Cayman Islands Residency – The Ultimate Guide
We put together this guide for property buyers considering moving to the Cayman Islands and wondering how to get residency in this world-class destination.
Offering breathtaking natural beauty, a vibrant entertainment scene and a cosmopolitan society, the Cayman Islands can offer residents a very high standard of living.
Residency represents an opportunity to thoroughly enjoy this high quality lifestyle day after day. However, there are various options for staying in the Cayman Islands and different routes to obtaining residency including buying property in the Cayman Islands. This guide explores your options, the requirements and the application process in detail.
Residency in the Cayman Islands – The Guide from 7th Heaven Properties
Contents
How long can I stay in the Cayman Islands as a non-resident?
Moving to the Cayman Islands
How do you get residency in the Cayman Islands?
Permanent Residence on the Basis of 8 Years of Residence
Permanent Residence for Persons of Independent Means
Global Citizen Concierge Programme (GCCP)
Benefits of Residency
How to Apply for Citizenship
Find Out More
How long can I stay in the Cayman Islands as a non-resident?
Visitors to the Cayman Islands may be permitted to stay in the Cayman Islands for a period of up to 6 months. You will be required to present your Passport (valid for at least the intended duration of your stay), an Immigration Card and Customs Declaration Card upon arrival. It may then be possible to apply for an extension by applying to the Chief Immigration Officer.
Moving to the Cayman Islands
So, how can I move to the Cayman Islands? Foreign nationals looking to move to the Cayman Islands need to apply for a student visa (which is valid for the duration of their course), a work permit or a residence permit. This guide focuses on the latter – residence permits.
How do you get residency in the Cayman Islands?
There are several routes to acquiring the right to permanent residency in the Cayman Islands.
One can apply on the basis of 8 years of lawful residence in the three-island archipelago and one can also apply as a “Person of Independent Means”.
In response to the surge in demand for remote working in secure island locations following the global outbreak of Covid-19, the government of the Cayman Islands developed a new visa category called the Global Citizen Concierge Programme (GCCP) for affluent professionals who have the capacity to move to the territory and work remotely from the territory.
Permanent Residence on the Basis of 8 Years of Residence
Individuals aged over 18 who have resided lawfully in the Cayman Islands for a period of 8 years may apply to the Chief Immigration Officer or the Caymanian Status & Permanent Residency Board for permission to reside permanently in the Cayman Islands.
Permanent residents enjoy the right to work in the Cayman islands.
A spouse and dependent children may also enjoy the right to reside in the Islands but must apply to the Chief Immigration Officer or the Caymanian Status & Permanent Residency Board for the right to work.
Permanent Residence for Persons of Independent Means
The Government of the Cayman Islands offers several options for affluent individuals seeking long-term residence in the Cayman Islands as follows:
Certificate of Permanent Residency for Persons of Independent Means
Individuals who invest a minimum of $2 million in Cayman Islands real estate may apply for a Certificate of Permanent Residence for Persons of Independent Means, which provides the right to reside indefinitely in the Cayman Islands.
Certificate holders may apply to the Caymanian Status & Permanent Residency Board or the Chief Immigration Officer for a variation of the Certificate to allow the right to work in the Cayman Islands.
A spouse and dependent children may also enjoy the right to reside in the Islands (without the right to work).
Residency Certificate for Persons of Independent Means
Individuals aged over 18 who meet certain financial requirements and make a significant investment in the Cayman Islands may apply for a Certificate for Persons of Independent Means, which provides the right to reside in the Cayman Islands for a period of up to 25 years.
In the case of individuals looking to reside in Grand Cayman, an applicant is required to either:
- demonstrate an annual income of at least $120,000, or
- maintain a deposit of at least $400,000 in a licensed financial institution in the Cayman Islands and make an investment of at least $1 million, including $500,000 in developed real estate in Grand Cayman.
In the case of individuals looking to reside in Cayman Brac or Little Cayman, an applicant is required to either:
- demonstrate an annual income of at least $75,000, or
- maintain a deposit of at least $400,000 in a licensed financial institution in the Cayman Islands and make an investment of at least $500,000, including $250,000 in developed real estate in Cayman Brac or Little Cayman.
After the 25-year period expires, the certificate can be renewed.
This certificate does not include the right to work in the Cayman Islands.
A spouse and dependent children may also enjoy the right to reside in the Islands (without the right to work).
Certificate of Direct Investment
Individuals with a demonstrable track record who invest a minimum of $1 million in a licensed employment-generating business in the Cayman Islands may apply for a Certificate of Direct Investment, which provides the right to reside in the Cayman Islands for a period of up to 25 years.
A spouse and dependent children may also enjoy the right to reside in the Islands (without the right to work).
Residency Certificate (Substantial Business Presence)
Individuals who invest in, or who are employed in a senior management capacity within, an approved category of business may apply for a Residency Certificate , which provides the right to reside and work in the Cayman Islands for a period of up to 25 years.
After the 25-year period expires, the certificate can be renewed.
A spouse and dependent children may also enjoy the right to reside in the Islands (without the right to work).
Global Citizen Concierge Programme (GCCP)
A new route to residency for high net worth foreign professionals is currently in the final stages of development.
What is the Global Citizen Concierge Programme (GCCP)?
The Global Citizen Concierge Programme (GCCP) is a new visa category being developed by the Ministry of District Administration, Tourism and Transport initiative.
The programme will allow applicants to enjoy a longer stay in the Cayman Islands.
Please note this is not a citizenship or permanent residency program.
Who Can Apply?
The GCCP is aimed at eligible professionals who can fully support themselves while in the territory to enjoy a period of residency in the Cayman Islands for an extended period while working remotely and earning income from abroad.
Dependant family members can be included in the main applicant’s application.
Income Requirement
To qualify for the program, applicants must be able to demonstrate a minimum income of at least US $100,000 for individuals, US $150,000 for couples and US $180,000 for families.
Other Requirements
The main applicant and all accompanying family members are required to have health insurance that can be used in the Cayman Islands.
Those approved for the programme must either rent or buy a property before arriving in the Cayman Islands.
All participants must quarantine for a period of 14 days upon arrival.
Benefits of Residency
There are many advantages to becoming a resident of the Cayman Islands.
- You can reside in the Cayman Islands legally, in some cases with the right to work and conduct business.
- You can enjoy tax benefits such as no inheritance tax, no income tax, no property tax and no capital gains tax.
- Cosmopolitan destination offering a wonderful lifestyle and very high standard of living surrounded by some of the best beaches and dive sites in the world.
- Easily accessible destination via short flights from the USA, Canada, UK and many other locations.
How to Apply for Citizenship
After 5 years of permanent residency individuals may be eligible to apply for citizenship by naturalization which is a pathway to getting British Overseas Territories Citizenship.
The Caymanian Status and Permanent Residency Board may grant the right to be Caymanian to applicants in various categories such as:
- An individual aged over 18 who is the child or grandchild of a Caymanian born in the Cayman Islands,
- An individual who has become a British Overseas Territories Citizen by Naturalization,
- A person who is married to a Caymanian,
- A person who is the surviving spouse of a Caymanian.
Find Out More About Residency in the Cayman Islands
Would you like to find out more about how to get residency in the Cayman Islands?
To explore your options in more detail, please contact 7th Heaven Properties, the Luxury Caribbean Property Specialist.
To discover homes for sale in the Cayman Islands and condos for sale in the Cayman Islands from glamorous Seven Mile Beach to quiet and peaceful Little Cayman which may qualify you for permanent residency, explore real estate in the Cayman Islands on our website.
We look forward to helping you find your perfect property in the Cayman Islands.