Accounting firm BDO has launched “The Global Opportunities Report” on the range of tax regimes around the world for individuals and families who are looking to migrate from their home country.
The report refers to the Cayman Islands as a favorable location for migrants due to “its magnificent beaches and high standard of living,” as well as the fact that Cayman has “no taxes on profits, capital gains, income or any withholding taxes charged to residents or foreign investors.”
When choosing a place to live, BDO recommends that entrepreneurs consider countries that: do not tax receipt of foreign dividends or capital gains; allow the ability to set their annual tax bill under a lump sum arrangement – regardless of dividends or capital gains received; provide an uplift of assets in the base cost of shareholdings to market value on entry into the country, so that pre-arrival growth is exempt from local tax; and finally, that offer the remittance basis taxation on foreign dividends and foreign capital gains.
Tim Min, a tax director at BDO in the Cayman Islands, said, “When choosing a destination to live, families often look to balance lifestyle and financial considerations to ensure that their financial affairs and global assets are structured in a tax efficient manner to ensure these assets are protected and preserved for future generations, while complying with global tax obligations. Our report aims to give an overview of some of the options currently available to geographically mobile individuals and families. We are delighted to see the Cayman Islands, with its many advantages, is included in this year’s report.”
The report is released alongside a handbook from international property experts at Knight Frank called “The Global Lifestyle Review.” This report looks more closely at the quality of life and cost of living aspects of various jurisdictions. The Cayman Islands features here too, as one of 15 locations in the report, along with Monaco, Tortola in the BVI, Luxembourg, St. Peter Port in Guernsey and others.