Obtaining Your Digital Nomad Visa For The Cayman Islands

Many expats dream of living in the Cayman Islands, not only because of the country’s beautiful beaches and nature but also because of the favourable tax laws in the country. Recently, the Cayman Islands have become a new top destination for digital nomads looking for an attractive destination in the Caribbean. This article will cover many of the relative benefits of the Cayman Islands, which is one of the top destinations in the Caribbean to consider due to its favourable taxes, acceptable cost of living, and faster internet speed. This country is also a great place to consider if you are interested in other overseas services, like gold storage or company formation services. Being a digital nomad can give you time to explore opportunities while you have boots on the ground.

Being a digital nomad in the Cayman Islands gives you the opportunity to work from a beautiful beach while enjoying the cool Caribbean climate.

LIVING IN THE CAYMAN ISLANDS

The Cayman Islands, a British overseas territory, are located in the Western Caribbean islands. These islands are located South of Cuba and West of Jamaica and cover an area of over 100 square miles. The population is around 70,000, and nearly half of the country lives in one city. The country usually receives over 2 million tourists annually, but this dropped to 660,000 in 2020 due to Covid. One of the government’s ways of boosting tourist numbers was to create this digital nomad visa program. This digital nomad visa will allow long-term visitors to live and work in the Cayman Islands to help boost the country's economy.

Internet Speed

The Cayman Islands has the highest internet download speed among all Caribbean countries. This higher internet speed is one of the reasons why the Cayman Islands may be a better choice for digital nomads who rely on video calls and need more reliable internet.

Fixed Broadband Download Speed ( Mbps)

As of this writing, the Cayman Islands has the best internet in the Caribbean.

Language

The official language of the Cayman Islands is English, which makes it easy to get around, open a bank account, find an apartment or do anything else you need to in the country. Spanish is also a common second language in the country.

Cost of Living

Most people know about the higher cost of living in the Cayman Islands. However, the cost of living is, in most cases, comparable to larger cities in Canada or the United States. If you meet the income requirements for the program, it will not be challenging to travel, save and support a family in the Cayman Islands. One major cost to consider is the relatively higher cost of international schools if you bring your family. Moreover, many imported items will be more expensive so the Cayman Islands could be more expensive depending on your lifestyle. Apartments can cost between $1,350-3,500 USD/month, depending on whether you rent a studio or a 1-3 bedroom apartment.

Attractions to Explore

Online travel magazine “ The Travel” ranked the Cayman Islands 2nd in the Caribbean for its beaches, only behind Barbados. Many beach destinations are located in the country’s three islands, including Grand Cayman, Little Cayman, and Cayman Brac. There are endless possibilities if you want to explore islands, snorkel or dive. Other popular destinations include Georgetown, the Majestic Trail, East End, and Cayman Crystal Caves.

Little Cayman, Cayman Islands

DIGITAL NOMAD VISA

The Cayman Islands digital nomad visa allows digital nomads to spend up to two years living on the Cayman Islands if they meet certain requirements. The application process is very straightforward, and members of any country can apply if they meet the income requirements.

In order to apply, you need to provide the following documentation:

• Passport Information: Copy of the front page of your passport;
• Proof of employment and Income: You will need to provide documentation verifying your employment and bank statements or other documentation showing how much money you make;
• Legal Existence of the Company: You will also need to provide information about the company that employs you. This can include articles of incorporation or certificate of good standing.Health Insurance: You will need to get a global policy that covers you during your first month and then apply for local insurance;
• Credit Information: You also have to provide information verifying that you have good credit;
• Police Clearance: This needs to be completed six months or earlier before your departure date;
• Dependents: There are also additional requirements for dependents, including marriage and birth certificates.
  
  

Taxes

The Cayman Islands is well known for its favourable tax laws, which is why many people choose to set up corporations in the country. Digital nomads can also benefit from not paying income taxes while living in the Cayman Islands, as this is not required.

Grand Cayman Island Beach

OTHER LONG-TERM OPTIONS

Unlike some Caribbean destinations, the Cayman Islands does not have a citizenship-by-investment program. If you want to become a resident of the Cayman Islands, you have to invest at least $1.2 million in local real estate. This investment will allow you to be a resident of the Cayman Islands for 25 years. Several Caribbean countries, including Antigua and Dominica, offer citizenship for a fraction of this amount. These countries allow applicants to make smaller donations or invest in real estate. Therefore, this option could be more attractive on a relative basis.

As of now, you can still renew your Cayman Islands digital nomad visa if you pay a fee, so you do not have to be limited to only several years in the Cayman Islands if you choose not to invest in the country. The Cayman Islands is also a great destination for registering a company or storing gold overseas.

Related Content: The Basics Of How To Get A Second Passport Or A Second Residency

Owen Island, Cayman Islands

FINAL THOUGHTS

This digital nomad visa program is a wonderful option if you are able to meet the steeper income requirements. Although the program is new and there is not a lot of data, current data shows that it is very easy to renew the visa if you pay an additional fee. The Cayman Islands can be a good base for digital nomads who are interested in exploring some of the charming islands of the Caribbean.