Potential relocation to the Cayman Islands for a wee while
Discussion
Howdy Gents,
Would any of you fine scholars be able to shed some light on living/working in the Cayman Islands please?.
Long story short, I’ve grown increasingly jaded with my current employer over the last 18 months. Various things going on in the back ground have culminated in me firing off my C.V to get a feel of what else is out there. I’ve no issue working abroad as I’ve had short stints in various locations and thanks to a previous partner have managed to explore a lot of the world.
Over the past few weeks an engineering company has taken an interest. A rather good and frank conversation with one of the directors was followed up with a more technical conversation last night with the operations manager who explained a little further to the infrastructure that they install/maintain etc. Thankfully some of the more critical equipment has been supplied by the Manufacturer that I currently work for. So from a general work perspective it will not be much different to over here.
It will be possible to let/rent my home out over here. Also communication with my son will be fairly straightforward thanks to modern technology. My family will be visiting and he will be travelling with them to visit in the school holidays etc.
Salary wise it will be a very big jump to what is currently on offer here in the U.K, another side is that given that the £ is on its backside, the prospect of being paid in U.S Dollars is appealing.
I appreciate it’s not cheap to live out there as carrying out an initial look has shown that it can quite eye watering. However the potential to earn well is a darn good offset.
Thanks in advance.
Would any of you fine scholars be able to shed some light on living/working in the Cayman Islands please?.
Long story short, I’ve grown increasingly jaded with my current employer over the last 18 months. Various things going on in the back ground have culminated in me firing off my C.V to get a feel of what else is out there. I’ve no issue working abroad as I’ve had short stints in various locations and thanks to a previous partner have managed to explore a lot of the world.
Over the past few weeks an engineering company has taken an interest. A rather good and frank conversation with one of the directors was followed up with a more technical conversation last night with the operations manager who explained a little further to the infrastructure that they install/maintain etc. Thankfully some of the more critical equipment has been supplied by the Manufacturer that I currently work for. So from a general work perspective it will not be much different to over here.
It will be possible to let/rent my home out over here. Also communication with my son will be fairly straightforward thanks to modern technology. My family will be visiting and he will be travelling with them to visit in the school holidays etc.
Salary wise it will be a very big jump to what is currently on offer here in the U.K, another side is that given that the £ is on its backside, the prospect of being paid in U.S Dollars is appealing.
I appreciate it’s not cheap to live out there as carrying out an initial look has shown that it can quite eye watering. However the potential to earn well is a darn good offset.
Thanks in advance.
Matt p said:
Salary wise it will be a very big jump to what is currently on offer here in the U.K, another side is that given that the £ is on its backside, the prospect of being paid in U.S Dollars is appealing.
How long is “a wee while”?Sterling may be on its arse now, but that may/will likely change in the future.
I was based for 18 months in the Bahamas, worked with expats based in Cayman
Pro’s
- amazing weather (apart from the odd hurricane)
- no local income tax
- no UK Income tax if you meet non-res rules, which change from time to time
Con’s
- isolation can get to you (the people that handled it best had relo’d from the Channel Isles or IoM)
- high prices
- the novelty of eating conch every day wears off quickly
- if you have to return to the UK in an emergency for an extended period or permanently (it can happen), you get hit for all that UK tax you thought you’d avoided on local earnings
Pro’s
- amazing weather (apart from the odd hurricane)
- no local income tax
- no UK Income tax if you meet non-res rules, which change from time to time
BDO said:
An individual will be non-resident for a tax year if they are present in the UK at midnight at the end of the day for less than a specified number of days in the tax year in question, as follows:
- For an individual who was resident in the UK for one or more of the preceding three tax years the limit is 15 days or
- For an individual who was resident in the UK for none of the preceding three tax years the limit is 45 days or
- For an individual who works abroad ‘full-time’ throughout the tax year (broadly, 35 hours per week on average), without a significant break (more than 30 days, with exceptions for annual, sick or parenting leave), the limit 90 days. Such an individual must also have less than 31 days in the tax year on which he does more than three hours’ work in the UK.
https://www.bdo.co.uk/en-gb/insights/tax/private-c...- For an individual who was resident in the UK for one or more of the preceding three tax years the limit is 15 days or
- For an individual who was resident in the UK for none of the preceding three tax years the limit is 45 days or
- For an individual who works abroad ‘full-time’ throughout the tax year (broadly, 35 hours per week on average), without a significant break (more than 30 days, with exceptions for annual, sick or parenting leave), the limit 90 days. Such an individual must also have less than 31 days in the tax year on which he does more than three hours’ work in the UK.
Con’s
- isolation can get to you (the people that handled it best had relo’d from the Channel Isles or IoM)
- high prices
- the novelty of eating conch every day wears off quickly
- if you have to return to the UK in an emergency for an extended period or permanently (it can happen), you get hit for all that UK tax you thought you’d avoided on local earnings
Edited by mikef on Saturday 24th September 21:24
mikef said:
I was based for 18 months in the Bahamas, worked with expats based in Cayman
Pro’s
- amazing weather (apart from the odd hurricane)
- no local income tax
- no UK Income tax if you meet non-res rules, which change from time to time
Con’s
- isolation can get to you (the people that handled it best had relo’d from the Channel Isles or IoM)
- high prices
- the novelty of eating conch every day wears off quickly
- if you have to return to the UK in an emergency for an extended period or permanently (it can happen), you get hit for all that UK tax you thought you’d avoided on local earnings
Ah that’s perfect Mike, thank you for taking the time to reply. Pro’s
- amazing weather (apart from the odd hurricane)
- no local income tax
- no UK Income tax if you meet non-res rules, which change from time to time
BDO said:
An individual will be non-resident for a tax year if they are present in the UK at midnight at the end of the day for less than a specified number of days in the tax year in question, as follows:
- For an individual who was resident in the UK for one or more of the preceding three tax years the limit is 15 days or
- For an individual who was resident in the UK for none of the preceding three tax years the limit is 45 days or
- For an individual who works abroad ‘full-time’ throughout the tax year (broadly, 35 hours per week on average), without a significant break (more than 30 days, with exceptions for annual, sick or parenting leave), the limit 90 days. Such an individual must also have less than 31 days in the tax year on which he does more than three hours’ work in the UK.
https://www.bdo.co.uk/en-gb/insights/tax/private-c...- For an individual who was resident in the UK for one or more of the preceding three tax years the limit is 15 days or
- For an individual who was resident in the UK for none of the preceding three tax years the limit is 45 days or
- For an individual who works abroad ‘full-time’ throughout the tax year (broadly, 35 hours per week on average), without a significant break (more than 30 days, with exceptions for annual, sick or parenting leave), the limit 90 days. Such an individual must also have less than 31 days in the tax year on which he does more than three hours’ work in the UK.
Con’s
- isolation can get to you (the people that handled it best had relo’d from the Channel Isles or IoM)
- high prices
- the novelty of eating conch every day wears off quickly
- if you have to return to the UK in an emergency for an extended period or permanently (it can happen), you get hit for all that UK tax you thought you’d avoided on local earnings
Edited by mikef on Saturday 24th September 21:24
Part of the call I had last night was about cabin fever and wanting to get off the island for a few days. It was mentioned that Cuba was a 30min hop, Miami an Hr away and Tampa about the same. I would need to get to Tallahassee for a few days though which is only a little further north.
Yeah, from Nassau Miami was 30 minutes on Chalks seaplane flight that left from the harbour outside our office - with flight and hotel it was still cheaper to spend a weekend partying in Miami than in Nassau
Our colleagues in Cayman used to come over to Nassau for the bright lights, so I imagined it might be a bit like the out islands
Our colleagues in Cayman used to come over to Nassau for the bright lights, so I imagined it might be a bit like the out islands
Hi Mike,
I really appreciate the replies. The company I’m potentially going to work for has offered as you say one month lodging. This is super helpful and they have also offered to ship all my equipment/tools over in a crate.
The company is based on Grand Cayman and the compensation/salary package is paid in KYD. Running the rough numbers it’s a 30% up lift to over here, that’s without taking into account the tax I would pay in the U.K.
House sharing really wouldn’t be a problem for me at all, however if a suitable studio/one bed place popped up then I’m more than happy with that also.
I really appreciate the replies. The company I’m potentially going to work for has offered as you say one month lodging. This is super helpful and they have also offered to ship all my equipment/tools over in a crate.
The company is based on Grand Cayman and the compensation/salary package is paid in KYD. Running the rough numbers it’s a 30% up lift to over here, that’s without taking into account the tax I would pay in the U.K.
House sharing really wouldn’t be a problem for me at all, however if a suitable studio/one bed place popped up then I’m more than happy with that also.
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