You've heard the stories. Companies and entrepreneurs worldwide are moving to business-centric locations that are beneficial in so many ways. Yes, we're talking about the world's tax neutral places and tropical paradises where businesses can thrive, save money, and scale indefinitely.
In today's quick guide, we're taking a closer look at the Cayman Islands and Texas to find out which place is the best to work and live. While both places are incredibly popular for businesses in all industries, get warm weather all year round, have little to no tax, and exude the feelings of a close community, one place is the clear winner for modern-day seasoned entrepreneurs. Let's dive into it.
The Good Life at a Price
First things first. There's no point in moving to a new place if it doesn't fit your budget, so let's look at the stats. The average income per capita in the Cayman Islands sits comfortably around US$83,748, which is the highest standard of living in the Caribbean. Comparatively, the average income per capita in Texas is only US$32,177.
That means that by living in the Cayman Islands, you're averagely looking to earn double what you would in Texas. When comparing the overall cost of living, however, both locations surprisingly cost the same. According to 2020 data from the Bureau of Economic Analysis, the average total personal consumption cost in Texas is US$39,661 per year. The Cayman Resident published an Expense Table in 2022, which shows the average cost of living in the Cayman Islands is US$39,360.
While similar, you're still averagely earning more in the Cayman Islands than you would living in Texas, which means having more money to live the life you want to live.
A Life of Paradise
If you hate cold winters, you'll love both the Cayman Islands and Texas! Both locations are on par when it comes to all-year-round warm temperatures and utterly beautiful settings. Texas has many populated cities, giving you a wider variety of food, entertainment, and diversity to indulge in.
On the other hand, the Cayman Islands is surrounded by crystal clear blue water, white sandy beaches, and a tight community that makes it easy to call home, all of which looks as though it could have been pulled from a travel magazine.
However, it's worth noting that both the Cayman Islands and
Texas are in the Atlantic zone and unfortunately share the same
hurricane season, which lasts from June to the end of
If hurricane season wasn't enough, Texas also has a tornado season, which is from May to early June and can be vulnerable to wildfires, flooding, and severe thunderstorms, depending on which area of the state you live. While both locations are beautiful to live in, Cayman certainly has less hassle when it comes to the more extreme weather.
It's no secret that moving you and your business to the Cayman Islands will grant you exclusive access to the benefits of living in a tax neutral country, which literally means paying no taxes. It's one of the biggest advantages of moving to the Cayman Islands to set up your offshore business.
Compared to the other US States, Texas is also on the low end of the scale when it comes to paying taxes. You don't need to pay income tax, but you will need to spend when it comes to property and sales taxes. Although Texas is one of a handful of states that benefit from no income tax, having no tax at all in the Cayman Islands can mean huge savings for offshore businesses of all kinds.
Get Started in the Cayman Islands
Yes, it can sound a little daunting when facing the idea of completely relocating your entire life to a new country, but this doesn't have to be the case once you have a little guidance on your side.
If you're ready to start looking into the next new, sun-soaked chapter of your life by taking your company offshore to enjoy the benefits of living in paradise, Cayman Enterprise City has streamlined the entire process with comprehensive support every step of the way. CEC takes away the stress with a quick, efficient, cost-effective setup in their award-winning zones.
There has never been a better time to expand your business internationally and take advantage of the offshore benefits. Join us for a comprehensive webinar on setting up your innovation/tech company offshore in the Cayman Islands, 13 April at 12pm. Visit our website here for details and to RSVP: https://www.caymanenterprisecity.com/ai-webinar-cec.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.