Residency in the Cayman Islands
By Buck Grizzel, Stuarts Walker Hersant Humphries
There are several options for residency in the Cayman Islands. These include the following:
1. The Global Citizen Concierge Programme
The Global Citizen Concierge Programme (GCCP) allows persons who are employed outside of the Cayman Islands with the financial independence to work remotely to relocate to the Cayman Islands for up to 24 months. Applicants must provide proof of employment with an entity outside of the Cayman Islands stating position, length of employment and annual salary. A minimum annual income of USD 100,000 if applying as an individual, USD 150,000 if applying with an accompanying spouse/civil partner, or USD 180,000 if applying with an accompanying spouse/civil partner and/or dependent(s) is required. The annual GCCP fee is USD 1,469 for two persons, and each additional dependent cost USD 500 per annum.
2. Residency Certificate for Persons of Independent Means
Wealthy retirees who wish to live but do not need to work in the Cayman Islands, i.e. being persons who have the means to support themselves without working in Cayman, may apply for a Residency Certificate for Persons of Independent Means. The required financial standing needed for this Certificate is as follows:
- A continuous source of annual income of no less than KYD 120,000, or an account with a Cayman Islands Monetary Authority-regulated institution, with a minimum deposit of KYD 400,000 in assets; and
- Invest KYD 1,000,000 of which at least KYD 500,000 is in developed real estate.
Applicants must also pay an administrative fee of KYD 500 when they submit their application and a further fee of KYD 20,000.
The requirements for a Residency Certificate for Persons of Independent Means in Little Cayman and Cayman Brac are an annual income of KYD 75,000 or maintenance of a bank account with a deposit of at least KYD 400,000 and investment of KYD 500,000, of which at least KYD 250,000 is in developed real estate.
3. Certificate of Permanent Residence for Persons of Independent Means
A person who invests and maintains KYD 1,600,000 in developed real estate will qualify for a Certificate of Permanent Residence without the right to work. Applicants must have a clean police record, be in good health, have adequate health insurance, and have suffcient financial resources to adequately maintain themselves and their dependents.
4. Certificate of Direct Investment
A person who invests KYD 1,000,000 in a licensed new or existing employment generating business will qualify for a Certificate of Direct Investment. These Certificates are valid for 25 years and are renewable. In order to meet the definition of an “employment generating business”, 30% of its employees need to be Caymanian. The applicant should exercise substantial management control of the business and must have a substantial business track record or a background relevant to the businesses. Such businesses remain subject to the provisions of the Local Companies (Control) Act (2021 Revision) which requires that ordinary companies trading in the local economy be sixty percent owned and controlled by Caymanians unless specifically exempted and licensed in that regard.
5. Residency Certificate (Substantial Business Presence)
A person who proposes to be resident in the Islands and will own at least ten percent of the shares and/or will be employed in a senior management capacity in a company with a substantial business presence will qualify for a Residency Certificate (Substantial Business Presence). Residency Certificates (Substantial Business Presence) are valid for twenty-five years and are renewable.
In order to meet the definition of a “substantial business presence”, it will need to establish a physical presence through the purchase or lease of commercial real estate and the employment of at least four employees who will reside in the Islands for a minimum of nine months per calendar year. There are approved categories of businesses which qualify for this certificate.
6. Permanent Residency
Persons who have been legally and ordinarily resident in the Islands for a period of at least eight years may apply for the right to reside permanently in the Islands. A point system has been established for the purpose of assessing the suitability of an applicant for permanent residence. A minimum of 110 points is needed for permanent residency to be granted.
Read the full article at stuartslaw.com
Buck GrizzelGGI member firm
Stuarts Walker Hersant Humphries
Law Firm Services, Advisory, Corporate Finance, Fiduciary
Grand Cayman, Cayman Islands
T: +1 345 814 7911
Stuarts Walker Hersant Humphries (Stuarts) is a client-oriented offshore legal practice in the Cayman Islands offering fully integrated corporate and commercial legal advice from our experienced attorneys. We provide timely, exceptional legal advice and representation to our clients in connection with their commercial transactions, structures, liabilities and obligations.
Buck Grizzel has over fifteen years’ specialist experience advising on Cayman Islands Law. He advises on Real Estate, Planning, Corporate and Commercial, Immigration, Employment, Business Licensing Act, and other regulatory matte
Published: Trust & Estate Planning Newsletter, No. 07, Spring 2021 l Photo: eqroy - stock.adobe.com