Launched in October 2020, the Global Corporate Citizen Programme from Cayman Enterprise City (CEC) allows entrepreneurs and business owners to live and operate their global business on an island paradise in the Caribbean.
Becoming part of the program allows you to work within Cayman, and this gives you access to more advantages and benefits including:
Tax Neutrality
When you operate within Cayman you won’t have to pay both personal income tax or corporate income tax. Plus, you won’t be subject to capital gains tax. This allows you to earn a higher rate and realise more profit.
Work/Residency visas included
A 5-year renewable work and residency visa will be granted to all office personnel along with the business license and Zone Employment Certificates. This visa is renewable for another 4 years if needed. After year 8, visa holders can then apply for permanent resident status.
No earning criteria and 100% ownership
As long as you are official corporate personnel of the company operating in the CEC, you can become part of the Global Corporate Citizen Program. There are no earning criteria, so this includes staff to C-level executives. Plus, 100% full foreign ownership is allowed so you can operate your global business from within the Cayman Islands using a Zone Trade Certificate.
No import duties
Whilst a digital nomad life doesn’t require much, bringing over your business equipment is not subject to import duties, and you can bring your personal belongings duty-free for the first 6 months to allow you to properly relocate.
Community and networking benefits
As a digital nomad, it can be lonely and difficult to find your feet. Being in the Global Corporate Citizen Programme allows you to get discounts on health insurance packages, create corporate banking relationships, and full access to an extensive programme of events to help you network. Plus, you get access to all of CEC’s business centre facilities to offer the buzz and working environment you might be lacking as a digital nomad.
Freedom of movement
Once you have been approved for your visa you’ll have the freedom to travel in and out of Cayman without restrictions on how many days you must stay or go within the year.
Full support
Relocating can be challenging but the CEC’s Client Experience Team can help with all of the important details like housing, schools, networking, health and wellness activities, and even pets and driving licenses. Ultimately, they are here to make you feel comfortable and settled in the Cayman Islands.
5 Tips to Being a Successful Digital Nomad in the Cayman Islands
Now that you’ve decided to become a digital nomad in the Cayman Islands, you’ll soon discover that working remotely at the beach may not be as productive as you hoped it would be. Becoming a successful digital nomad requires a balance and it’s important to learn how to manage your time well and take breaks when needed. Here are some tips and tricks to excel at working on the go as a digital nomad:
Find a conducive place to work
Choose a place where you can work efficiently and be productive. People have different working styles and strategies, and whatever yours is, be sure the environment is conducive for the work you’re doing. First and foremost, do not work from the beach. As nice as it sounds, you will get nothing done. The sun and water will be very distracting. Instead, use the array of beaches as incentives to finish your work quicker and work more diligently. Taking more breaks to enjoy the sun may also work well for you.
Create a schedule and follow it
Even though the main advantage of being a digital nomad is being able to work whenever you want, you still have to work. Having a set schedule only helps you plan out the rest of your day and the activities it will include. This could be as simple as saying “I’m only going to work mornings” or “I like to work between lunch and dinner”. But, before you start your day or your week, create a schedule that will help you be productive and follow it.
Take a break
Part of being a successful digital nomad is balancing work and play. Just because you can work anywhere, anytime, doesn’t mean you should. You should allow time for breaks during the day to recharge. You will be working on your computer a lot so it’s helpful to remember to get up and move. Exercise in any way you can. This involves running, swimming and even stretching. By physically removing toxins from your system through exercise you will prevent stress, fatigue and injury from getting the best of you. Incorporating your workouts or exercise into your daily work breaks is a good idea as well and will help to break up the workday.
Getting offline as much as you can is essential to your overall mental health. You are a human being and need to interact with other humans when possible and disengaging from your devices every few hours gives your brain and eyes a break from LED light stress. Lastly, give yourself a weekend. Don’t work 7 days a week, it is important to give yourself days off every week. Remember you are in the Cayman Islands, go enjoy it!
Moving to the Cayman Islands under the Global Corporate Citizen Programme is the first step to becoming a digital nomad, and CEC is fully equipped to provide all the policies, infrastructure, and environment you need to be successful. But being a true digital nomad means having the discipline to harmonise work and play whenever and wherever you are in the Cayman Islands.