The 60-second version
Cayman has no direct income tax on individuals but work permit and pension contributions apply. I cancel permit, close USD account, wire to NRE, and map RNOR for hedge fund and banking payroll.
Work permit cancellation before fund payroll account closure
Cayman Islands impose no personal income tax — obtain employer settlement showing pension contributions and any withholding on benefits.
Hedge fund, captive insurance, and private banking payroll dominate George Town — retain fund administrator exit letter if you held carried interest units.
Bermuda neighbour: Bermuda guide for reinsurance hub parallel exit.
Cayman lanes
| Item | Cayman | India |
|---|---|---|
| Income tax | None | Residency tax |
| Work permit | Cancel | OCI/resident |
| Pension | Export stmt | Schedule FA |
| USD bank | Close | NRE wire |
Cayman exit
Settlement
Fund admin final letter.
Permit cancel
WORC clearance.
Pension export
Contribution PDF.
Wire USD
SWIFT to NRE.
ITR
RNOR + Schedule FA.
Flow
Cayman kit
- Work permit.
- Pension stmt.
- Bank closure.
- SWIFT receipt.
- Fund exit letter.
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Carried interest
Fund carry crystallisation on exit can be taxable in India as capital gains in return year — model before wire.
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Income tax in Cayman?
No Cayman personal income tax — India taxes on residency from return date.
Carried interest?
May be capital gains in India — retain fund K-1 or equivalent.
RNOR?
Foreign income may be exempt in overlap year if RNOR conditions met.
Schedule FA?
Declare foreign pension and brokerage in last FY held abroad.
FBAR?
US person — FinCEN 114 if aggregate > USD 10K.
Bermuda parallel?
Bermuda guide for Hamilton reinsurance exit.
Your country's rules are the starting point, not the finish line.
Tax exits, pension continuity, banking notifications — the India side has its own rules too. Get both sides clear.