GUIDANCE ON PERMANENT RESIDENCY OPTIONS IN THE CAYMAN ISLANDS : Priestleys

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 Invested $2m in developed real estate Financial resources are sufficient to maintain applicant and dependents adequately	Financial Either: Continuous source of annual income of not less than $120k without need for employment in the Islands; or 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 Either: Own (or propose to own) a minimum of 10% of shares in a substantial business in an approved business category; or 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 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 Has substantial business or entrepreneurial track record relevant to the pertinent business; and 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 2^nd and 5^th 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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