Whether you're looking to retire in paradise, expand your business internationally, or simply make the Cayman Islands your long-term home, understanding your residency options is the first step. The Cayman Islands, renowned for their safety, business innovation, and 'Caymankind' hospitality, offer several pathways to permanent residency. Understanding these avenues can help prospective residents choose the option that best aligns with their circumstances and aspirations.
1. Permanent Residency Through Employment
Permanent residency with the right to work is available to individuals who have legally resided in the Cayman Islands for at least eight years. This pathway is assessed using a points-based system, requiring a minimum of 110 points across various categories, including:
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Occupation: Up to 15 points, awarded based on the applicant's profession.
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Education, Training, and Experience: Up to 25 points, considering qualifications and work history.
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Local Investments: Up to 30 points, with a minimum investment threshold of CI$50,000; investments over CI$500,000 receive full points.
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Financial Stability: Up to 15 points for savings in local bank accounts and annual income.
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Community Involvement and Integration: Up to 20 points for community service or charitable activities.
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History and Culture Test: Up to 20 points based on a multiple-choice test about the Cayman Islands.
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Close Caymanian Connections: Points for having close relatives who are Caymanian.
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Demographics and Cultural Diversity: Up to 10 points based on country of origin, favouring underrepresented nationalities.
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Age: Up to 10 points, with the 25 to 35 age bracket being most favourable.
Applicants must also demonstrate good character, health, and adequate health insurance coverage. The process includes a non-refundable filing fee of CI$1,000 and additional fees based on annual earnings and dependents.
Applicants must also demonstrate good character, health, and adequate health insurance coverage. The application process includes fees such as a non-refundable filing fee of CI $1,000 and additional fees based on annual earnings and dependants.
2. Permanent Residency Through Investment
High-net-worth individuals who wish to secure permanent residency without the right to work have several options, including:
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Persons of Independent Means: Suitable for those who invest at least CI$2,000,000 in developed real estate and demonstrate sufficient financial resources to support themselves and their dependents. This certificate grants lifetime residency without the right to work.
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Residency Certificate for Persons of Independent Means: This certificate is valid for 25 years and is renewable. Applicants must invest at least CI$1,000,000 in the Cayman Islands, with at least CI$500,000 in developed residential real estate. Additionally, they must demonstrate a continuous annual income of CI$120,000 without local employment or maintain a minimum deposit of CI$400,000 in a Cayman Islands Monetary Authority-regulated institution.
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Certificate of Direct Investment: Designed for those investing at least CI$1,000,000 in an employment-generating business in the Cayman Islands, where they exercise substantial management control. This certificate is valid for 25 years and allows the holder and dependents to reside and work within the business.
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Residency Certificate (Substantial Business Presence): Ideal for business owners or senior managers within approved categories of business, allowing them and their dependents to reside and work in the Cayman Islands. This certificate is also valid for 25 years and is renewable.
3. Permanent Residency Through Cayman Enterprise City (CEC)
For entrepreneurs and business owners seeking a streamlined pathway to residency, Cayman Enterprise City (CEC) offers the Global Corporate Citizen Programme. One of the key advantages of this programme is that it requires no additional capital investment to participate, beyond the standard CEC setup costs. This initiative enables individuals to establish a physical presence in the Cayman Islands through CEC's special economic zones, providing benefits such as:
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Fast-Tracked Work/Residency Visas: Obtain renewable five-year visas, with the opportunity to apply for permanent residency after eight years.
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Tax Neutrality: Benefit from no corporate, income, capital gains, or property taxes.
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100% Foreign Ownership: Maintain full ownership of your business without local partnership requirements.
- No Capital Investment Required: One of the key advantages of the Global Corporate Citizen Programme.
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Comprehensive Support: Access to business setup, relocation assistance, and networking opportunities within a vibrant community.
To learn more about CEC's Global Corporate Citizen Programme, visit Cayman Enterprise City.
Application Process and Considerations
Prospective applicants should prepare a comprehensive application, including a cover letter detailing their reasons for seeking permanent residency, their intended occupation(s), and evidence of community involvement. Supporting documents such as birth certificates, proof of financial stability, and health insurance coverage are also required. Given the complexities involved, consulting with immigration experts or legal advisors is advisable. Reside Cayman, founded by Nick Joseph, specialises in residency and relocation matters, offering tailored guidance to navigate the application process effectively. Visit Reside Cayman for more information.
The Cayman Islands offer diverse pathways to permanent residency, each tailored to different profiles and investment capacities. Understanding these options and their requirements is crucial for a successful application and a seamless transition to life in this Caribbean paradise.
Who Can Help?
Cayman Enterprise City’s Global Corporate Citizen Programme is the best way to work towards Permanent Residency in the Cayman Islands. With a full network of support, increased benefits like the relief on duties, fewer limitations and longer visa stays that count towards your application, it’s the perfect pathway to call the Cayman Islands home.
If you want to learn more or apply for the Global Corporate Citizen Programme, click here.
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