A Residency Certificate (Substantial Business Presence) is available to individuals who either own at least a 10% share in an approved category of business or will be employed in a senior management capacity within such a business. In each case, the business must have a substantial presence in the Cayman Islands. It is designed and intended to be less onerous than the more established option of a Certificate of Direct Investment and is not limited to owners of the business.
Approved categories of business include: fund administration, brokerage services, investment and fund management services, investment banking, financial trading (including foreign exchange, securities and derivatives), captive insurance or reinsurance management services and underwriting, actuarial services, insurance claims management, family office, hedge fund administration, any business in Cayman Brac providing back office support, and any company registered as an exempted company under section 164 of the Companies Act. It is expected that people in these positions would fill a senior management capacity and, therefore, ordinarily attract an annual work permit fee of CI$20,925 or above (CI$5,000 or above if based in Cayman Brac).
Provided the Director of WORC is satisfied that the applicant and any spouse have clean criminal records and that they and any dependants are in good health and possess adequate health insurance, as well as fulfilling the other requirements, the applicant will be issued a 25-year Residency Certificate. At present, a grant fee of CI$5,000 is due on issuance, with a further CI$1,000 payable in respect to each approved dependant. In addition, Certificate holders are required to pay an annual fee equivalent to that payable by a work permit holder in the same occupation.
Changes to the fees will be confirmed once they are known.
