Hi,
Being someone living in the gloomy weather of Britain and I often wonder how wonderful it would be to move to the Cayman Islands. But that is not the only reason, the taxes in the UK are really high. So my hope is to one day get a job in the Cayman Islands and lived there for a few years tax free.
But now I come across the Global Citizen Concierge Program. I am wondering what is the difference doing it this route and doing the usual route(being finding a job based in Canary Islands and getting a work visa).
One difference that I find is that the salaries in the Cayman Islands seem to be higher. Its a positive to have on top of the tax free status.
So why should I not use the usual route and use the Global Citizen Concierge Program? What advantage does one have over the other?
The most important thing here is to not have to pay the UK taxes while living in the Cayman Islands. I know that there are a number of criteria for that, and I would have to be certain of this before I venture off to another country. I know it possible that a person could even end up paying taxes for both the country they live in and the country they left behind(though in Cayman Island case there is no taxes, but would be pointless if still paying UK taxes). But lets say if person was to go to Germany, they may end up having to pay both UK and Germany taxes.
I would greatly appreciate if somebody can give me some advice.
Kind regards,
Mike
Global Citizen Concierge Program vs Normal Route
Mike. I don't have any inside information on the program, but glancing at the website just now, it confirms that the first thing one has to do is to get a job paying $100K or more that can be done remotely. Then apply to come and live here. Your employer would not be local; that's the whole point of the exercise.
As for taxes, we have a mass of taxes - just no Income Tax. There is a 22% import duty on everything, for instance. The cost of living is pretty high.
I don't know much about the UK's Income Tax, but I think it's payable only on income derived in Britain. Any UK tax-lawyer could tell you about that.
By the way... I presume you meant "Cayman" instead of "Canary" in your second paragraph. Correct?
Yeah, I don't know why I said Canary :-)
All this is just so confusing. There would be no point going to Cayman Island, if I am still paying UK taxes.
I still think even with the import duties, that overall money saved would be greater for a person living in Cayman Islands. There must be a way to make life better, because so far it seems quite bleak. It almost impossible to get a house here in the UK. I'm just to afraid to take action. And the fact that it is so complicated doesn't make life easier.
If my company is still paying my salary into my UK bank account, but I have not been present in the UK for that tax year, does that mean I become resident in the Cayman Islands? How will I prove in Caymans Islands that I am working remotely and living there the whole year?
MikeGreo wrote:All this is just so confusing. There would be no point going to Cayman Island, if I am still paying UK taxes.
I still think even with the import duties, that overall money saved would be greater for a person living in Cayman Islands. There must be a way to make life better, because so far it seems quite bleak. It almost impossible to get a house here in the UK. I'm just to afraid to take action. And the fact that it is so complicated doesn't make life easier.
If my company is still paying my salary into my UK bank account, but I have not been present in the UK for that tax year, does that mean I become resident in the Cayman Islands? How will I prove in Caymans Islands that I am working remotely and living there the whole year?
Mike, I think you're on the wrong track altogether. You'll have to talk with a British expert about what British taxes you will or won't be liable to pay. Cayman's government wants big spenders living here... Well, not even that, really. They don't want any more foreign residents at all, just their money!
Have you studied the actual application forms? They should give all the rules and regulations of this new program.
