Gaining Residency Through the Special Economic Zone Law
In an effort to grow international investment, the Cayman Islands Government has implemented a program known as the Special Economic Zone (SEZ) Law. This law is designed exclusively for exempted companies, who wish to set up a physical presence in the Cayman Islands but will not actually conduct business on the Islands.
The rules are fairly simple, companies located in the Special Economic Zone may carry on business in any part of the world and take advantage of the benefits of being registered in the Cayman Islands, however, they cannot compete in the domestic market.
Benefits of the Special Economic Zone
The benefits of this program for businesses are obvious. On top of simply operating their business in a tax friendly jurisdiction, they can open bank accounts and operate their business without some of the uncertainties that a normal business can struggle with in the Islands.
With the SEZ, there is no need to advertise job opportunities within your firm. This can be a real challenge for companies who want to bring down employees who play a key role in the company.
If you are looking to move your business offshore and wondering about how you will be effected by residency requirements, the Special Economic Zone is a great option. And of course, we have great financing options in the Cayman Islands for those looking to purchase a home while living in Grand Cayman!
