These days, more and more people are looking to relocate to the Cayman Islands due to its beautiful landscape, unwavering business opportunities and world-class lifestyle. But how can you make this dream a reality?
There are currently two ways in which you can relocate to the Cayman Islands – apply for a work visa or be granted a permanent residency certificate. Typically, visitors start with a working permit and work their way towards secured residency.
Another alternative that has recently been introduced by the Cayman Islands Government is the Global Citizen Concierge Program. This option provides digital nomads who are employed outside of the Cayman Islands with an opportunity to work remotely in the heart of the Caribbean, for a period of 24 months.
Sounds pretty great, right? To find out more about the various options available to you, read on…
How to Become a Resident in the Caymans
Work Permits
Work permits are a great way to live in another country without having to fully commit to permeant residency. The Cayman Islands offer temporary work permits for periods of up to six months, or annual work permits which are typically issued for one-to-three-year periods.
The maximum period that a person may stay in the Cayman Islands on a work permit is nine years. After this, they must apply for permanent residency or leave the country for 12 months before applying for a completely new role.
The prospective employee will have to provide:
- Adequate evidence that they possess the relevant qualifications, skills and experience needed to fulfil the role.
- A valid passport.
- A criminal record check.
- They will also need to undertake a medical examination.
What’s more, if you are not a national from an English-speaking country, you may be asked to take an English test in your home country or at the Department of Immigration Headquarters in the Cayman Islands.
Residency Certificates
There are several other routes to residency in the Cayman Islands:
Permanent Residence through an Eight Year Residence
Anyone who has legally lived in the Cayman Islands for a more than eight years can apply for permanent residency. The period of living in a certain country before obtaining permanent residency differs from one country to another, for example in France it is five years.
The application for Permanent Residency costs an initial fee of CI$1,000.00 and CI$400 per dependent, and an annual fee in respect to the first year (equivalent to that payable by a person authorized by a work permit to engage in the same occupation).
Residency Certificate for Persons of Independent Means
The Residency Certification for Persons of Independent Means is valid for a period of twenty-five years. In certain circumstances, this can be renewed by the Chief Immigration Officer.
Unlike a work permit, this visa entitles the holder (and any qualifying dependents) to reside in the Cayman Islands without the right to work.
To apply, you must have a continuous source of annual income no less than CI$120,0000 (without need to be employed in the Cayman Islands). You must also invest a minimum of CI$1,000,000, of which at least CI$500,000 must be in developed real estate in Grand Cayman.
Certificate of Permanent Residence for Persons of Independent Means
As an extension of the above, this certificate provides the holder (and any qualifying dependents) with a lifetime grant to reside in the Cayman Islands without the right to work.
To apply, an applicant must invest CI$2,000,000 in developed real estate in the Cayman Islands. Despite no specified minimum annual income, you must be able to demonstrate that your financial resources are sufficient to maintain yourself and your dependents adequately.
This option is often favored over the previous as it can naturally lead to the attainment of a British Overseas Territories passport after a period of five years.
Residency Certificate by Virtue of a Substantial Business Presence
This option is suitable for those who already reside in the Cayman Islands and have made substantial investments into the business that they work in or hold a senior management role. This visa certificate is valid for twenty-five years and is renewable thereafter.
To apply, you must be a resident on the Islands for a minimum of 90 days each year and own or propose at least 10 percent of the shares in an approved business category. If you are not the owner of the business, you must be able to prove to the Chief Immigration Officer that you are in a senior position.
The list of approved sectors include financial trading, investment banking and insurance claims management.
Certificate of Direct Investment
A certificate of direct investment is granted when an applicant has made a proposal to invest a minimum of CI$1million into a business in the Cayman Islands and has substantial managerial control.
To pursue this route, you must have an impressive entrepreneurial background and prove that you have the available personal funds for the proposed investment.
Global Citizen Concierge Programme
Finally, an option that doesn’t require significant financial input! This new initiative is for digital nomads looking to take advantage of the flexibility provided by remote work.
As thousands of employees continue to opt for a work-at-home lifestyle, this option seems like the ideal place to the start. The Global Citizen Concierge Programme benefits those who would like to continue working but also explore a new part of the world during their spare time.
To apply, applicants must provide a letter showing proof of employment outside of the Cayman Islands, a valid passport, bank statement, proof of health insurance and, in certain cases, complete a police check.
Let’s go!
So, there you have it – 5 ways to apply for permanent residency as well as the option to apply for a work permit or embark upon a new adventure through the Global Citizen Concierge Programme.
No matter your background, there are plenty of options to choose from to suit your line of work and lifestyle. Just remember to do your research and speak to an immigration solicitor before you apply to avoid any hiccups.
