Since it is tax free, I assume it's a big draw. Is it worth the lifestyle change?
How was/is your day to day life and job?
work-wise it will be very chilled. don't expect US/UK/israel standards. don't be surprised if everything and everyone is so mediocre. if you're lucky, you might end up working on some cool niche specific stuff and gain expertize within that niche. usually it's gambling, adult entertainment, finances. some companies develop shady stuff like adware, what could be also interesting, from technical / professional perspective
speaking of life on an island. if you're into water sports or just love the beaches, you're set. lots of fun guaranteed. otherwise, living on an island could get boring after novelty fades away
though taxes might be lower or in caymans no taxes at all, COL is usually pretty high. everything has to be brought from somewhere else and transportation is not free, obviously. due to limited space, limited supply and high demand, housing could be pretty expensive and scarce
is it worth a go? absolutely! maybe you might end up liking it and stay there long term. a good friend, a fellow programmer, actually one of core MySQL developers, who was MySQL employee #3 and sticked around through both rounds of acquisition still happily lives in cyprus and wouldn't change it for the world
definitely an interesting life experience. could be professionally and monetary rewarding, as well. if you're entrepreneurial, more power to you! extraordinary places attract extraordinary people (for both, good and bad), so your network will become bigger and more diverse
give it a go and don't look back! such an opportunity doesn't arise on a daily basis. grab it!