Certificate of Permanent Residence for Persons of Independent Means
This is the ultimate permission which can grant Permanent Residence with the Right To Work based on investment, rather than having to wait for the usual eight years before becoming eligible to apply, subject to a stringent points system, for Permanent Residency. And unlike Residency for Persons of Independent Means, this option has no expiry date and qualifies the holder (upon certain criteria being met) to become eligible for naturalisation as a British Overseas Territories Citizen (BOTC) once they have been resident in Cayman for five years. Once naturalised they are entitled to a BOTC passport, which upon successful application, they can become a full British Citizen without the need to surrender any existing citizenship. Finally, once a person has been a BOTC citizen for 5 years they can apply to become Caymanian.
In order to qualify for the certificate of Permanent Residence for Persons of Independent Means, applicants will be required to have invested a minimum of CI$1,600,000 in developed real estate and possess sufficient financial resources to maintain themselves and their dependants. An applicant will also need to demonstrate that he/she and their dependants are in good physical health and of good character. The number of these types of certificates is restricted to an annual quota of 250 set by the Cabinet. The application fee is CI$500 with a further CI$100,000 due upon grant and an additional CI$1,000 payable per dependant. The CI$1,000 dependant’s fee is then payable annually.
The right to work in an approved occupation can be gained subsequently, upon application to the Caymanian Status and Permanent Residency Board, with an annual fee thereafter payable, equivalent to a Work Permit fee, for as long as employment is maintained, or until the individual becomes a Caymanian.