Residency rights for wealthy individuals

11 October 2011

Q. I would love to come and live in the Cayman Islands and have no need to work. Is this possible?
Here in the Cayman Islands we welcome people of independent means who choose to come and live in our beautiful Islands. For this reason we have established immigration laws dedicated specifically to permitting such people to enjoy living here.

Q. What do I need to do?
You can apply for a Residency Certificate for Persons of Independent Means which is valid for 25 years and allows you to reside but not work in the Islands.

Q. How do I qualify?
You must be at least 18 years old, not have any serious criminal convictions; be in good health and have health insurance coverage valid in the Cayman Islands and have the required financial standing.

Q. What does “prescribed financial standing” mean?
If you want to live in Grand Cayman you must have a continuous source of annual income of at least US$182,927 without needing to working in the Islands. You must also have made an investment in Grand Cayman not less than US$914,634, of which at least US$304,878 must be in developed real estate.
If you want to live in the Sister islands (Cayman Brac or Little Cayman), the thresholds are a little lower. You must have a continuous source of annual income of at least US$91,463, without having to work in the Islands and have invested at least US$304,878 in the Sister Islands, at least US$152,439 of which must be in developed real estate.

Q. I have a wife and children. Can they come and live with me?
Yes – they can come and live with you but they are not allowed to work. You must list them on your application form.

Q. Can I lose my Certificate before the 25 years is up?
Yes – your Certificate can be revoked if you fail to maintain the financial standing requirements or if you were not physically present in the Islands for a minimum of 30 days in total in any calendar year. \

Q. Can the Certificate be renewed after 25 years?
Yes – the Chief Immigration Officer can approve its renewal.

Q. Are there any restrictions place upon me living in Cayman with such a Certificate?
You are not allowed to work or run your own business in the Cayman Islands.

James Bovell

James Bovell

Broker/Owner

+1 345 945 4000

james.bovell@bovell.ky