Investors who are interested in opening a Cayman Islands exempted company
may also be inquiring about long-term stays in the country.
Residing permanently in the Islands is possible for those individuals who have been residents for eight years or those who apply for the permanent residence as a person of independent means. The latter is a common manner in which investors may choose to stay in the country long-term.
Below, our agents who specialize in Cayman Islands incorporation
answer some of the questions regarding permanent residence and obtaining the permit.
What are the residence options for investors in the Cayman Islands?
Private investors or senior executives can obtain permanent residence in the Cayman Islands in one of the following ways:
Residency for Persons of Independent Means: for investors who wish to reside in the country without working, based on minimum investment and meeting certain financial requirements.
Permanent Residency for Persons of Independent Means: for those who invest at least two million CI$ in developed real estate.
Certificate of Direct Investment: for those who invest a certain amount in a licensed business that generates employment and who will occupy a management and control function.
Residency Certificate for Substantial Business Presence: for those who invest or who occupy a senior management position within an approved category of business.
Applicants who obtain the Permanent Residency for Persons of Independent Means
and the Residency Certificate for Substantial Business Presence shall be granted a certificate that is valid for 25 years and can be renewed. Investors should be well aware of the conditions for setting up a company in the Cayman Islands
that will comply with the current requirements for being awarded these types of permits.
An alternative to making substantial investments is to obtain a Residency and Employment Rights Certificate, a Residency Certificate for Retirees or a Dependant’s Certificate for Direct Investment. One of our agents can detail these options.
What is the permanent residence points system?
Applications for permanent residence are submitted under a Permanent Residency Points System, which is provided for in the Immigration (Amendment) Regulations. Individuals receive 15 points (maximum) irrespective of their occupation and they can also be evaluated according to the following: education, training and experience, local investment and financial stability, community integration, history and culture test, close Caymanian connections, age distribution and others (health issues, criminal convictions, etc.).
What are an individual’s rights as a Cayman Islands resident?
As a permanent resident in the Cayman Islands, whether this is obtained through an investment, setting up a Cayman Islands company or having acquired the eight years of lawfully living in the country, an individual has the certain rights:
- accept employment from an employer of choice;
- reside with other individuals who are expressly listed as his dependants;
The holder of such a permit may work, however, the Chief Immigration Officer can restrict the right to work. The spouse of a permanent resident in the Cayman Islands is entitled to work based on an individual application for a work permit that is processed separately.
What are the obligations of an individual upon receiving the permanent residence certificate?
A permanent resident in the Cayman Islands is expected to do the following:
- notify the Chief Immigration Officer of any changes in the number of dependants;
- submit the annual statement containing the proof of payment for the annual fee (as per their occupation);
- notify the Chief Immigration Officer of any changes regarding the owned property: the purchase of another property, the sale of the former (within 180 days of the sale);
- notify the Chief Immigration Officer of any changes regarding employment.
The initial application for permanent residence is accompanied by a non-refundable fee and the applicant is also expected to pay an annual fee equivalent to that that would be paid by an individual who was applying got a work permit for the same type of occupation. When the applicant has more than one occupation, the one with the highest fee will be paid.
Individuals who are interested in obtaining a residence permit can reach out to one of our agents for more information. The population statistics in the Islands are the following for 2017:
- total number of individuals in George Town: 32,808;
- individuals in Bodden Town: 13,081;
- population in West Bay: 12,329;
- total male and female individuals living in the Islands in 2017 (the three aforementioned regions plus three others): 63,415.
for information about living and investing in the Islands as well as services related to Cayman Islands incorporation