Despite the challenges with the cost of living for many people locally, the Cayman Islands continues to be a preferred relocation destination for many people from around the world.
New research published by the UK-registered international insurance agency William Russell, which specialises in coverage for expatriates, lists Cayman among the most affordable tax-free countries globally.
The report is titled Tax-Free Relocation Report: Which Tax-Free Countries Are The Cheapest For Expats To Move To?
“The Cayman Islands are the tenth most affordable tax-free country,” it concluded, quoting from its survey which ranked popular tax-free destinations based on relocation cost factors such as flights, rent and utility bills.
In its listing of the world’s most affordable tax-free countries to relocate to this year, the agency ranked Cayman above Bermuda at number 11 and two places behind the Bahamas (8) as the other choice relocation destinations in the region.
The William Russell global relocation insurance agency stated: “Expats can expect to pay around US$811 for a one-way economy ticket from London to the capital, George Town. Those flying from New York can expect to pay around US$289 for the same ticket.”
It also said that on average, it costs around US$1,134 per square metre to purchase an apartment in the Cayman Islands. Monthly costs are approximately US$1,770 and the average utility bill is around US$409 per month.
The agency said its research showed that the average monthly net salary in the Cayman Islands is US$4,631.
Those compare favourably to its research data for Bermuda.
“In eleventh place is Bermuda. A one-way economy ticket to the territory’s only airport will cost expats around US$2,005 from London and US$489 from New York. On average it costs around US$2,705 per month to rent an apartment in Bermuda. Expats can expect to pay approximately US$280 per month for their utilities and have monthly costs of around US$2,063.”
It put the average monthly net salary in Bermuda at US$6,750.
Regarding the Bahamas in eighth place as a relocation destination for expatriates, the William Russell agency report stated:
“Expats can expect to pay around US$964 for a one-way economy ticket from London to the country’s capital, Nassau. Those flying from New York can expect to pay around US$131 for the same ticket. It costs around US$1,122 per month to rent an apartment in the Bahamas, on average. Expats living in the Bahamas will pay around US$285 for utilities per month and have monthly expenses of approximately US$1,391.”
The William Russell agency report put the average monthly net salary in the Bahamas at US$1,858.
According to the report of the top 10 most affordable tax-free countries in the world, the most affordable tax-free country for expats to relocate to is Oman in the Middle East, calling it the cheapest country to purchase or rent an apartment in, as well as being the most affordable country in terms of monthly costs. It out the average monthly net salary in Oman at around US$2,205.
It ranked Kuwait second, Bahrain third, and the United Arab Emirates fourth.
The others are Brunei (5), Maldives (6), Qatar (7) and Monaco (9).
The UK-registered William Russell agency describes itself as specialist independent providers of international health, life and income protection insurance plans for the expatriate market.
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