for the reply.

The numbers match the ones that I got about a year ago.
Do you see any other downside except the high costs? As far as I can see, if you make more than $300k a year and want to live in a safe Caribbean jurisdiction it is actually not a bad offer?

Were the costs the main reason you decided for the Bahamas?

 

[Martin Everson]

Do you see any other downside except the high costs?

There is no other downside at all except maybe hurricane season.

As far as I can see, if you make more than $300k a year and want to live in a safe Caribbean jurisdiction it is actually not a bad offer?

If you make $200k+ a year you can live in Paradise literally. The high cost of living means you don't get much imported riff raff moving to Cayman Islands either.

Were the costs the main reason you decided for the Bahamas?

No it was the fact I already had a Bahamas passport from parents.


Btw Cayman has 4 other means of getting residency if your a person on independent means (see below). I just thought the enterprise city was the cheapest backdoor way rather than tying up at least a million in investment capital. .

http://www.immigration.gov.ky/portal/page/portal/immhome/livinghere/independentmeans

 

[FixieHartmann]

Thanks, very interesting! I guess time to start saving up to be able to move there at some point in the future.