Personal Finance

Moving to the Cayman Island = Income Tax Free

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  • Feb 4th, 2011 12:14 am
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Banned
Jul 23, 2010
204 posts
2 upvotes

Moving to the Cayman Island = Income Tax Free

Do you know of anyone who has tried this
17 replies
Deal Addict
Jul 20, 2005
1293 posts
63 upvotes
Yes, and probably Income Free also, when you can't find a job there.
Deal Addict
Nov 11, 2004
3503 posts
615 upvotes
Ottawa
What if you have a internet business based from there..

Same as you would have from North America... Just tax free
Hello
Deal Fanatic
Jul 1, 2007
8569 posts
1763 upvotes
I can be a Cayman Islands banker! I hear they get to go to work in shorts.
Money Smarts Blog wrote: I agree with the previous posters, especially Thalo. {And} Thalo's advice is spot on.
Banned
Jul 23, 2010
204 posts
2 upvotes
I'm planning to play poker professionally there, so yeah I'll have a job.
Deal Fanatic
User avatar
Sep 3, 2006
5546 posts
3067 upvotes
Winnipeg
For accountants, the prospects are usually good.
This isn't a blog.
Sr. Member
Nov 13, 2007
881 posts
135 upvotes
Toronto
Same as Bahamas.

Their govenment relies heavily on import tax. So cost of living can get very expensive.

However, unless you declare "non-resident for tax purpose" status in Canada, you still need to report the income to CRA and pay tax in it. If you become a non-resident, you give up some benefit such as CPP full benefit, and health care, TFSA yearly contribution room, RRSP contribution room.

I know a few people (not personally), who open an investment account in Bahamas and Cayman island to avoid paying tax in their investment. It works for a while, until CRA bites them in the ass.
Sr. Member
Nov 8, 2010
963 posts
214 upvotes
Have you've done any research to check if you would be allowed to move to the Cayman Islands?

A quick check of wiki indicated that foreigners who want to move there must have a job:
http://en.wikipedia.org/wiki/Cayman_isl ... n-citizens


Are they really going to consider your claim that you are a professional poker player to be a job? I don't know what the answer to this is. If you don't, I think you'd need to figure this out first.


The same is true of the other countries (such as the US), that you are considering moving to. You usually can't just move to another country. You need to meet their requirements. And saying I play poker professionally online quite often won't meet their requirements.
Sr. Member
User avatar
Dec 12, 2005
960 posts
117 upvotes
GTA
Are gambling proceeds taxable? I know lottery winnings aren't, but what about casino winnings?

What's to stop you from just staying in Canada and claiming all your winnings tax free? Does the fact that it's your 'job' change the way the winnings are treated?
Sr. Member
Nov 8, 2010
963 posts
214 upvotes
Shojin wrote: Are gambling proceeds taxable? I know lottery winnings aren't, but what about casino winnings?

What's to stop you from just staying in Canada and claiming all your winnings tax free? Does the fact that it's your 'job' change the way the winnings are treated?
OP already asked that question a couple of days ago.

http://forums.redflagdeals.com/online-p ... ty-998255/
Deal Addict
Oct 2, 2006
1298 posts
258 upvotes
most professional poker player move to thailand, cheap living, no taxes etc..

sluts everywhere too lol
Banned
Jul 23, 2010
204 posts
2 upvotes
I would think that the Grand Cayman island would be nicer than Thailand.
Banned
Jul 23, 2010
204 posts
2 upvotes
How difficult is it to transition from Canada to the Grand Cayman Island?
Deal Fanatic
User avatar
Sep 3, 2006
5546 posts
3067 upvotes
Winnipeg
yayfreebies wrote: How difficult is it to transition from Canada to the Grand Cayman Island?

In what context?

It's not as easy as filling out some paperwork. You would need to set-up residency there, which would require a lot of money or a job.
This isn't a blog.
Banned
Jul 23, 2010
204 posts
2 upvotes
ok sounds simple enough, i want to move there before i hit the age of 30
Deal Fanatic
User avatar
Sep 3, 2006
5546 posts
3067 upvotes
Winnipeg
yayfreebies wrote: ok sounds simple enough, i want to move there before i hit the age of 30

Okay bye!
This isn't a blog.

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