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

  1. Invested $2m in developed real estate
  2. Financial resources are sufficient to maintain applicant and dependents adequately

Financial

  1. Either:
    1. Continuous source of annual income of not less than $120k without need for employment in the Islands; or
    2. Opened and a CI bank account and maintains a minimum deposit of at least $400k (can be cash, fixed income instruments, equities or listed Exchange Traded Funds.

2. Invested $1m of which $500k must be in developed real estate

Business presence

  1. Either:
    1. Own (or propose to own) a minimum of 10% of shares in a substantial business in an approved business category; or
    2. Prove employment in a senior management capacity in approved business category.

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

  1. Made (or propose to make) investment of at least $1m in a licensed employment generating business(es) in which the applicant will exercise substantial management control; and
  2. Has substantial business or entrepreneurial track record relevant to the pertinent business; and
  3. Proof of funds for the investment amount or evidence of 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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