In January 2019, the Cayman Islands introduced the Economic Substance Requirement Law. This law requires companies and corporations in Cayman to have their corporation physically in the island, making shell companies no longer valid. Due to this situation, many companies are required to relocate employees to Cayman Islands.
Because of the high demand on rental properties, there has been a significant increase on the already high real estate prices in Cayman Islands. Landlords were able to increase their prices tremendously because of the demand outgrew the supply.
LARM Cayman Islands spoke to the Minister of Finance, he explained that this law has been adopted by many offshore financial centers worldwide. So yes, this means greater influx of individuals relocating to the Cayman Islands.
Written by Daniela Andrade
LARM Centro Caribe