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Is it worth it to move to cayman for a crypto UHNWI? Security concerns

O

OKboomer

Member Plus
Nov 29, 2019
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#1
As per title. Of concern are for sure a steady flow of violent robberies reported from cayman at least once-twice a month. The place is small enough that even if you keep a low profile, everyone will know who you are (when you acquire property for example) and you therefore become a target. If there are organized armed robberies there for cash, surely they can get organized if they know someone has crypto. Those armes robberies often happen in broad daylight, in the city center, west bay, etc.. So you get to live in an expensive and isolated place, while still worrying for your safety?

cayman also offer a bunch of residency programs for those who invest in real estate, which begs a question of how desirable real estate actually is. While tax free in terms of annual charges , the 7.5% stamp duty you pay at purchase is already kinda like prepaying taxes for years in advance.

Any thoughts from anyone actually living there? And where would be a safe place for a crypto UHNWI in this environment?
 
#4
manukahoney said:
Monaco if you have a source of funds.
UAE if you have a less solid source of funds.
Click to expand...
On safety Monaco is indeed superb, especially when i read about machete-wielding junkies robbing supermarkets in cayman.... (though the recent watch shop robberies in monaco are unwelcome new occurrences)

With all that is happening in Europe/France and a higher risk of war or social upheavals, the question is how long can Monaco keep its edge, tax free status and safety?

Another not so savoury aspect is that for customs purposes, Monaco is France and it is illegal to carry any cash/gold over 10k across the street to Beausoleil for example. Importing anything is subject to French harrassment and fees. French customs search vehicles when they want. You also cannot enter/exit Monaco without entering the EU, which again may start getting problematic soon.

Another problem, is that in Monaco you are not allowed to do many business activities that they do not like. And that is nearly every kind of business activity apart from luxury goods, yachting, real estate, restaurants, hotel, tourism, and even those are largely divided between the local elite families who do not let anyone else enter the market and make serious money there.

In other words, you are allowed to be a large size ice cube of money, slowly melting and water from the money ice cube feeding arid local lands...

//

UAE safety is indeed very good, but has its own range of issues that make one pause, not mentioning the introduction of corporate taxes, etc
 
#5
JohnnyDoe said:
the Caymans are just a place, it can be as good or as bad as you want depending on your setup and preferences.
One advantage of crypto is that you don’t have to tell everyone you are a UHNWI.
Click to expand...
If you invest in a multimillion-dollar real estate, or even simply rent one, you kind of already indicate you are an UHNWI. Plus everyone in the island knows and gossips to everyone else. If your kid smokes behind school after classes, you may know about it next day from an auntie across the road.
 
#6
go for Monaco, its the best solution overall. Straightforward application for residency (500k EUR on a Monaco bank account in your name, copy of rental contract and mandatory interview) time span 6-8 weeks from start to finish
 
#7
https://www.caymanenterprisecity.com/ (You can get visas pretty easy )
Is interesting if you consider Cayman .
A good surveillance system (correctly set up ) will already stop robberies in their scouting phase .
And additionally you can get a gun license . A well trained Rottweiler or in general a guard dog can do this job also.
You will find machetes instead of knives in countries where coconuts are common .
Did you live in Cayman islands or is your knowledge obtained through news ?
 
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#8
It's very difficult to suggest a country other than the Cayman Islands, which you already proposed. If that’s the direction you want to go, then just go for it, everything else will fall into place along the way. It's already a destination known for low or no taxes and a hub for wealthy individuals, so if others can live there, surely you can too.

Alternatives include Hong Kong, San Marino, Isle of Man, Jersey, and the Bahamas (greetings to Martin).
 
#9
OKboomer said:
As per title. Of concern are for sure a steady flow of violent robberies reported from cayman at least once-twice a month. The place is small enough that even if you keep a low profile, everyone will know who you are (when you acquire property for example) and you therefore become a target. If there are organized armed robberies there for cash, surely they can get organized if they know someone has crypto. Those armes robberies often happen in broad daylight, in the city center, west bay, etc.. So you get to live in an expensive and isolated place, while still worrying for your safety?

cayman also offer a bunch of residency programs for those who invest in real estate, which begs a question of how desirable real estate actually is. While tax free in terms of annual charges , the 7.5% stamp duty you pay at purchase is already kinda like prepaying taxes for years in advance.

Any thoughts from anyone actually living there? And where would be a safe place for a crypto UHNWI in this environment?
Click to expand...
Have you ever been to cayman islands? Even as a tourist
 
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#11
One should follow a rational decision making process for choosing a country where to relocate, instead of picking random ones based on hearsay. It’s not simple and it’s better done with the assistance of a professional (not those who sell CBI programs).

Otherwise:

- people will start proposing options that worked for them but might not suit your situation, since their circumstances and preferences could be quite different from yours. See what is starting to happen above.
- sellers will start offering their own “unique” solution.
- you already have a place in mind and are looking more for validation of that choice rather than exploring new options.
 
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#12
JohnnyDoe said:
One should follow a rational decision making process for choosing a country where to relocate, instead of picking random ones based on hearsay. It’s not simple and it’s better done with the assistance of a professional (not those who sell CBI programs).

Otherwise:

- people will start proposing options that worked for them but might not suit your situation, since their circumstances and preferences could be quite different from yours. See what is starting to happen above.
- sellers will start offering their own “unique” solution.
- you already have a place in mind and are looking more for validation of that choice rather than exploring new options.
Click to expand...
Rational decision making process is not working out well for me (no clear answer). Moreover, the consideration of Cayman is a considered from a Solid Plan B point of view (which means high chances of relocating there if anything goes wrong with Plan A; also means high chances of Plan B).

Hence collecting hearsay (or rather feedback on specific criteria, such as satefy and tax neutrality (towards crypto)) makes sense.

It is very time- and energy-consuming to travel all over the world, especially to more isolated parts, so at least I want to collect some preliminary advice.

Relocation professionals typically give vanilla advice and mostly focused on tax optimization. And even they always joke that one should ask his wife first, before asking a tax advisor.
 
#13
OKboomer said:
Rational decision making process is not working out well for me (no clear answer). Moreover, the consideration of Cayman is a considered from a Solid Plan B point of view (which means high chances of relocating there if anything goes wrong with Plan A; also means high chances of Plan B).
Click to expand...
What is plan A ?
 
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