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Cayman Islands/dependents
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Question
I am looking to work in Cayman and I have a wife and two kids. With three dependents do I need a certain amount of available funds before being allowed on the island with my family? To benefit from the tax free income in Cayman, am I allowed to have a bank account, investments (RRSPS) and property in Canada?
Kendall
You need to check the resourec in my FAQ at http://www.gotocayman.com
You will need sufficient funds to pay your deposits for your accommodation, utility bills, car, schooling, insurance, etc. You shuold allow for about 3-months of these expenses as initial outlay.
Not being a tax epert or knowing anything about Canadian tax rules, I can't comment on the tax situation. Your income within Cayman will be free of tax there, but I would guess that your investemnts, etc in Canada would still attract Canadian tax.
Regards
Robert
http://www.gotocayman.com
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Answers by Expert:
Robert Clark
Expertise
As I have relatives on the island that I visit regularly, I have good knowledge of the island from both a tourist and a residents point of view.
Experience
My Cayman FAQ includes information on the following topics:
Weather/Hurricane information,
Immigration entry requirements,
Customs regulations,
Employment/jobs/residency in Cayman,
Getting married in Cayman,
Importing food into Cayman,
Golf,
Legal age to...,
Bringing cats and dogs into Cayman,
Internet access,
Car rental,
Public transport,
Electricity/Water/Telephone systems,
Nightlife,
Currency/Money
and Cayman for Cruise Ship passengers
If you can't find your answer there, please feel free to e-mail me your question at robertsclark@yahoo.com
Enjoy!
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