A life in the sun on the tax haven of the Caymen Islands proved too tempting for accountant Peter Harris and his wife Claire to pass up. Words Emma Leask.
Despite having moved into their new house in Huddersfield just six weeks previously, when Claire and Peter Harris got the chance to work on an exotic Caribbean island tax-free they couldn’t pack their bags quickly enough.
At the time Pete, a chartered accountant, was looking to move jobs within the UK via a recruitment agency. Because he was looking outwith his area, the computer system flagged up overseas opportunities too, and although the couple hadn’t planned on it, the opportunity to trade Huddersfield for a new life on a sun-drenched exotic island was too good to pass up.
Luckily, they found a tenant for their new house immediately and arrived in the Cayman Islands in August 2006. Pete now works as a manager in the Assurance department of PricewaterhouseCoopers (PwC) liaising with offices around the world. “During our busy periods we’re expected to work some long hours to meet deadlines, but my role is challenging and it keeps me on my toes,” he says. “I enjoy the job, as it allows me to improve my skills daily by working with different accounting standards around the world.
“My employers are great people to work for. They provide lots of social activities for the staff. I’m part of the social committee at work so I help to plan get-togethers and events, which is good fun. There are also a lot of different nationalities in the office so I’ve been learning about new cultures and expanding my knowledge, especially on the sports side. I’m now a keen American football fan!”
Claire works as sales director for a marketing and advertising agency that publishes REALlife, a luxury lifestyle and real estate magazine for the Western Caribbean. “It’s hard work, but I get to travel to the other islands every couple of months,” she says. “I work Monday to Friday 8.30am to 5pm. We only live ten minutes away from work – so on a good day we can be relaxing at home by 5.15pm.
“Both our salaries are tax free! There is no income tax here, corporation tax, capital gains tax, value added tax, estate duty or inheritance tax, gift tax, sales tax and land tax. There are import duties charged on certain goods imported into the islands and stamp duty is charged on certain documents - for example transfers of land and mortgages.”
Home is a spacious two-bedroom apartment within a complex of nine, with plenty of outdoor space and a pool. It’s situated in Grand Cayman on a canal just off Seven Mile Beach, with views of North Sound and costs CI$1950 (£1300) per month to rent.
“We moved into it when it was just built so all the fixtures and furnishings are new – most apartments here come turn-key with everything provided,” says Claire. “When it comes to rent and house prices Seven Mile Beach is the most expensive as it’s the main part of the island where everything happens with all the bars, restaurants and big hotel and condo developments.”
Read the full article in our November 2008 edition.
