RESIDENCY IN THE CAYMAN ISLANDS
There are generally two options available to obtain residency in the Cayman Islands:
Option 1: Apply for a 25 year renewable residency certificate
This certificate is issued to an applicant (and immediate family including children under the age of 18) granting the family the right to reside but not the right to work in the Cayman Islands.
In order to obtain this certificate, an applicant must have invested at least US$ 610,000* in the Cayman Islands of which a minimum of US$ 305,000* must be in developed real estate. The applicant must also show that the have access to an independent income of US$ 185,000* per annum without having to work whilst in the Cayman Islands.
The cost of the 25 year certificate is US$ 24,400* payable upon grant and an additional fee of US$ 1,220* per dependent. In order to maintain the certificate, an investor must maintain his/her investment and reside in the Cayman Islands for at least 30 days in every 12 month period. The 30 days need not be consecutive.
Option 2: Apply for the right to permanently reside
Similarly to Option 1, the applicant and the immediate family must show access to an independent income of at least US$ 185,000 per annum. The applicant must show a minimum investment of at least US$ 1,952,000* in developed real estate (it can be several different properties). The cost of this certificate is US$ 121,995* per family with an additional fee of US$ 1,220* per dependent at the time it is granted.
The main difference between the two certificates is that with Option 2 the applicant obtains the right to permanently reside in the Cayman Islands and such a right can be varied to include the right to work. It can also entitle the holder after five years to apply for naturalization under the British Nationality Act as a British Overseas Territories Citizen if the holder complies with the necessary criteria.
*Prices listed are approximations only. Please note, this acts as a guide on the legal process of obtaining residency and does not constitute as specific legal advice. We recommend that you seek legal advice for your circumstance and we would be happy to assist with any necessary introductions.