The jaw-dropping ‘British island’ that’s a haven for billionaires and millionaires

Britain’s reach extends far beyond the UK mainland as there are 14 British Overseas Territories scattered around the globe. They are parts of the world that remain under UK sovereignty but largely govern themselves. Some are small, remote islands, while others have become global tourism hotspots.

And one of them has even earned a reputation as a billionaire and millionaire’s paradise. That territory is the Cayman Islands, a tropical group of three islands in the western Caribbean that’s officially classed as a British Oversees Territory. While the UK is responsible for defence and foreign policy, the islands run their own affairs day to day.

Over the last few decades, the Cayman Islands have become known as a haven for the super-rich. And it’s not hard to see why.

The territory doesn’t charge personal income tax, corporation tax, capital gains tax, inheritance tax, or property tax.

This low-tax system has helped attract an estimated 12 billionaires and over 100 people with fortunes above £80 million, according to reports in 2025.

There are also more than 100,000 companies registered there, with many based in George Town, the capital of Grand Cayman.

The islands have also become a huge hub for hedge funds, private banks and offshore trusts.

Experts say the lack of direct taxes and the islands' business-friendly laws are what draw wealthy individuals and big companies to the territory.

The UK Government has faced pressure in recent years to make overseas territories like Cayman more transparent, but the tax system remains unchanged as of 2025.

It’s not just the financial perks that appeal, though. The Cayman Islands are also known for their luxury lifestyle.

With a GDP per capita close to $100,000 (£74,000), it has one of the highest standards of living in the Caribbean.

Residents and visitors enjoy year-round sunshine, stunning beaches, and beautiful coral reefs.

Seven Mile Beach on Grand Cayman is one of the top attractions and is famous for its soft sand and clear turquoise waters.

There’s also a growing food and cocktail scene, high-end resorts, and natural wonders like Stingray City, where people can swim with stingrays in shallow water.