Cayman Islands Residency

Cayman Islands Residency and Global Citizen Concierge Programs

An easily accessible Caribbean paradise with many business and recreational opportunities as well as excellent schools and healthcare make the Cayman Islands a desirable destination.

The Cayman Islands have a reputation for being a well-regulated, tax-neutral financial hub with international financial and real estate investors. The political stability that comes from being a British Overseas Territory, the strict protection of assets by the local government, and favorable residency programs make it a favorite destination for investors. The Cayman Islands also move quickly when opportunities to share their beautiful island paradise present themselves with programs like the recently launched Global Citizen Concierge Program. 

Cayman Islands Global Citizen Concierge Program

The Global Citizen Concierge Program leverages the fact that the Cayman Islands have contained Covid-19 with greater success than other Caribbean nations and is designed to attract high-income earners to the island nation during these challenging times. Under this program, workers can apply for a “Global Citizen Certificate” and stay in the Cayman Islands for up to two years if they meet the following requirements:

  • Provide an employment letter from an entity outside of the Cayman Islands 
  • Meet minimum annual salary requirements of $100,000 for individuals, $150,000 for couples (including civil partners), and $180,000 for individuals or couples with dependent children.
  • Have a valid passport
  • Provide a notarized bank reference letter
  • Show proof of health insurance 
  • Pass a criminal background check
  • A visa may also be required but not for citizens of the U.S., Canada, U.K., Australia, and many other European countries.

Securing Cayman Islands Residency

There are several avenues for those looking to secure permanent residency in the islands and possibly British Overseas Territories citizenship if so desired. They include the following programs:

Residency Certificate for Persons of Independent Means requirements:

  • Show a continuous source of annual income of at least CI $120,000 (US $146,341.46) without the need to work in the Islands OR 
  • Has an account with a Cayman Islands Monetary Authority-regulated and locally licensed institution and maintains a minimum deposit in the account of at least CI $400,000 in assets and that he has invested at least CI $1,000,000 (US $1,200,000) in Grand Cayman with at least CI $500,000 (US $610,000) in developed real estate.

Certificate of Direct Investment requirements:

  • Make, or proposes to make, an investment of at least one million dollars in an employment-generating business in a new or existing business in which they have substantial management control. The term “employment-generating business” means a company in which at least thirty percent of employees are Caymanian.
  • Demonstrate a substantial entrepreneurial/business background, including specific experience necessary to carry out the proposed business.

Certificate of Permanent Residence for Persons of Independent Means

This category of long-term residence is different from the others in that it affords the holder full permanent residence in the Cayman Islands. Requirements include the following:

  • Demonstrate that they have invested CI $2,000,000(US $2,400,000) in developed real estate in the Cayman Islands
  • Show that their financial resources are sufficient to maintain themselves and dependents.

Residency Certificate (Substantial Business Presence)

This is a long-term residence category for people who invest in or are employed in a leadership capacity within an approved class of business. Requirements include the following:

  • Must be, or intend to be, legally and ordinarily resident in the Islands for a minimum of ninety days in each calendar year. 
  • Must also own, or propose to own, either directly or indirectly, a minimum of ten percent of the shares in an approved category of business in the Islands through which they have established, or will establish, a substantial business presence in the Islands. OR
  • Be able to prove that he is or will be employed in a ‘senior management capacity’ of an approved category of business in the Cayman Islands. ‘Senior management capacity’ means the applicant’s occupation would attract a work permit fee of $20,925 per annum or more.

Approved business categories include the following:

  1. Fund administration
  2. Brokerage services
  3. Investment and fund management services
  4. Investment banking
  5. Financial trading (including foreign exchange, securities, and derivatives)
  1. Captive insurance or reinsurance management services
  2. Reinsurance underwriting
  3. Actuarial services
  4. Insurance claims management
  5. Family office
  6. Hedge fund incubation
  7. Any company registered as an exempted company under section 164 of the companies law (2011 revision)
Julia

Julia

Contributor
Hey there! We're in the process of making some changes to content on our website. Please bear with us as we work behind the scenes to bring these changes to life!