Region Profile:

The Cayman Islands is a self-governing British Overseas Territory located in the West Indies in the Caribbean Sea. As the fourth largest offshore financial center in the world, the Cayman Islands has the highest standard of living in the Caribbean, and one of the highest in the world.

Capital: George Town

Population: 81,546 (206th)

Ethic Group: 36.5% Multiracial, 30.2% Black, 22.4% White, 8.1% Asian

Area: 259 km² 

Offical Language: English

Currency: Cayman Islands Dollar (fixed exchange rate, 1 Cayman Dollar equals 1.2 USD)

GDP per Captial: $73,600

How To Immigrate To The Cayman Island:

Apart from family-based immigration and work visas, the primary way for foreigners to move to the Cayman Islands is through an investment immigration with a minimum investment amount of $1.2 million.

Residency By Investment:

The Cayman Islands government grants local residence rights to foreigners who invest in any of the following four ways:

1. Certificate of Permanent Residency for Persons of Independent Means: Foreigners who invest more than 2 million Cayman Dollars (fixed exchange rate, 1 Cayman Dollar equals 1.2 USD) in the local real estate sector can obtain permanent residency in the Cayman Islands. With this method, the primary applicant must pay a fee of 100,000 Cayman Dollars after obtaining residency, and a fee of 1,000 Cayman Dollars per dependent each year. The main applicant’s spouse and children can work locally, apply for citizenship according to the law, and visa holders must reside locally for at least one day per year to maintain their status.

2. Residency Certificate for Person of Independent Means: Invest 1 million Cayman Dollars in the local business sector, with at least 500,000 Cayman Dollars in real estate. This mode also requires the applicant to have proof of an annual income of 120,000 Cayman Dollars, or have a deposit of no less than 400,000 Cayman Dollars in a local bank. Applicants need to pay a one-time fee of 20,000 Cayman Dollars when obtaining the visa. This residency visa is valid for 25 years, and visa holders must reside locally for more than 30 days each year.

3. Certificate of Direct Investment: Invest 1 million Cayman Dollars in a government-approved local company with adequate local employees, and demonstrate the company’s actual operation and the investor’s actual participation. Specifically, the company must have more than 4 employees, with at least 30% being locals. The fee is 20,500 Cayman Dollars for the primary applicant and 1,000 Cayman Dollars per year per dependent. This residency visa is also valid for 25 years, and visa holders must reside locally for more than 90 days each year.

4. Residency Certificate by Substantial Business Presence): This pathway grants local residency rights for 25 years to shareholders (owning more than 10% of shares) or senior managers of Cayman offshore companies that belong to sectors like investment funds, banking, mortgage businesses, trade, insurance, family office management, industry incubation parks, and other offshore financial sectors

Applicants also need to meet basic requirements such as being 18 years old, having no criminal record, being in good health, and having sufficient financial support.

Investors opting for methods 2, 3, or 4 can secure a 25-year visa. Meanwhile, real estate investors via the first method can pursue the British Overseas Territory Citizenship (BOTC) after legally residing for over 5 years. Subsequent conditions allow BOTC conversion to a British passport.

The application process, compared to other similar programs, is relatively simple:

1. Investment: Eligible investors first need to choose and invest in real estate.

2. Submit Application: Applicants need to prepare all required documents in a notarized English version and submit them to the immigration department.

3. Decision: After a maximum of 3 months of review, the immigration department will issue a decision letter to the applicant, and if approved, there will be guidelines on how to obtain the visa.

The visa fee for the entire project is: 600 USD for the primary applicant, 1,200 USD per dependent. The main applicant’s spouse and children under 18 (or those over 18 but still in school) can obtain residency rights as dependents.

Digital Nomad Visa:

In response to a drop in tourism revenues due to the pandemic, the Cayman Islands launched the Global Citizen Concierge Program (GCCP) in August 2020. This program stipulated that individual applicants earn over $100,000 annually. For couples, combined earnings should exceed $150,000, and for families with three or more members, the threshold was set at $180,000.

However, the GCCP has now been closed. It’s the first digital nomad program worldwide to be shut down.

Taxation:

The Cayman Islands is one of the tax havens, with no corporate tax, income tax, property tax, capital gains tax, or almost any other taxes.

Naturalization:

The BOTC is distinct from the Cayman Islands passport. Local regulations stipulate that foreign nationals without familial connections in the Cayman Islands can seek citizenship of the British Overseas Territory of the Cayman Islands only after a continuous 15-year residency. In practical terms, this equates to living in the Caymans for an additional 10 years after acquiring the BOTC.

Useful Links:

The Cayman Island Government Site：https://www.gov.ky/