Ceasing your tax residency in the Cayman Islands can be a straightforward process if you follow the correct steps. This guide will walk you through each step to ensure you comply with the necessary legal requirements.
Step 1: Notify Relevant Authorities
Inform the Department of Immigration and other relevant authorities of your intention to cease tax residency. This includes providing a formal written notice stating your departure date and intention to cease residency.
Step 2: Settle Outstanding Taxes and Obligations
Ensure that all outstanding taxes and financial obligations are settled before you leave. This includes any pending tax payments, fines, or dues that may be required by the Cayman Islands tax authorities.
Step 3: Close Local Accounts and Cancel Services
Close any local bank accounts, utility services, and other contractual obligations you may have in the Cayman Islands. Ensure that all services are cancelled and any final bills are paid.
Step 4: Obtain a Certificate of Departure
Request a Certificate of Departure from the Department of Immigration. This certificate serves as official documentation that you have ceased residency in the Cayman Islands.
Step 5: Maintain Records
Keep detailed records of all communications, notices, and transactions related to ceasing your tax residency. These records may be required for future reference or legal purposes.
Legal References
- Immigration Law (2015 Revision)
- The Tax Information Authority Law
Useful Links
