This is the ultimate permission which can grant Permanent Residence with the right to reside permanently in the Islands for the rest of one’s life. It is based on investment, rather than on waiting eight years to become eligible to apply, subject to a points system, for Permanent Residency.
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) under the present regime, once they have been legally resident in Cayman for five years, and have held Permanent Residence for at least one year. Once Naturalised, they are entitled to a BOTC (Cayman Islands) passport. Upon further application for registration as a British Citizen, they can become a full British Citizen. Neither Cayman nor the United Kingdom require the surrender of any existing citizenship. Finally, under the present regime, once a person has been a BOTC for five 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$2,000,000 in developed real estate and possess sufficient financial resources to maintain themselves and their dependants. An applicant will also need to demonstrate that they and their dependants are in good physical health and are 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.
Much of this is poised to change imminently. Legislative amendments have already been passed which in effect treat the first ten years of residence not as “permanent” but rather as “interim.” This will mean that in most cases, Naturalisation as a BOTC and subsequent Registration as a British Citizen will not be available until 11 years after the holder of a Certificate of Permanent Residence for Persons of Independent Means has been granted the permission.
Holders who are not “grandfathered” (including by applying before the law changes) will be expected to be and remain resident for a minimum of 20 years before they are eligible to apply for the Right to be Caymanian based on residence.
Very substantial increases in fees and investment thresholds are anticipated to take affect in the very near future.
The right to work in an approved occupation can be gained subsequently 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.
