Cayman Islands are not the place they used to be..
Let me preface this by saying I am a huge fan of the three islands. It is generally a sophisticated place, with the most advanced fund, offshore banking/company formation, accounting and administration services in the world. It is a haven for the wealthy who are united by many lifestyle factors (such as their hate for tax) and their enjoyment for great weather. There’s more great things to say than there are negative, but it’s worth pointing out the negative in order to maintain the great features.
While I am not saying that it’s game over for the British Overseas Territory, I am posting the question: Is Cayman worth it anymore to live there (any business dealings are still great in my opinion).
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Crime
Here is a compilation of screenshots I have taken recently (sorry for the imagery) that as far as I can tell are all separate instances within the last 2 years. There is no discernible pattern, no gang mentioned, no retaliation or “story” behind the crime. It is random and unpredictable.
What’s very interesting as well is that Cayman have a higher police presence than London AND a still higher murder rate
I’ve commented about the nature of crime in Mexico–Please take the time to read about this–Mexico is a very violent country. Once you look at the individual cases, they are extremely brutal. Although (if we can say so) it is somewhat of a controlled chaos whereby it usually involves guilty individuals. It’s always shocking to me how there can a randomness to the crimes on these Caribbean islands; it’s as if the locals ‘want’ to steal and kill strangers.
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Anecdotally, I have heard that crime may be coming from citizens of other countries
Did You Know?
An unexpected 4% gold import tariff has been placed by the Cayman Islands and hasn’t been changed one iota for the last 3 years. All imports are in limbo. Why is this the case? They have also ended their nomad visa programme abruptly.
Cayman are not the only one with added crime. Bahamas, Jamaica, St Kitts & Nevis, Turks and Caicos, St Lucia, Haiti & St Vincent & Grenadines are all CRAZY with crime now
The Cayman Government has been showing more intervention into the economy that years prior as well. While their Con-vid response was very good on a relative basis, they still are assuming more control & micromanagement of transactions slowly but surely. You can see the TRUTH about this other British Overseas Territory who have done the same by clicking this link. The Cayman government does hold some strictness in their approach such as limiting alcohol sales on Sunday & no gambling, too.
Closing
Cayman Islands are definitely considered a Tier-1 jurisdiction among the rich or those seeking more freedom in their lives. From practically no taxes in any aspect of life, quietness, great weather, like-minded people, fantastic shopping, entertainment, dining and housing, not to mention the proximity to USA, there’s a lot to love. Cayman has even created more residency pathways (not withstanding their nomad visa cancellation) to attract entrepreneurs/start-ups.
Although, being an island with very little domestic production, the trade off has always been the higher cost of living, the laid-back lifestyle, the traffic, cost of fuel and biannual hurricane. The island can feel claustrophobic as well. All of these are downsides are easily overlooked given the benefits and upside–however, could this change if there is uptick in crime continues?
According to the Schiff Index, Cayman Islands is the highest ranking in terms of cost of living and only scores a “safe” score (note Bahamas being very dangerous). There are dozens and dozens of locations that score as “very safe” or “The safest” at fractions of the cost around the world. The world is evolving & perhaps there are superior options elsewhere.
The trends over the last 2-3 years signal more gun & knife crimes, more homicides, more robberies, more thefts in middle of the day and likely the presence of Jamaican/Bahamian gangs. My research has showed that there is no pattern to the crime (it is not limited to the poorer areas) of the island.
I believe if Cayman does not seriously acknowledge and curtail this uptick in all forms of crime that it will lead to an exodus of residents, real estate capital and perhaps people will focus on new jurisdictions for their offshore companies sensing a reduction of rule of law.
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