GUIDANCE ON PERMANENT RESIDENCY OPTIONS IN THE CAYMAN ISLANDS
As we witness a huge growth in interest in people looking to make the Cayman Islands their home, we are seeing more and more enquiries into the options available. To help with an initial overview, we have provided the guide below into the basic requirements for each of the avenues offered by the Cayman Islands Government.
Immigration is a difficult area of law to navigate and Priestleys can advise each individual on their own particular situation. The below is intended as a guide only and if you are interested in exploring your options further, or have any other immigration queries, then please contact Daniel Priestley, Sally Crane or Nick Hemus.
Certificate of Permanent Residency for Persons of Independent Means |
Residency Certificate for Persons of Independent Means |
Residency Certificate for Substantial Business Presence |
Certificate of Direct Investment | |
Right to Work |
No.
NB. may seek variation to permit right to work |
No |
Yes – in businesses in which applicant has invested or in which employed in a senior management capacity |
Yes – in business in which applicant has invested |
Accompanying |
Spouse/dependents |
Spouse/dependents |
Spouse/dependents |
Spouse/dependents |
Duration of Certificate | Permanent*
* = limited to 250 Certificates per year |
25 years |
25 years |
Initial 6 months to conclude investment, then 25 years |
Minimum occupation requirements | None | 30 days per calendar year | 90 days per calendar year | 90 days per calendar year |
Eligibility requirements |
Financial
|
Financial
2. Invested $1m of which $500k must be in developed real estate |
Business presence
A substantial business will require a physical presence and a minimum of 4 full-time resident employees. Approved business categories include such businesses as fund administration, brokerage services, insurance, financial trading, investment, family office etc. |
Business Investment
An employment generating business will generally have 30% Caymanian employees. Substantial management control requires the applicant to be a director. |
Other requirements |
Must submit an annual declaration.
Clean criminal record Must be in good health and possess adequate health insurance coverage. |
Must submit an annual declaration.
No serious criminal convictions. Must be in good health and possess adequate health insurance coverage. |
Must submit an annual declaration.
Criminal record check. Must be in good health and possess adequate health insurance coverage. |
Must submit an annual declaration. Clean criminal record. Must be in good health. Submit audited financial statements every 2nd and 5th year. |
Fees | Application Fee: $500
Issue Fee: $100k Dependent Issue Fee: $1k each Variation Fee: $500 Annual Fee: Where right to work is granted, fee equivalent to a work permit holder in the relevant occupation |
Application Fee: $500
Issue Fee: $20k Dependent App Fee: $1k each Dependent Annual Fee: $1k each |
Application Fee: $1k
Issue Fee: $5k Dependent Issue Fee: $1k each Annual Fee: Equivalent to a work permit holder in the relevant occupation |
Application Fee: $1k
Issue Fee: $20k Dependent Issue Fee: $1k each Dependent Annual Fee: $1k each Annual Fee: Equivalent to a work permit holder in the relevant occupation |
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