Cayman Islands residence routes for investors

The Cayman Islands Immigration (Transition) Act sets out investor and independent-means residence routes. The Act covers immigration permission and does not treat that permission as a determination of tax residence.

Legal basis and authority

The Immigration (Transition) Act establishes permanent and extended residence categories for non-Caymanian applicants. It identifies persons of independent means, including their spouses or civil partners, as a route to permanent residence, and provides separate certificates for persons of independent means and direct investors.^[1]

The Director of the Workforce, Opportunities and Residency Cayman Office, called the Director of WORC in the Act, handles applications under the independent-means and direct-investment provisions. The Act also assigns the Caymanian Status and Permanent Residency Board authority over certain permanent-residence applications.^[1]

Independent-means residence certificates

An adult applicant may seek a Residency Certificate for Persons of Independent Means if the Director is satisfied about health insurance, financial standing and the other listed conditions. The certificate does not confer a right to work, is valid for twenty-five years, and may be renewed at the Director's discretion.^[1]

A separate permanent-residence route requires an investment in developed real estate in the Islands at the prescribed amount. The applicant must also meet the Act's requirements concerning criminal record, health insurance and financial resources for the applicant and dependants. This certificate does not carry a right to work, though a holder may apply for a variation allowing work in specified occupations.^[1]

Direct investment route

A person who invests at least the prescribed minimum in a licensed employment-generating business, with substantial management control, may apply for a Certificate of Direct Investment. The applicant also needs a substantial business track record or entrepreneurial background and evidence of funds under personal control or an existing qualifying investment.^[1]

The Director may first issue an approval-in-principle certificate valid for six months. After the proposed investment is made and required licences are obtained, the Director may issue a Certificate of Direct Investment valid for twenty-five years, renewable on application at the Director's discretion. The certificate permits residence and work in the invested business in approved occupations.^[1]

A direct-investment holder is required to provide audited financial statements and employment details at specified intervals. The Act also conditions continued residence on, among other things, maintaining the required investment and physical presence in the Islands for at least ninety days in aggregate in a calendar year.^[1]

Family certificates and residence conditions

For independent-means certificates, a spouse or civil partner and dependants listed in the application and approved by the Director receive the corresponding dependant certificate. Such holders may reside in the Islands without the right to work, subject to the Act. A dependant child's right to reside generally ends at age eighteen, with exceptions for full-time tertiary education or special circumstances accepted by the Director.^[1]

For a Certificate of Direct Investment, the holder's spouse or civil partner and dependent children may receive Direct Investment Holder's (Dependant's) Certificates. The Act permits those certificate holders to reside in the Islands, subject to its terms. Their dependant status is distinct from the principal holder's permission to work in the invested business.^[1]

Questions and answers

Who decides applications under these routes?

The Director of WORC handles applications for the independent-means and direct-investment certificates. The Act also gives the Caymanian Status and Permanent Residency Board authority over specified permanent-residence applications.^[1]

Does an independent-means residence certificate allow employment?

The Residency Certificate for Persons of Independent Means is issued without the right to work. A permanent-residence certificate under section 42 may be varied to permit work in occupations specified by the Board or Director.^[1]

Does the Act publish a minimum investment figure?

The Act leaves the minimum amount for developed real estate and the required financial standing to be prescribed under the legislation, so it sets no fixed figure in its text.^[1]

Can family members be included?

A spouse or civil partner and dependants listed on the application and approved by the Director may receive dependant certificates under the independent-means routes. A direct-investment holder's spouse or civil partner and dependent children may also receive dependant certificates.^[1]

What physical-presence condition applies to direct-investment holders?

The Act requires the holder's annual declaration to state physical presence in the Islands for a minimum of ninety days in aggregate in the preceding calendar year. It also identifies failure to meet the annual minimum as a ground for possible revocation of residence.^[1]

Related glossary terms

Residence by investment: Residence by investment links an investment to residence status or a permit. Each country sets its own investment rules, as well as income and family rules.
Golden visa: Golden visa is a common label for residence permits connected to investment, though official programs use different names and conditions for each route.