For foreign nationals not wishing to work in the Cayman Islands but simply wishing to have the right to reside, there are alternative options. In particular, qualified investors in developed real estate can apply to the Director of WORC for a Residency Certificate, which is valid for 25 years and is renewable.
To reside in Grand Cayman, the person must show proof of an annual income of at least CI$120,000 (without engaging in employment in the Cayman Islands) along with an investment of CI$1,000,000 (of which at least CI$500,000 must be in developed real estate). Any balance below CI$1,000,000 must be invested in a locally trading company or property. Holding assets with a broker or monies in a local bank account (whilst encouraged) does not count for these purposes. Investing in a local business, or even one which has publicly traded shares, such as Caribbean Utilities Company, can count. Most often, applicants will simply buy a substantial home (or a number of apartments) and immediately meet the requirement.
A deposit maintained in a local bank or institution of no less than CI$400,000 deems an applicant to have an annual income of above CI$120,000, and (generally) sufficient funds (and income) to maintain themselves and their dependants
To become resident in Little Cayman or Cayman Brac, proof of an annual income of CI$75,000 without the need to be employed in the Cayman Islands is required, as well as an investment of CI$500,000 locally, of which at least CI$250,000 must be in developed real estate.
Whichever Island is to become your home, there is a one-time fee payable on grant of CI$20,000, and a further CI$1,000 payable for each approved dependant. The initial application fee is CI$500. The CI$1,000 dependant’s fee is then payable annually.
The process of applying for a Residency Certificate is relatively straightforward, although at present requires approximately four months to be processed. Legal fees for this option are unlikely to exceed CI$10,000. These fees and investment thresholds are expected to increase significantly in the coming days. We will update our website as soon as the changes are confirmed.
Note: With this form of Permanent Residency, you may not be able to successfully claim to have changed your domicile. Those seeking to establish a formal domicile in the Cayman Islands are generally advised to seek a Certificate of Permanent Residence.
