How To Get Residency In the Cayman Island | An Incomplete Guide

Capital: George Town

Population: 87,866 (2024 estimated, 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 (2019 estimated)

Human Development Index: 0.984 (Very High)

Region Profile:

The Cayman Islands is a British Overseas Territory located in the West Indies of the Caribbean Sea, consisting of three main islands: Grand Cayman, Little Cayman, and Cayman Brac.

Grand Cayman is the largest and most developed island in the group, serving as the center of political and economic activities. It is home to many luxury resorts, banks, and corporate offices. Its capital, George Town, is not only a financial hub but also a popular destination for duty-free shopping.

Little Cayman and Cayman Brac are relatively smaller, more pristine, and tranquil, making them a paradise for nature lovers. They feature beautiful beaches, coral reefs, and abundant marine life, making them popular spots for diving and snorkeling.

Economically, the Cayman Islands is the world’s fourth largest offshore financial center, renowned for its financial services. The banking, insurance, and fund management sectors are highly developed, with over 10,000 registered funds and hundreds of banks and trust companies.

Visa and Immigration System:

Apart from family visas and work permits, the Cayman Islands briefly introduced a digital nomad visa program called the Global Citizen Concierge Program (GCCP) in August 2020 to help cushion the economic impact of the COVID-19 pandemic.

However, the GCCP has since been discontinued, making it the only digital nomad visa program worldwide to have been officially shut down.

At present, the sole pathway for foreigners to obtain long-term residence in the Cayman Islands is through the residency by investment program. This program features a straightforward application process but requires a significant financial commitment: applicants must invest at least 1 million Cayman Islands dollars (approximately 1.2 million USD) locally to qualify.

Residency By Investment Program:

Program Profile:

The Cayman Islands’ residency by investment program grants long-term residence rights to overseas individuals who invest in local real estate or business sectors. Currently, applicants can choose from the following four investment options:

1. Certificate of Permanent Residency for Persons of Independent Means: Foreigners who invest at least CI$2 million in local real estate qualify directly for permanent residency in the Cayman Islands.

Under this option, the main applicant must pay a one-time fee of CI$100,000 upon obtaining permanent residency, while each dependent pays an annual fee of CI$1,000. The main applicant’s spouse and children can work locally and are eligible for naturalization under the law.

Additionally, holders of this permanent residency must reside in the Cayman Islands for at least one day each year to maintain their status.

2. Residency Certificate for Person of Independent Means: This option requires an investment of CI$1 million in local business, with at least CI$500,000 invested in real estate.

Applicants must demonstrate a stable annual income of no less than CI$120,000 or hold a bank deposit of at least CI$400,000 in a local bank. A one-time application fee of CI$20,000 is required.

If applicants choose to reside in less developed areas such as Little Cayman or Cayman Brac, the income requirement is halved to CI$60,000, and the investment requirement is halved to CI$500,000, with at least CI$250,000 invested in real estate in those areas.

This option grants a 25-year residency certificate, renewable thereafter. Visa holders must reside in the Cayman Islands for at least 30 days per year to maintain their status.

3. Certificate of Direct Investment: Applicants must invest at least CI$1 million in a Cayman-registered company that employs sufficient local staff and actively participate in the company’s operations.

The company must have at least four employees, with at least 30% being Caymanian. The main applicant pays a one-time fee of CI$20,500, and each dependent pays an annual fee of CI$1,000.

This option also grants a 25-year residency certificate, but holders must reside in the Cayman Islands for at least 90 days annually.

4. Residency Certificate by Substantial Business Presence: This option grants a 25-year residency to shareholders (holding at least 10%) or senior managers of offshore companies operating in sectors such as investment funds, banking, mortgage services, trade, insurance, family offices, and business incubators.

Applicants must pay a visa fee of CI$5,000, and each dependent must pays an annual fee of CI$1,000.

For all options, besides financial requirements, applicants must be at least 18 years old, have no criminal record, be in good health, and demonstrate sufficient financial means.

Currently, investors under options 2, 3, and 4 receive a 25-year long-term residency visa but are not eligible to apply directly for British Overseas Territory Citizenship (BOTC).

Only investors who obtain permanent residency through option 1 and legally reside in the Cayman Islands for over five years (with no more than 450 days absent in the past five years and no more than 90 days absent in the past 12 months) qualify to apply for BOTC. Upon meeting certain conditions, BOTC status can be converted into a full British passport.

Application Process:

The application process for the Cayman Islands residency by investment program mainly involves the following steps:

1. Make Investment: To apply for Cayman Islands investment residency, you first need to confirm your eligibility, choose an investment option, and make investment locally.

2. Submit Application: After completing the investment and preparing all required documents, you can submit your residency permit application to the local Immigration Department and pay the visa fee.

Required documents include:

Applicant Identity Documents: Passports of all main and dependent applicants, photocopies of passport information pages, passport-sized photos; birth certificates, marriage certificates, and other documents proving relationships among applicants.

Application Forms: You must fill out an application form and write a cover letter explaining your intention to invest and reside in the Cayman Islands.

Proof of Investment Completion: Evidence such as bank statements showing the investment has been made.

Proof of Financial Means.

Medical Certificates: All main and dependent applicants must complete medical examinations at government-approved facilities.

Police Clearance Certificates: All adult applicants must provide police clearance certificates issued within the last six months.

Health Insurance Proof: You must purchase health insurance covering the Cayman Islands for all main and dependent applicants annually.

Proof of Visa Fee Payment: The main applicant pays a visa fee of USD 600, while each dependent pays USD 1,200.

All documents issued outside the Cayman Islands must be notarized, and any non-English documents must be translated into English.

3. Visa Approval: After a processing period of up to three months, if your application is approved, the Immigration Department will issue a decision letter along with instructions on how to obtain your visa.

Following the instructions, you complete fingerprinting and registration procedures to officially receive your Cayman Islands residency status.

Dependents:

Spouse of the main applicant, children under 18 years old, and children over 18 who are still studying can obtain local residency permits as dependents under the Cayman Islands investment immigration program.

Taxation:

The Cayman Islands is one of the world’s most renowned tax havens, imposing no direct taxes on individuals or corporations, which has made it a key center for offshore banking, hedge funds, and multinational companies.

Despite its significant tax advantages, the Cayman Islands has signed multiple bilateral Tax Information Exchange Agreements (TIEAs) with various countries and participates in the OECD’s Common Reporting Standard (CRS) as well as the U.S. Foreign Account Tax Compliance Act (FATCA). Foreign residents living locally are still required to comply with their home country’s tax laws to ensure tax compliance.

Useful Links:

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