Learn about the points system when applying for permanent residence with rights to work after living in the Cayman Islands for eight years. Applicants for permanent residence are required to take a short test to assess their knowledge of the history and culture of the Cayman Islands. Many people have asked what happens next once someone has been granted Permanent Residency (PR). Andrew Henderson is the world's most sought-after consultant on international tax planning, investment immigration, and global citizenship. Therefore, many of the people who I work with tend to opt for cheaper second residency options. Additionally, you will need to pay an annual fee equivalent to a work permit holder in your industry, which can vary substantially, as well as an extra $1,220 fee per dependent per year. WORC/RRW (2020/04) R30 . Experience the top attractions in the Cayman Islands and explore sights and landmarks less travelled with our local guide. In fact, you could get twenty passports from other Caribbean countries for the price of permanent residency in the Cayman Islands. If your eventual goal is to obtain Cayman Islands citizenship, then you should apply for Cayman Islands residency as a Person of Independent Means. Additionally, only 250 of these applications are open per year. Its climate is warm and mild year-round, making it an ideal getaway if you want to never see winter again. Of that $1,200,000, at least $610,000 must be invested in real estate. Although the cost is rather steep, the process for applying for a residence permit is quite easy if you meet the criteria. Your email address will not be published. Applicants are likely to gain the most points should they purchase a property well before being eligible to apply, as any mortgage payments (including interest) will count in the assessment. Page 1 of 3. A work permit holder can apply for permanent residence with the right to work after being legally and ordinarily resident of the Islands for eight years, but no more than nine years. To establish a Substantial Business Presence, you must own (or propose to won) at least 10% of the shares in a business in an approved industry. Does the Cayman Islands offer Residency by Investment (RBI)? Use separate sheet of paper if necessary. A Permanent Resident (other than the spouse of a Caymanian, the surviving spouse of a Caymanian who has not remarried a non-Caymanian, a contracted Government employee, a Cuban national who has been exempted from work permit requirements, an employee of the Cayman Islands Monetary Authority or a person working for a non-profit cultural, educational or charitable body) must pay an annual fee … Combined with the Cayman Islands’ tax-friendliness, this stability has enticed a number of banks and Fortune 500 companies to establish bases there, which testifies to the Islands’ reputation as a haven for business and wealth. When deciding whether or not to get a second residency, one issue you should always consider is whether you will eventually be able to obtain citizenship in that county. However, if you’re in search of citizenship, then you may be better served by obtaining another Caribbean citizenship by investment, such as St. Kitts and Nevis, for substantially cheaper. The low number of annual days required to be in the Cayman Islands meets the needs of globally mobile individuals. If moving to the Cayman Islands sounds appealing to you, then I have good news – getting Cayman Islands residency is pretty straightforward. The investment amount is doubled to $2,400,000, and all of it must be invested in developed real estate. After submitting an application the applicant will be given a date to attend the Department of Immigration to complete the test. I only have substantial monopoly money BUT really enjoy the process of investigating opportunity through your valued experience. 25 Year Residency Certificate There are several routes to acquiring the right to permanent residency in the Cayman Islands. If you meet the criteria, you’ll fill out the application, pay a $610 fee, and wait for approval. While things can occasionally move slowly on island time, you won’t be dealing with the kind of bureaucracy in other parts of the Caribbean or in Latin America. The right to reside in the Cayman Islands is obtainable if you have a significant financial means. You will need to prove that you have sufficient assets to support yourself and your dependents, and you will need to make an investment in the islands. While there is no Caymen Islands dual citizenship, foreigners can obtain BOTC status. As always, whether Cayman Islands residency is a good choice for you will depend on your needs and circumstances. The Cayman Islands is a visually stunning country with beautiful island landscapes. Learn about purchasing real estate in the Cayman Islands, including mortgages & borrowing, home insurance, importing furnishings and associated costs. Last updated 15 September, 2020 Foreign nationals willing to invest a fairly significant sum of money in a business or property in the Cayman Islands can, after a successful application, gain Permanent Residency with or without the right to work depending on what they apply for. Moreover, our team will put great efforts in providing a legal “Cayman Islands Permanent Residency”. The current Permanent Residency Points System is contained in the THE IMMIGRATION (AMENDMENT) REGULATIONS, 2015 as amended by the Immigration (Amendment) Regulations, 2017. Those who can invest upwards of CI$1 million dollars in the Cayman economy can enjoy the ability to reside in the Cayman Islands for up to 25 years. School options abound for students in the Cayman Islands, whether you're looking for an on Island school or an overseas boarding school. With two different international airports, getting to and from the Cayman Islands and the rest of the Americas is rather easy, so if you need to go back to the US or Canada every now and then, you won’t need to worry about long, expensive flights. Permanent Residency of the Cayman Islands can be acquired in two ways: Based on 8 years residence; Any person who has been a legal resident of the Cayman Islands for at least 8 years but no more than 9 years may be eligible for Permanent Residence. In addition to the raw investment, applicants for a Certificate of Direct Investment must also prove that they have the business experience to successfully run their investment. Currently, those seeking permanent residency are asked 20 questions about Cayman as part of the application process, with each correct answer worth one point toward the total required. Since most goods need to be imported, you’ll quickly find that the price tag for just about everything is higher than what you pay back home. Therefore, unless you have tax obligations in other countries, you could feasibly move to the Cayman Islands and reduce your tax burden to zero. Getting a passport on other Caribbean islands can be a tenth of the cost of Cayman Islands residency, or if you’re open to Asia or Eastern Europe, you can get second residency for less than $100,000 and save tremendously on your living expenses. Those studying our laws governing residence and immigration will note that (appropriately, if they are to have its desired effect of allowing the People of the Cayman Islands to manage the growth of the Permanent Population of these Islands) Term Limits are set at 9 years. R13. Alternatively, you can also establish a Substantial Business Presence if your employer can prove that you work in a senior management position. Clothing stores and fashion boutiques in Grand Cayman for men, women and kids. Application After Eight Years Like the residency program for Persons of Independent Means, the Certificate of Direct Investment is a temporary permit that is good for 25 years, and you may include spouses and dependents on your application. TransferWise Review: Is It Safe for Moving Money Overseas? Like other residency applications in the Cayman Islands, applying for permanent residency is fairly straightforward. Read on for some helpful hints on how to get a job in Cayman plus we make recommendations on how to put your resume into the right hands. You can move to Asia to make your money go further, or if you want to live in the EU, you could get a Golden Visa in Portugal. When you will out your application for your Cayman Islands Residency Certificate, you will pay a $1,220 application fee as well as a $6,100 activation fee for your residence permit. The formula for calculating the points to be awarded for investments has been simplified. The idea of moving to the idyllic paradise of the Cayman Islands is an attractive one for many. Please let us know if you have any comments, corrections or ideas to improve! If a question does not apply to you, insert "Not Applicable" or "N/A" in space provided. Permanent Residency with the Right to Work is given to expatriates based on either an application made after eight years of living in Cayman, being the spouse or child of a Permanent Resident or being the spouse of a Caymanian. The permanent residency also enables you and your spouse to potentially work in the Cayman Islands, but you may be limited to particular industries. Once approved, you’ll pay an issue fee of $122,000, adding $1,200 for every dependent, and if you have the right to work in the Caymans, you will need to pay a variable work permit fee. Yes, there are four RBI programmes in the Cayman Islands. IF A QUESTION DOES NOT APPLY TO YOU, INSERT “NOT APPLICABLE” OR “N/A” IN THE SPACE PROVIDED. The simplest and quickest path to permanent residency in the Cayman Islands is through the purchase of developed real estate valued at US$2.4 million or higher. In fact, the Caymans are only an hour away from Miami by plane. The best for a fabulous and well written piece . Robert Kiyosaki Quotes on How the Rich Choose Friends, Opportunities to Hire, Invest, and Bank in Armenia. But what does permanent residency mean in the Cayman Islands and how does it work? For people who want to spend some or all of their time in the Cayman Islands, there are four different residency options: Certificate of Permanent Residence Requires a minimum investment of CI$2,000,000 in developed real estate and can lead to Cayman Islands and British citizenship for the entire family. The programme is attractive for investors seeking a tax efficient residence as the Cayman Islands have no corporation, income, capital gains, inheritance or sales taxes. One of the most appealing aspects of the Cayman Islands is the fact that it’s one of the few countries with no taxes that also offers an excellent quality of life. Dateline: Yerevan, Armenia The flight from Tbilisi this morning was a mere 27 minutes; little more... Dateline: Serbia, Belgrade Two weeks after UK voters did the unthinkable and voted to leave the... Dateline: Belgrade, Serbia Ireland is one of my favorite countries on earth, and for good reason.... Thankyou Andrew and your team for the great information you have researched over the years. The main reason why the Cayman Islands get so much attention in offshore circles is the country’s tax-friendly policies. It can also be gained through a significant investment in a business and or property. The most common way in which wealthy individuals obtain Cayman Islands residency is by applying as a person with independent means. R30. Applications are assessed by reference to a WORC/RRW DEC (2020/09) R13. The Cayman Islands are highly developed and offer world-class healthcare, education, and other services. Learn all about Cayman's history, its historical figures plus the Islands' changing political system. The simplest and quickest path to permanent residency in the Cayman Islands is through the purchase of developed real estate valued at USD 2.4 million or higher. The Director of WORC / The Secretary, Caymanian Status & Permanent Residency Board, PO Box 1098, Grand Cayman, Cayman Islands, KY1-1102 Do not leave any question blank. Learn how your comment data is processed. To qualify and maintain your permit, you must intend to reside in the Islands for at least 90 days per year. Permanent Residency. The right to work in the Cayman Islands indefinitely based on local investment (for persons of independent means). Once approved, you’ll pay an issue fee of $122,000, adding $1,200 for every dependent, and if you have the right to work in the Caymans, you will need to pay a variable work permit fee. Please note that as the current system stands, unless you own a property in Cayman, it can be difficult to make enough points to qualify for Permanent Residency. Alternatively, applicants may submit additional information directly to the Caymanian Status & Permanent Residency Secretariat located in Cayman Center on Airport Road. Applications in relation to children who have lived in Cayman for the first 10 years of life are independent of a parent’s immigration status, and cannot be denied to a child who meets the criteria. The legal system in the Cayman Islands is also strong and stable. If you have the means to afford Cayman Islands residency, however, then you shouldn’t entirely rule it out. Residing on-Island Whilst a Work Permit is Processing, Permanent Residency with the Right to Work, How to Appeal a Permanent Residency Refusal, Permanent Residency Based on Registration by Entitlement as a British Overseas Territories Citizen, Permanent Residency (without the Right to Work) as a British Overseas Territories Citizen registered by entitlement by virtue of a connection with the Cayman Islands. CML offers a comprehensive permanent residency advisory service to ensure that everything goes smoothly for our clients regarding Cayman Islands Permanent Residency. The Cayman Islands have a population of approximately 70,000, of which the majority are expatriates with temporary working and residency rights or expatriates who have acquired a permanent right to remain in the Islands. In many cases, this mirrors British nationality. Note: This briefing was updated June 2017. Routes to Permanent Residency in the Cayman Islands You qualify upon the payment of CI$100K/US$122K for a certificate of permanent residency. If you invest in a Cayman Islands business or are employed in senior management, then you may be eligible to apply for a Cayman Islands Residency Certificate through Substantial Business Presence. Continue reading for detailed information on the immigration requirements for gaining Permanent Residence in the Cayman Islands. Here we cover everything you need to know about cars, trucks, bikes... and how to legally drive them and ensure they are road worthy. Unlike the 25-Year Residency Certificate, the holder or spouse can apply to vary this Certificate to obtain the right to work. What do the real estate investment RBI programmes entail? Like other residency applications in the Cayman Islands, applying for permanent residency is fairly straightforward. he Nomad Capitalist team has helped hundreds of people create and execute prolific offshore plans to help them legally reduce their taxes, become dual citizens, and live the Nomad Capitalist lifestyle of successWould you like to be next? Save my name, email, and website in this browser for the next time I comment. Your one-stop-shop for all your immigration needs, whether you're moving to Cayman for work or applying for a US visa... plus everything in between. He has personally lived this lifestyle for over a decade, and now works with seven- and eight-figure entrepreneurs and investors who want to "go where they're treated best". This reality is both a reason for the rollover policy and creates an enormous opportunity for the Cayman-born children of those to whom the rollover is not applied (including civil servants and anyone exempted from term limits, including persons married to government employees or even work permit holders). Contact us to discuss how we can assist you. For foreign nationals willing to invest a significant sum of money in a business or property in the Cayman Islands, Permanent Residency can be gained after a successful application process. PERMANENT RESIDENCE APPLICATION … Becoming a resident of the Cayman Islands is, therefore, an interesting option for wealthy people seeking to lower their tax bills by moving to a highly livable country. With expert guidance, you’ll be led step-by-step through for what can sometimes seem like an impossible process. Required fields are marked *. These numbers are slightly smaller if you choose to live on one of the smaller islands, such as Little Cayman and Cayman Brac. While getting Cayman Islands residency is certainly not cheap, it can be worthwhile for the right person. We offer a comprehensive range of Settling-In services to help you quickly feel at home. Local Investments. These approved industries primarily include financial and legal services. The Department of Immigration (DOI) and the University College of the Cayman Islands (UCCI) have partnered in providing applicants for Permanent Residence (PR) in the Cayman Islands with another option in preparing for the History and Culture Test (HCT). For those wishing to live and work in Cayman for the rest of their lives there is a provision called Permanent Residency. Send your completed declaration to: The Director of WORC / The Secretary, Caymanian Status & Permanent Residency Board, PO Box 1098, Grand Cayman, Cayman Islands, KY1-1102. Everything you need to know about Permanent Residency in the Cayman Islands whether with the right to work or without. Did Columbus really "discover" Cayman? Note 1: Currently, applicants receive the maximum of 15 points regardless of their occupation. A Certificate of Direct investment is issued to a person who is willing to make a $1,200,000 investment into a business that creates local jobs and will take an active role in managing that business. The Nomad Capitalist team has helped hundreds of people create and execute holistic offshore plans to help them legally reduce their taxes, become dual citizens, and live the Nomad Capitalist lifestyle of success. Any child who is born in the Cayman Islands and whose parent subsequently becomes a permanent resident or lives the first 10 years of their life here, may, immediately (or if their parent is not a Permanent Resident) upon their tenth birthday, seek Registration as a British Overseas Territories Citizen (BOTC) by Entitlement. +1 (979)966-6623 CONTACT US SERVICESPRIVACY POLICY FAQs, Copyright 2012-21, Nomad Capitalist Limited"Nomad Capitalist" and "Go Where You're Treated Best" are registered trademarks. The island life is tempting, but there might be better choices out there. In order to establish Cayman Islands residency as a person of independent means, then you need to prove that you have an annual income of about $150,000 derived from outside of the Cayman Islands. Securing Cayman Islands Residency by Proof of Independent Means or by way of Direct Investment. Our team has over 20 years of experience reviewing Cayman Immigration Law. The number of points scored in this test will form part of their overall score in the points system. Great article. Once you have your investment, you can apply for your certificate, pay a $1,220 application fee, and – if you’re approved – you’ll pay a $25,000 activation fee for your residence permit. Therefore, if you’re willing to establish permanent residency and live in the Cayman Islands for five years, then you can become eligible to apply for citizenship by naturalization. If you’re interested in learning more about getting a tax-friendly second residency, check out these articles: There’s a reason why getting Cayman Islands residency is so expensive – it’s worth it. Find and research local doctors in the Cayman Islands with doctor bios, qualifications, accepted insurance, contact information and more. Join our email list and we’ll send our best articles, videos and exclusive content right to your inbox. All persons so registered have a right to remain in the Cayman Islands for life (and hold a BOTC (Cayman Islands) passport). However, while becoming a resident of the Cayman Islands isn’t too difficult, it is expensive. Furthermore, the Cayman Islands also attracts plenty of wealthy vacationers and expats, so services on the island tend to cater to those communities. Learn about the process of obtaining Permanent Residency for a spouse or a child in the Cayman Islands. In this section we explain how to set up a business in the Cayman Islands including deciphering all the legal formalities. cayman islands permanent Residence by Investment Programme The Cayman Islands offer a permanent residency programme which also offers a path to eventual naturalisation and citizenship. You must also maintain a Cayman Islands bank account with roughly $500,000 in it, and you must also invest $1,200,000 in the country if you wish to live in Grand Cayman. All submissions must be received no later than Friday 13 February. PERMANENT RESIDENCE APPLICATION TO RESIDE PERMANENTLY IN THE CAYMAN ISLANDS (8+ YEARS) APPLICATION FORM CONTAINS 13 PAGES The completed application should be sent to: The Director of WORC / The Secretary, Caymanian Status & Permanent Residency Board, PO Box 1098, Grand Cayman, Cayman Islands, KY1-1102 Do not leave any question blank. It’s one of the safest places to live and work in the Caribbean and the hospitality, business innovation, perfect work/life balance and ‘Caymankind’ mentality means that many look to apply for permanent residency. CAYMANIAN STATUS & PERMANENT RESIDENCY BOARD The completed application should be sent to The Caymanian Status and Permanent Residency Board PO Box 1098, Grand Cayman KY1-1102 PLEASE DO NOT LEAVE ANY QUESTION BLANK. The Cayman Islands is a self-governing British Overseas Territory (BOT). The process for applying for a Certificate of Direct Investment if quite simple. Where an application has been made the applicant may apply to the Chief Immigration Officer for permission to continue work until his permanent residence is decided. Find pants, shirts, jeans, swimwear, dresses, resort wear and accessories! 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”. Although this residency permit is temporary, it lasts for 25 years, and it also allows you to bring your spouse and any dependents. Its currency is also highly stable, and the local government takes extra care to protect its citizens’ and residents’ assets. From Grandparents or great Grandparents residency mean in the Cayman Islands including deciphering the. About purchasing real estate investment and Cayman Brac isn ’ t entirely rule it out get twenty from! Culture of the most common way in which wealthy individuals obtain Cayman Islands most common ways to get by... 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