Have an interesting opportunity which seems too good to pass up, but I'm a little iffy about living on a tiny tropical island as I'm a man who enjoys his creature comforts. Anyone care to shed some light on whether this is a fun place to live full time or better to leave as a vacation destination?
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Monaco is a much nicer place to live if you're moving for the tax benefits.
I'm in my early 20s and very ignorant on all of this, basically been using turbo tax up until this point. This would be useful to know though as I've made a lot in equities in the last few months as well. Would you be willing to opine on Monaco vs Caymans? Another process I'm is giving me the option to be remote from anywhere and I was previously considering Switzerland (I am a sucker for blondes).
You need a fairly substantial tax liability, usually at least $750k - $1M a year for it to be worth setting something up but this depends on your nationality. Some are much easier than others but IIRC Americans have it pretty rough. Keep in mind you'll need a very expensive firm with great intl tax lawyers + accountants. Again, no clue about American mins.
So making $5k on YOLOing into GME is not going to be enough of a tax liability to afford the cost of living in these places. You'd have to have a $1M+ tax liability at minimum a year to be worth it. Thats a bare minimum.
Yeah no, a lot more than that. Not even trying to be a dick, but more than probably most people commenting will make in the next 5-10 years combined after tax.
If you're making 7 figures but using TurboTax, I would probably start by finding a real solution within the US for the tax side. Best is to see what your peers are using. Make sure you get a second opinion on your taxes in addition to the primary firm doing work on them - it's VERY cheap insurance against incurring the wrath of the IRS. If you PM me details I can put you in touch with some solid firms/advisors my American partners have used.
So you have a job opportunity that will pay you $5mil per year to live on a tropical island, yet you come to the WSO off topic section to get opinions on it.
”Hey guys, just got a job opp that pays about the same as most F500 CEOs, should I take it? Idk I’m shy 🙈”
lmao you're thinking of Sweden buddy...
ill take that if u don't want it are u kidding me?
the lifestyle u could live there would be retarded man
It’s expensive, but awesome.
Idk, the Caymans seem like a place that's perfect for a relaxing vacation but too sleepy for someone in their 20s to live for an extended period of time.
You hit the nail on the head. That's my main worry. Too sleepy, and way less "free" than where I'm at now. Cozy sure, but a baller time for my 20s? Not as sure.
You'd be an idiot to pass this up. You could travel to Miami, Houston, Cancun, New Orleans, etc on the weekends to party (you have the money to do this). You will never get an opportunity again for something like this. Also, the Cayman's have a strong finance community, and the rest of the Caribbean is a tourist destination all year round, so you will never be in low supply of young party animals.
Take a chance, Columbus did
Uncle Joey is that you?
What's the time horizon? I would do it for like 2 years. I think you would get bored to be honest, but in 2 years I'm sure you'd have no shortage of people coming down to visit you, so that would keep you busy.
A know a couple of blonde chicks that live there, working as scuba diving instructors or something. Now that I think about it, thats probably a cover story for being an escort.
But anyway, keen to know as well. I looked in to it a few years ago. It's no uncommon for people to go swimming and surfing in the sea at lunch time. Could be good for a few years.
Boring after 2 weeks
Highly dependent on the opportunity, but I had started to max out the things I wanted to do / could do on Grand Cayman by the end of my first week there, and I never really felt like going back. If you venture over to Little Cayman and Cayman Brac you can probably find ways to stay engaged for a few weeks of pure recreation (so maybe a few months assuming you're working during the week). It's beautiful, but there's just not that much to do. There are worse places to live for work, but the opportunity would need to be really compelling for me
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