The Oasis Opportunity can be used towards residency requirements.

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RESIDENCY FOR PERSONS OF INDEPENDENT MEANS

A person who is eighteen years of age or older and who satisfies the requirements set out below may apply to the Chief Immigration Officer for the right to reside in the Cayman Islands as a person of independent means.  If the application is successful, the person will be granted a Residency Certificate for Persons of Independent Means. The Certificate, which is valid for twenty-five years and is renewable thereafter at the discretion of the Chief Immigration Officer, entitles the person to reside in the Cayman Islands without the right to work.

Dependants of the holder of a Residency Certificate for Persons of Independent Means

The spouse and any dependent children of a holder of a Residency Certificate for Persons of Independent Means that were listed in the application and who were approved by the Chief Immigration Officer will be granted a Residency Holders (Dependant’s) Certificate entitling them to reside in the Cayman Islands without the right to work.

Eligibility requirements

An applicant for a Residency Certificate for Persons of Independent Means must:

  • be at least eighteen years of age;
  • not have any serious criminal convictions;
  • be in good health and possess adequate health insurance coverage;
  • meet the following financial standing requirements:

(a) Where the applicant intends to reside in Grand Cayman, he must satisfy the Chief Immigration Officer-

  1. that he has a continuous source of annual income of no less than CI$120,000, without the need to engage in employment in the Islands; or
  2. that he has opened an account with the Cayman Islands Monetary Authority-regulated and locally licensed institution, (possessing a Class A license in accordance with the Banks and Trust Companies Law (2013 Revision) or regulated under the Securities Investments Business Law (2015 Revision)), and maintains a minimum deposit in the account of at least CI$400,000 in assets¹;and
  3. that he has invested the sum of CI$1 million dollars, of which at least five hundread thousand dollars must be in developed real estate in Grand Cayman.

(b) Where the applicant intends to reside in Cayman Brac or Little Cayman, he must satisfy the Chief Immigration Officer-

  1. that he has a continuous source of annual income in the amount of CI$75,000 without the need to engage in employment in the Islands; or
  2. that he has opened an account with the Cayman Islands Monetary Authority-regulated and locally licensed institution, (possessing a Class A license in accordance with the Banks and Trust Companies Law (2013 Revision) or regulated under the Securities Investments Business Law (2015 Revision)), and maintains a minimum deposit in the account of at least CI$400,000 in assets; and
  3. that the applicant has invested the sum of CI$500,000 of which at least CI$250,000 must be in developed real estate in Cayman Brac or Little Cayman.

¹ “assets” include cash cash equivalents, fixed income instruments, equities, and listed Exchange Traded Funds.

 

Application Process

A person wishing to apply for a Residency Certificate for Persons of Independent Means must complete an application form and provide supporting  documentation. The list of required information and documentation is attached to the application form.  The completed application and its supporting documentation must be submitted to the Chief Immigration Officer at the Department of Immigration. Applicants may be asked to provide further information.

Death of, or divorce from, the holder of a Residency Certificate for Persons of Independent Means

Upon the death of, or divorce from, the holder of a Residency Certificate for Persons of Independent Means the right of the surviving or former spouse to reside in the Islands may be revoked at the discretion of the Chief Immigration Officer.  The surviving or former spouse may, within a period of three months of any revocation, apply for the grant of a Residency  Certificate for Persons of Independent Means in their own right. The same eligibility requirements set out above must be satisfied.  Where an application for a Residency Certificate for Persons of Independent Means has been made within the three months from the date of the revocation, the applicant’s right to reside in the Islands shall continue upon the same terms and conditions of the revoked Certificate until the Chief Immigration Officer determines the application.

Dependent Children of the holder of a Residency Certificate for Persons of Independent Means

The right of a child to reside in the Islands as a dependant ceases upon reaching the age of eighteen unless their permission to remain has been varied to reflect that they are engaging in full-time tertiary education, unless the Chief Immigration Officer is satisfied that there are special circumstances.

Variation

The Chief Immigration Officer may vary or amend a Residency Certificate for Persons of Independent Means to add or remove a spouse or dependent child(ren). A dependent child of the holder of a Residency Certificate for Persons of Independent Means who was listed in the original application for the certificate, who has attained the age of eighteen years, and who is of proven good character and conduct, may apply for permanent residence under section 30 of the Immigration Law provided he meets the residence and other requirements of that section.

Revocation of a Residency Certificate for Persons of Independent Means

The right of a holder of a Residency Certificate for Persons of Independent Means (or a Residential Certificate for Retirees acquired under the Immigration Law, 2003) to reside in the Islands may be revoked by the Chief Immigration Officer if –

• the holder fails to maintain the financial standing requirements set out above;

• the holder was not physically present in the Islands for a minimum of thirty days in aggregate in any calendar year; or

• in the opinion of the Chief Immigration Officer any of the general grounds for revocation of permanent residence applies to the holder (see Section 30.1 (a) to (j) of the Immigration Law;.

Annual Declaration

The holder of a Residency Certificate for Persons of Independent Means must submit a declaration annually (between 1st and 31st December) in respect of himself and his dependents. A failure to provide this declaration is an offence and could result in the revocation of the Residency Certificate.

Fees

Application for the grant or renewal of a Residency Certificate for Persons of Independent Means CI$ 500
Fee payable upon issue of a Certificate CI$ 20,000
Fee payable in respect of a dependant included in the application or where a dependant is added to a Certificate CI$ 1,000 per dependant
Dependant fee CI$ 1,000 per dependant per annum
Application fee for variation of a Certificate CI$ 500

This category of residence affords persons who have invested a prescribed amount in developed real estate in the Cayman Islands the right to reside permanently in the Islands.

 Eligibility

An applicant must be able to demonstrate that:

• He has invested CI$2 million in developed real estate in the Cayman Islands

• He and his spouse (if applicable) have a clean criminal record

• He, his spouse and dependent children (where applicable) are in good health and possess adequate health insurance coverage; and

• His financial resources are sufficient to maintain himself and his dependants adequately.

Note: This category of residence is subject to annual quota of two hundred and fifty

Application process

A person wishing to apply for a Certificate of Permanent Residence for Persons of Independent Means must complete an application form and provide supporting documentation about themselves and the real estate in which they have invested in the Cayman Islands. The list of supporting information and documentation is attached to the application form.  The completed application and its supporting documentation must be submitted to the Chief Immigration Officer at the Department of Immigration. The application will then be reviewed for completeness and the applicant may be asked to provide further information.

Entitlements

(i.) Right to reside

The holder of a Certificate of Permanent Residence and his spouse and dependent children (if they were included in the application) are allowed to reside permanently in the Cayman Islands without the right to work.¹

¹ The right of a child to reside in the Islands as a dependant ends upon reaching the age of eighteen unless his permission to remain has been varied to reflect that he is engaged in full-time tertiary education, or the Chief Immigration Officer is satisfied that there are special circumstances. A dependent child of the holder of a Certificate of Permanent Residence for Persons of Independent Means who was listed in the original application for the Certificate, who has attained the age of eighteen years, and who is of proven good character and conduct, may apply for permanent residence in his own right under section 30 of the Immigration Law.

A Certificate may be varied to add or remove dependants if necessary.

(ii.) Employment option

The holder of a Certificate or his spouse may apply to the Caymanian Status & Permanent Residency Board or the Chief Immigration Officer for a variation of his Certificate to allow the right to work for any employer but only in a particular occupation or occupations specified by the Board or the Chief Immigration Officer.

Fees

Application fee: CI$500

Fee payable upon issue of a Certificate: CI$100,000

Dependant issue fee: CI$1,000 per dependant

Variation of a Certificate: CI$500

 

Note: where a Certificate has been varied to allow the right to work the holder will be required to pay an annual fee on or before the anniversary date of the variation equivalent to the annual fee payable by a work permit holder in the same occupation. Where more than one occupation is authorized, the fee payable is equivalent of whichever occupation attracts the higher fee. Where a certificate is varied to change occupation and the new occupation attracts a higher annual fee, the fee payable until the following anniversary date shall be the difference between that applicable to the former occupation and that of the new occupation. Thereafter the fee is that of the new occupation.

Grounds for revocation of a Certificate of Permanent Residence for Persons of Independent Means

The holder of a Certificate of Permanent Residence for Persons of Independent Means may have his right to reside in the Islands revoked if –

• He fails to maintain the prescribed level of investment in developed real estate in the Cayman Islands; or • In the opinion of the Chief Immigration Officer, any of the matters referred to in section 38(1)(a) to (j) of the Immigration Law applies to the holder or his dependants.

Death or divorce of the holder of a Certificate of Permanent Residence for Persons of Independent Means

If the holder of a Certificate of Permanent Residence for Persons of Independent Means dies or his marriage is dissolved the right of his surviving or former spouse to reside in the Islands may be revoked at the discretion of the Chief Immigration Officer. They may, however, apply for the grant of a Certificate of Permanent Residency for Persons of Independent Means in their own right if they satisfy the eligibility requirements.

Annual Declaration

An annual declaration is required to be submitted by 31st December to the Chief Immigration Officer.