Nicolas Joseph: People will often want the right to work, so we actually reverse-engineer things and encourage people to come here through one of the myriad of opportunities that are available to base themselves here with work visa of one sort or another.

Salman Siddiqui: Welcome to the Investment Immigration Podcast by Uglobal.com, with weekly in-depth interviews with the world's leading investment immigration professionals. Welcome to another episode of the Investment Immigration Podcast, brought to you by Uglobal. I'm your host, Salman. Today we are going to focus on the Cayman Islands. Now in the Cayman Islands, we know that it doesn't really offer a direct CBI program, but it has a lot of residency by investment options. We're going to explore in this episode. What are those options? Has anything changed over these years? Because those options have been there for quite some time, and traditionally it has been very popular with people from the UK, Canada and increasingly from what I'm hearing is that investors from the US are also looking into the Cayman Islands. So we're going to find out if these other trends still and if anything has changed. And to discuss all of this, I have a very special guest today. His name is Nicolas Joseph. He's joining us from the Cayman Islands. He's a partner and head of immigration at the HSM Chambers. Welcome to the show, Nicolas.

Nicolas Joseph: Thank you very much.

Salman Siddiqui: So, Nicolas, can you provide us a brief overview of the residency options in the Cayman Islands and especially for high net worth individuals?

Nicolas Joseph: Absolutely. We have the optimum choice for many people coming here. We do have a golden visa program of sorts. It is called permanent residence for persons of independent means. The right to work can be added to that. And it allows persons consequential upon investing at least 2 million Cayman Islands dollars in developed real estate, and paying the Cayman Islands government a one off fee of $100,000 to become permanently resident in the Cayman Islands. Their direct family members can join them, and they will be treated as settled immigrants for the purposes of the British Nationality Act, which can lead them on a path towards citizenship in as little as five years after taking up residence in the islands. Alternatively, and designed more for retirees than persons who will remain commercially active, is a permission known as residence for persons of independent means. That residence generally requires an investment of $1 million in developed residential real estate, and that will allow them and their spouse to live in the Cayman Islands for 25 years, free from any other immigration controls.

Salman Siddiqui: I want to understand from your Nicolas, is this right to say I mean you? In your brief introduction about the residency options, you also hint that there is a path towards citizenship. So is it correct to say that the Cayman Islands doesn't have a formal CBI program, because it's the citizenship component of the program is not really marketed as a formal CBI program, is that right?

Nicolas Joseph: That's correct. We actually do not have a CBI program, largely because we don't formally have a citizenship year. We rather uniquely a colony which was never colonized. Rather we were settled. There were no indigenous people here. And in the 1700s, some shipwrecked British sailors ended up here effectively. And thus we are and always have been British administered first through Jamaica and then directly from through the United Kingdom, although we are now internally self-governing because of that, and because we are not formally a country, we do not actually issue our own passports. Our citizenship is British Overseas Territory citizenship, a citizenship which we share in common with other territories. And so it is the United Kingdom that governs and operates our citizenship program, albeit through the offices of our deputy governor. And because of the way that works, our citizenship and our immigration status operate independent of one another. 1st May qualify somebody to apply for the other, but they are not inextricably linked to one another.

Salman Siddiqui: You said, I think you need $2 million of investment for that. How does that really work? What are the requirements? If you could talk a little bit more on that? Sure.

Nicolas Joseph: The Cayman Islands dollar is pegged to the USD at an exchange rate of 0.82. So Cayman Islands dollar is worth about 20% more than an American dollar. When I've been referencing dollar amounts, I've been referencing Cayman Islands dollars; so 2 million Cayman Islands dollars works out at about $2,439,000.

If somebody can demonstrate that they have invested that amount or more free from any financing of their own funds in developed real estate in the Cayman Islands, they become eligible to apply for permanent residence based on that investment. That real estate need not be residential. It can in fact be commercial real estate. And as matters stand, it doesn't have to be a single property. So not infrequently people will buy a home for themselves that is perhaps below the threshold. And then by 1 or 2 other rental properties in order to cross the threshold, and perhaps to also supplement their income. All persons availing themselves of this need to be able to demonstrate that they've got an ability to maintain themselves and their dependents. We are a tax free jurisdiction. We prefer to say a tax neutral jurisdiction. We have no property tax, capital gains tax, corporate tax, income tax, anything of that nature.

But the government does need to generate revenues, and it does through a series of very transparent fees that are collected, including on the registration of land. 7.5% of the transfer price has to be paid to the Cayman Islands government upon registration of the purchase.

Nicolas Joseph: It's a one off fee, but that 7.5%, which of course can be sizable for a KYD2 million purchase, it would be KYD150,000. That amount does count towards meeting the KYD2 million thresholds. If you are slightly below it, people will often want the right to work, and so we actually reverse engineer things and encourage people to come here through one of the myriad of opportunities that are available to base themselves here based on a work visa of one sort or another, they may choose to be a consultant employed by their own company, providing consultancy services elsewhere in the world. They may choose to operate within the Tech Cayman Enterprise area in order to advance their international technology operations, or within Cayman Enterprise City.

There are a large number of options available. Each of these afford people an opportunity to be operating and running a business before they make the investment. That could be quite helpful for them, because they want to have time to kick the tires, to look around, to choose the right property for them, rather than being compelled to do so on day one, and then through doing that, it makes it much, much easier when they do buy the property for us to also add the right to work to the permanent residence that they acquire. Once they have that permanent residence, they will be free to engage in commercial activities in the approved role throughout the economy.

Salman Siddiqui: So we're going to talk more about the type of businesses people are involved through their investment by residency options in the Cayman. But before we talk a little bit more on that, I want to understand from you that you mentioned that one could buy a commercial property or one could even buy a property for your homes. So in your experience, what kind of properties usually investors are buying these days among your clients, I'm guessing that the home option is more popular, or are the big investors focusing on commercial properties like, I don't know, maybe buying hotels? What is the trend these days?

Nicolas Joseph: The trend tends to be high end condominiums, usually in the 5 to $10 million range. People tend to overshoot the threshold amounts quite considerably in the current market. And given the recognition of Caymans place as a very stable bubble in an increasingly tumultuous world, we are enjoying the privilege of people moving here from places they may have already moved to.

It is not uncommon for us to be helping an American that has previously moved to Switzerland, or a Canadian that has previously moved to Singapore or to Dubai to come and join us in the Cayman Islands. And that's really a testament to what is going on here and the levels of stability, infrastructure and sheer quality of life that we have the privilege of enjoying here. On the other hand, persons who are nearing their retirement perhaps do tend to purchase homes that are in the 1 to $2 million range, and if they find themselves falling below the KYD2 million threshold, they will supplement it with an additional purchase of some kind. In some cases, that might be as simple as a small garage to store a car or to store their things when they're not on the island in order to get themselves across that KYD2 million threshold. So we do see a very wide range. We do have investors that are here spending in excess of KYD100 million, but when they are doing that, they tend to be building the building rather than purchasing already developed real estate. And in fact, there are a number of trains within my eyeshot right now evidencing that this is all continuing and that we have the privilege of a large number of people who, at the very least, would like to come here and making their inquiries. And indeed, particularly since Covid increasing numbers are following through and bringing their families here and their businesses.

Salman Siddiqui: Right. And in terms of commercial properties, what kind of trends are you seeing there?

Nicolas Joseph: A lot of hotel development. There is certainly an increasing focus. On the tourism sector. It works symbiotically with our already long established financial services industry. It creates an opportunity for high end culinary establishments. We are labeled as the culinary capital of the Caribbean, in part because both our financial services industry and our high end tourism industry conspire together to require there to be the very best in opportunities for culinary endeavors. And this, of course, continues to feed the machine, because once people recognize they can come to a small island, have this incredible Caribbean lifestyle, but turn around the corner and enjoy foie gras with the sauterne makes it even more attractive for persons who may otherwise have hesitated in coming.

Salman Siddiqui: And in terms of the process of acquiring compared to, say, a commercial property and real estate for personal homes, for example, does the process differ in terms of meeting the requirements? Is the time period to process that application much harder? If you could also talk a little bit on that.

Nicolas Joseph: We're quite impressed with the government's receptiveness to inward investment and their ability to respond quickly where appropriate. If somebody has made the investment and we're able to make a complete application for a qualified investor, we will generally expect the application to be processed and granted within as little as six weeks.

There are very considerable and deliberate background checks that are done on individuals. But that whole process is completed very quickly. For those investors, the commercial property, it can be a little bit more complicated. We have no restrictions on foreign ownership of real estate, but if someone were to operate a bit of real estate as a business endeavor, they will require licensing and the ability to get that. Licensing can take some time upwards of six months on some occasions, but it is quite frequent that people will ask for the licensing as a condition of their acquisition of their purchase of the property, so there is no substantial risk taken in that regard. Persons renting out beachfront properties on the Airbnb Short Terme tourism market don't require any formal licensing, but they do need to be registered with the tourism authorities, who will check very diligently to make sure that the property is maintained at an appropriate standard.

The government does collect a room tax on tourist visits, and so the government is able to generate revenue off those rentals on the Airbnb market, and therefore the government actually is quite receptive and encourages persons to invest in Airbnb properties. On the other hand, if somebody has two properties that are going to be in longer terms rental, they can do so free from any licensing.

Nicolas Joseph: But beyond three they will need licensing. So there's an exemption for persons renting less than two units in Long Terme rentals. It all works very, very well. To put it in context, there are probably about 90,000 people sleeping here tonight. The government will say that the official population is about 80,000, but the population is growing faster than the statistics ability to keep up with it. Um, it is a very vibrant, happening place and has been for many, many years. And of those 90,000 people, 40,000 are foreign workers here performing roles in service, often of the hotels. And they're also building the construction that is underway, the office buildings, the hotels, the restaurants and the health care facilities. Because healthcare is also another arena in which there is substantial inward investment. And only last night I was very pleased to attend a reception hosted by the prestigious Stowe School in England, which in fact won the award of the best Independent School in the United Kingdom for 2023. And they have indicated that they are expecting to open a school here to accommodate 1400 students by as soon as 2027. So all of this development is happening at the same time and drawing in persons from around the world. I don't think you will find a more cosmopolitan place. There are quite literally 135 different nationalities recorded as living here at present.

Salman Siddiqui: Wow. That's fantastic. And for those who are not familiar with the residency options in the Cayman, I would like you to also elaborate and maybe explain the difference between the 25 year residency certificate and how does it differ or offer more flexibility. Then the permanent residency option.

Nicolas Joseph: Sure. Well, I think the permanent residents one is the one that actually offers the most flexibility because it allows for the opportunity to advance towards citizenship. It allows for the opportunity to operate a trade or business, whether in or from within the Cayman Islands. The 25 year certificate, as I described intended for retirees, is a more cost effective option. The grant fee for that is $20,000 rather than $100,000 for the permanent residence option, but it constrains a person to living off passive investments, to sitting on a porch enjoying the life of the Cayman Islands, but not being involved commercially in what is going on around them. And it expires after 25 years, we hope, with lots of beach walks and an increased diet of fresh fish that it will be renewed and it can in fact be renewed upon expiry provided the investments are maintained and there is a nominal annual fee that is payable of $1,000 a year for any dependence that you may have, including children who are still of school age or have not graduated from university. And you can have your parents, for example, also come and live under your sponsorship effectively in the Cayman Islands.

Salman Siddiqui: And at the end of the 25 year residency, what happens to their investment? Is there a requirement that they have to divest and maybe, sell their properties? So if you could also touch on that.

Nicolas Joseph: No. Restrictions on mere ownership of real estate. Families are entitled to maintain the property as the family's asset in perpetuity. The land is, for the most part, not leasehold. When somebody buys a property in the Cayman Islands, it is freehold land. It belongs to them, their title is registered, it is protected and that entitlement exists in perpetuity.

Salman Siddiqui: No matter if it's permanent residency or you come on a 25 year certificate.

Nicolas Joseph: Great. Indeed. We have a large number of snowbirds, particularly from Canada and the Northern American states, who own properties here, who will only come in November, December, January, February, March. And then when the sun comes out again back in Canada, for example, they will return there for the summer months, and they can do that freely without actually requiring any formal immigration or residency permissions in the Cayman Islands.

Salman Siddiqui: Speaking on the difference between the permanent residency option and the 25 year certificate option, what have you observed over the years which tends to be more popular? I'm assuming it's the option where you have to put in less money because that's logical. But is that true though?

Nicolas Joseph: I think it is true by appearances. But the truth is temporary. We are seeing increasing numbers of persons who initially got the 25 year certificate recognize that the Cayman Islands is their forever home, that they wish to advance to citizenship. They wish to be able to participate politically and otherwise in the life of these islands. They wish to be able to demonstrate that the Cayman Islands are their home and their own home. And so we are seeing a number and have, for the last couple of years, seen a number of persons with 25 year certificates, in fact, upgrade their permissions to become permanent residents as persons of independent means.

Salman Siddiqui: Moving on. Let's also talk about what you mentioned earlier is the type of businesses. What I want to understand from you particularly, is the types of businesses that investors typically opt for, especially for the substantial business practice, uh, presence option. Is this a popular option for many of your clients? What are the drawbacks for it? For example.

Nicolas Joseph: The substantial business presence and the certificate of direct investment are two very similar permissions. They are 25 year work permits. They entitle the person employed in a senior management capacity in various categories of business, including those that employ large numbers of people that require investment entitle them to be here. The expectation is that they will work and live in the islands, in the operation of the business for no less than about 90 days in each calendar year, the options are not frequently pursued. In fact, I will rarely advise in favor of them because if you have a 25 year work permit, you are restricted to working for that enterprise only, and that enterprise must annually pay a fee to the Cayman Islands government commensurate with your role and occupation.

The fees can vary widely depending on what you are doing. For example, for a teacher, the fee will be zero, but for an equity partner in a law firm, it. It will be KYD32,400, and the population of the Cayman Islands thinks there is great justice in that fact. So we live with that and that operates well. But if you are given the choice, why would you pay that for 25 years? Why not instead work on a regular work permit after you've been resident in the Cayman Islands for eight years? And whether or not you've spent KYD2 million in developed real estate, you will be eligible to apply for permanent residence. Under a point system. You'll be readily eligible to assess your points to determine whether or not you will get permanent residence even before you apply. And therefore, once you have permanent residence, you are settled, you can advance to citizenship, get the British Overseas Territory Citizen passport and five years later become Caymanian. So that whole process, even adopting the slow road is about 16 years long. And so I would encourage people, why pay fees for 25 years if there's the option to pay fees for only 16?

Salman Siddiqui: That makes total sense to me. But the question then is the certificate of direct investment option. I mean, now I can clearly understand why it's less popular, don't you think? Then the government needs to do something about this to make it more attractive to change something there.

Nicolas Joseph: We are surrounded by cranes already. The government? I wouldn't say that it is complacent. Cayman is poised to play a much larger role in the world. I describe the Cayman Islands as a nascent Singapore of the Americas, but the ability for us to do what we do best, which is to assimilate people from all over the world into what is a wonderful, homogeneous society where neighbors get on with one another, where people smile and say hello to each other, where there is really no such thing as a stranger, because the person you pass on your walk may be in line at the grocery store with you, or maybe the person that is coming to fix your leaking tap that draws us all together in a way that warrants the government saying, hang on a second. We need to make sure we do not grow too quickly. The growth is almost exponential as it is. When I was a child here, there were 10,000 people. So to be at 90,000 today is quite a remarkable achievement. And most remarkable is that we have done it without creating divisions in our community.

Salman Siddiqui: 10,000 people! I'm just like surprised. How is life then? I have to interject to ask you, was it simpler or do you find this more chaotic or better now?

Nicolas Joseph: Oh no, it was very, very simple then. We didn't have many of the comforts we take for granted today. Some of those comforts sometimes included electricity and paved roads. We went from a quiet fishing village by the 1960s, with large numbers of our men being seafarers. They went to the world. They wandered semi-nomadic on ships and saw the world, and sometimes married ladies that they met in foreign ports. And then by about 1970, when we started to have mains electricity here, they started to come back and a tourism industry developed. Barclays Bank, established here in 1953, really to deal with the seafarers remittances. But that was the nascent financial services industry, which of course is well known around the world. We have catapulted through two centuries of development within a 50 year time span. We enjoy the very highest levels of health care. Doctor Devi Shetty, for example, from India, a world leading heart surgeon, established what is known as Health City, the Naranja Health City in the Cayman Islands as the first foray outside of the Indian subcontinent in order to provide exceptional levels of health care. For example, we have a medical school here, we have an English law school here. It's all sort of taking very hold and it's all happening very, very quickly. We are, by all appearances, a village, a small town of 90,000 people. But we have all the facets of a major city and indeed in many respects a very modern country.

Salman Siddiqui: And, you know, in terms of the changes that you have seen in terms of the residency options that are now in the table, this is something I want to ask you about, is we hear a lot about crypto currency based property sales in many parts of the world. Is this now happening in the Cayman Islands and how does that work? Can it lead to long time residency? If you could also talk about that?

Nicolas Joseph: It has happened. It is rare. It is, I think. Fair to say it is discouraged. The certainly in relation to the purchase of physical assets, there is a very substantial blockchain industry here. We are becoming a center of excellence. Numerous persons operating within that arena are based here, but the crypto currency side of it is far less visible and far less promoted. We pride ourselves on being a very high quality jurisdiction. I am not for a moment suggesting that the cryptocurrency world by itself is anything less than a first class opportunity for the future, but as we gain familiarity with it and as we read the stories of, for example, what happened in the Bahamas with Sam Bankman-Fried, for example, we are a little more hesitant to embrace that. We know what we are good at. We are not frightened of becoming good at other things. When we are good at those things, I'm sure we will do them. But we are making haste slowly in that arena.

Salman Siddiqui: I also want to talk to you about what you discussed earlier is about the snowbirds who come from Canada, and for my understanding is that traditionally, a lot of people from the UK would come to the Cayman Islands. And I want to understand from you the advantages for wealthy investors and high net worth individuals in seeking residences in the Cayman because of the special relationship between the Cayman Islands and the UK. Are you seeing that more still or do they have some other better option?

Nicolas Joseph: I'm naturally biased, but I do most sincerely believe that we are a unique opportunity in the world, and that is backed up when my clients move here from the Channel Islands or the Isle of Man, or from Monaco, for example, and we see great frequency.

Salman Siddiqui: Do you see, Nicolas after Brexit? There is a change because you've been there for such a long time. You have observed trends. So I want to understand from you what has changed really.

Nicolas Joseph: I think the ability of citizens of the United Kingdom to simply go and buy a house in France or Spain has become more difficult. Their ability to spend more than 30 days within the European Union has provided an obstruction to their ability to so readily and so easily enjoy those wonderful opportunities that exist throughout Europe for EU citizens, that has perhaps caused them to turn their attention a little more further afield. We do not benefit British people here in any particular way. In fact, in some respects British people can be disadvantaged.

We have the Union Jack in the corner of our flag. We're very proud of that. We chose to have it there, and it does provide us and investors with additional security that might not otherwise exist. The United Kingdom is responsible for our good governance and indeed for our defence, and we enjoy the privileges of both. But when it comes to people coming to live here, we treat everybody the same, save where there are too many of any one particular nationality, so as to upset the balance in our demographics.

At present, if somebody is applying for permanent residence under the point system, which anybody can do after they've been living here for eight years, ten points are available for most nationalities, but only five points are available for British and Indian citizens, and zero points are available for citizens of Jamaica and the Philippines. Simply in recognition of the fact that more than 10% of our work permit holders come from Jamaica or the Philippines, whereas more than 5% but less than 10% of them come from India and the United Kingdom.

Salman Siddiqui: And what about your American and Canadian clients? What benefits do they see in gaining residency in the Cayman Islands? What factors, aside from the tax benefits, are driving their interest? Are you seeing any change over the years from those sides?

Nicolas Joseph: We love our North American residents in that we have a very similar culture to them. Caymanians have, for more than a century, through their work on ships, become very familiar, particularly with Port Arthur, Texas. Mobile, Alabama. Tampa, Florida. These American Gulf ports are the place to where Caymanians go and find the greatest affinity with the people that are there. And we have always our tourism industry always started off with people from the Southern United States coming and spending time with us before we had the direct air links with Chicago and New York and Boston. And Los Angeles that we enjoy today. But the Americans have a very different tax structure, as you as you alluded to, compared to the Canadians. So Americans will tend to be using Cayman less for commercial reasons than the Canadians. Might a Canadian operating an international business may choose to come and invest and live here. And we say it rather flippantly, but as long as they genuinely move here and cut up their curling club card in Canada and of course, get some Canadian tax advice on on exactly what they are doing and how to achieve it.

They can enjoy the very significant benefits. The first and foremost benefit is not tax based is simply our quality of life. The enthusiasm with which people can come and enjoy being a part of this society. There are barriers to entry, undoubtedly, but if you can overcome those barriers and come here and to be a part of it, everything else becomes secondary. That is borne out by the fact that we have at least as many United States investors who relatively have no tax advantage in coming here as we do Canadian investors who have full tax advantage in coming here.

Salman Siddiqui: And do they talk about that with you, that the point about stability that you hinted at, that that was the main pull factor for the American investors?

Nicolas Joseph: I think we unfortunately at present live in a tumultuous world. We have had to face tragic circumstances. There isn't a war that you can see on television that hasn't resulted in a phone call to me from somebody there, or very close to there saying, can I please come with my family? How do we arrange this? I need a place of sanctuary. Perhaps not forever, but just for a couple of years while we wait for the dust to settle.

But we also, unfortunately, and very sadly, even from the United States, have had people call us and move here motivated not by conflict or even by politics, but the horrific realities that there are persons who are concerned about the safety of their children at school, and they just want to be able to drop their child off at school and not worry about what's going to happen to them before they pick them up. So we have perhaps gone from providing very sophisticated trust and financial services solutions for global commerce to getting right down to basics. Where can I educate my children? Am I safe? Because ultimately that is what is the most valuable thing. It's not an export, it is our export is sanctuary. We invite people to come in to enjoy a way of life that, unfortunately, can be too hard to find elsewhere.

Salman Siddiqui: And Nicolas, you mentioned just earlier how conflicts and even politics in certain countries motivate some people to move out from their homes. And I want to understand from you, like currently, there are at least two major wars going on in the Middle East and then in the heart of Europe. So are you seeing clients from the Middle East or Ukraine more now compared to before?

Nicolas Joseph: When the Arab Spring started, we did have a number of calls and we put in place the structures for business people from Saudi Arabia, for example, from Egypt, from Algeria, to be able to come and have available to them the ability to move if they needed to. It transpires that none of them, in fact, did make the move. There has been a number of persons from the Middle East, but they have come mainly for commercial reasons. We do enjoy quite a large number of people here from Lebanon, for example, a number of people here from Israel. We have the apparently the world's largest, fastest growing Jewish community. But people are coming from all over the world. We have Russians that have come here. We have Ukrainians that have come here, and everybody who lives peaceably side by side. And it's a really enthralling experience to witness that and to see it. But there is a steady flow and we do see blips. When something makes the headlines. There is unquestionably a blip of at least inquiries from that area.

Salman Siddiqui: And just the final question before we end the podcast, I want to also talk about the trends in the citizenship aspect of it. Do many people who gain permanent residency, or is that something they're not really that interested? What are the trends on that?

Nicolas Joseph: I would say that the overwhelming majority do. If you take the slow road, it's a 16 year walk to get there. The destination is worth it. People consider that they put in the time, and I think quite rightly and quite fairly, this becomes something that they develop a reasonable entitlement or expectation to. Citizenship as a British Overseas Territories citizen entitles the holder to apply for registration as a British citizen, which in most instances is granted.

So you can imagine somebody who perhaps has come here from South Africa with their family, who is seeking an ability to enjoy the world without the constraints of visas and other things, who will find it quite attractive to be able to gain a Cayman Islands passport and perhaps a British passport without having to surrender their nationality of origin? We are not asking anybody to give up who they are and where they come from. We respect that and we celebrate that with them. When we talk about the stability of the Cayman Islands, we can't really have the conversation without at least alluding to the fact that there are a number of of extremely high net worth people from, from around the world who have chosen the Cayman Islands as their place to invest. They have made very substantial investments into the country, including into aspects of our infrastructure, whether that be healthcare or education or the roads network, and by us encouraging and facilitating foreign ownership of real estate. We are finding that everybody is on our team.

Everybody is promoting the interests of the island because the interests of the island and their own personal interests become inextricably linked once they own a part of the island, no matter how small.

Salman Siddiqui: Thank you so much for sharing your insights into the Cayman Islands residency options, Nicolas. I truly appreciate that. And in the end, I want to give a shout out to our listeners that please stay tuned. We'll be bringing you more guests from around the world to talk about investment, immigration options in all parts of the world. So stay tuned and thank you. You've been listening to the Investment Immigration podcast by Uglobal.com. Join us again soon for more in-depth conversations exploring investment immigration opportunities from around the world.

Powered by Froala Editor