Residency in the Cayman Islands, What You Need to Know

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Residency in the Cayman Islands, What You Need to Know

The Cayman Islands are a popular destination for those looking for residency overseas. Sun, sea and sand are just some of the attractions that draw people to this Caribbean gem. But what are the options available to you if you want to live in the Cayman Islands? In this blog post, we will discuss several ways that you can live or get residency in the Cayman Islands. We will go over each option in detail so that you can decide which is best for you!

The Cayman Islands, a British Overseas Territory, is located a short 70-minute flight away from Miami. Cayman residents enjoy a relaxed and safe lifestyle whilst benefitting financially from the island’s tax-neutral status. The Cayman Islands Residency-by-Investment program is revered for the fact that it allows tax-efficient residence, and also offers a path to naturalisation and eventual citizenship. Find out more on how to gain Cayman Islands permanent residency by investment today. The residency by investment program in the Cayman Islands is one of the most popular ways to gain residency in an offshore jurisdiction. Not only does it allow for tax-efficient residency, but it also provides a path to citizenship and eventual full exemption from taxation.

There are 3 options detailed in this blog that can help you get your feet into the sands of Cayman:

Option 1 – Residency in the Cayman Islands through Real Estate

Option 2 – Cayman Enterprise City through business Registration 

Option 3 – Global Citizen Concierge Program (New) 

Option 1 – Residency in the Cayman Islands through Real Estate

The Cayman Islands Government offers a number of Immigration products for private investors and senior executives who are seeking long-term residence in the Cayman Islands.

1. Certificate of Permanent Residency for Persons of Independent Means – A Certificate of Permanent Residence for Persons of Independent Means may be granted to persons who invest at least two million Cayman Islands Dollars in developed real estate. The Certificate’s name implies that the holder has the right to reside indefinitely in the Cayman Islands, as indicated by the Certificate’s title. A holder will also have the option of pursuing naturalization as a British Overseas Territories Citizen and then obtaining citizenship of the Cayman Islands. A holder and his spouse may also have their permission to remain varied to allow the right to work in the Cayman Islands. For further details of this residence facility, please click here to learn more about this Cayman Islands Residency.

2. Residency Certificate for Persons of Independent Means

This application is for people who wish to live in the Cayman Islands but not be allowed to work there. Applicants will be expected to show that they have invested a certain amount in developed real estate on the Islands and that they fulfill other financial standards. A successful applicant will be granted permission to reside in the Islands for 25 years (renewable). This residence type cannot be varied to allow the right to work.

A person who can show that he or she has an ongoing source of annual income of CI$120,000 (US$146,341.46) without the need to work in the Islands or a CI$400,000 minimum deposit in an account with a Cayman Islands Monetary Authority-regulated and locally licensed institution and that he or she has invested at least CI$1,000,000 (US$1,200,000) in Grand Cayman of which at least CI$500,000 (US$610,000) which must be in developed real estate, may apply to the Chief Immigration Officer for a Residency Certificate for Persons of Independent Means.

If the applicant opts to reside in Cayman Brac or Little Cayman the annual income requirement is CI$75,000 (US$91,463.41) or he/she must have an account with a Cayman Islands Monetary Authority-regulated and locally licensed institution which maintains a minimum deposit in the account of at least CI$400,000 in assets and he must invest at least CI$500,000 (US$609,756.10) of which at least CI$250,000 (US$303,878.05) must be in developed real estate in Cayman Brac or Little Cayman.

VIEW OASIS’S FEATURED REAL ESTATE LISTINGS HERE

For full details of this residence facility, please click here to learn more about this Cayman Islands Residency.

3. Certificate of Direct Investment

The Certificate of Direct Investment is for individuals who wish to invest or have already invested, a certain amount in a certified employment-generating company in the Cayman Islands and with whom they will have significant management control. An applicant must have a good business track record or an entrepreneurial background, as well as relevant and essential professional, technical, and other expertise to continue the business. For full details of this residence facility, please click here to learn more about this Cayman Islands Residency.

Additional Cayman Islands residency requirements:

Applicant must reside in the Cayman Islands for 30 days each year

Restrictions:

• Does not permit the right to work

• Does not permit the right to apply for naturalisation

Information taken from www.immigration.gov.ky August 2022 – Subject to change

Option 2. Cayman Enterprise City

A special economic zone and the gateway to a cosmopolitan island lifestyle in a dynamic business environment that makes going global simple is the Cayman Enterprise City. Meet cutting-edge firms and worldwide entrepreneurs in a world-leading offshore city, where you may work with individualized office spaces that suit your requirements and budget.

Establishing a Genuine Physical Presence in the Cayman Islands.

If your business falls within one or more of the business sectors listed here and conducts business globally, then your company likely qualifies to establish a Cayman Islands presence within one of Cayman Enterprise City’s special economic zones which include Cayman Tech CityCayman Commodities and Derivatives City, and Cayman Maritime and Aviation City. 

What CEC need to know to get started:

  • The intended activities of your company, so they can reference the Special Economic Zone Law to ensure your business can be licensed.
  • How many staff members you would like to place in your Cayman Islands office.
  • The amount of office space your business requires and your company’s technology requirements.

Offshore company formation can be done remotely from anywhere in the world, subject to meeting due diligence requirements by The Department of Commerce & Investment.

Oasis Land Development Limited is a recognised referral partner to Cayman Enterprise City, known as CEC – find out more about Cayman Enterprise City Here

Option 3 – Global Citizen Concierge Program (New) 

The Global Citizen Concierge Program (GCCP) is a new program launched by the Cayman Islands that allows individuals with financial independence to work remotely, relocate, and reside in the country for up to 24 months.

APPLICANT(S)

1. Proof of Employment and/or Income

Applicants must provide a letter showing proof of employment with an entity outside of the Cayman Islands stating position, length of employment, and annual salary on company letterhead. Applicant(s) minimum annual salary requirements are as follows:

  • Applicant OnlyUSD 100,000
  • Applicant and one dependentUSD 150,000
  • Applicant and two dependentsUSD 168,000
  • Applicant and three dependentsUSD 186,000
  • Applicant and four dependentsUSD 204,000
  • Applicant and five dependentsUSD 222,000
  • Applicant and more than five dependents: at the discretion of the Director of WORC

2. Proof of Legal Existence of Employer/Company 

Provide a copy of your Certificate of Good Standing/Certificate of Incorporation or Registration from the appropriate government body in your country, as well as website and social media account information.

3. Bank Reference

A notarized bank reference is required. (A bank reference is a bank manager’s written assessment of your credit standing that includes the length of time you have been with the bank and the average balance of your accounts.) 6 months worth of bank statements are necessary.

4. Proof of Identity

A passport with a color photo and information page is required. All residents of the Cayman Islands who require a visa to enter must apply for one.

5. Police Clearance

Provide a Federal criminal record or similar documentation, issued within the past 6 months old, from last place of residence for more than 6 months.

6. Proof of Health Insurance

Coverage for all applicants in your party for a minimum of 30 days upon arrival in the Cayman Islands. All applicants must obtain local health insurance coverage within 30 days of arriving in the Cayman Islands.

Find out More about the Global Citizen Concierge Program Here

If you would like to speak to one of our Cayman Islands Advisors who can introduce you to a residency specialist please contact Oasis today.

 

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