Cayman Islands: Application For Residency By Persons Of Independent Means

INTRODUCTION

Pursuant to Section 34 of the Immigration Law (2007 Revision), the Chief Immigration Officer of the Cayman Islands may issue Residency Certificates for Persons of Independent Means. Such Residency Certificates are valid for twenty-five years and are renewable.

INVESTMENT/INCOME REQUIREMENTS FOR GRAND CAYMAN

Applicants for a Residency Certificate for Persons of Independent Means who wish to reside in the island of Grand Cayman must invest the sum of CI$750,000.00 in the island, at least CI$250,000.00 of which must be in developed residential real estate. Applicants must also have an annual income in the sum of CI$150,000.00 without the need to engage in employment in the Cayman Islands.

INVESTMENT/INCOME REQUIREMENTS FOR SISTER ISLANDS

An investment of CI$250,000.00, at least CI$125,000.00 of which must be made in developed residential real estate, is required for applicants who wish to reside in either the island of Cayman Brac or Little Cayman. Applicants for a Residency Certificate in Cayman Brac or Little Cayman must also have a continuous source of annual income in the sum of CI$75,000.00 without the need to engage in employment in the Cayman Islands.

The purpose of these requirements is to ensure that the applicant is committed to, and is able to live comfortably in, the Cayman Islands prior to being granted the right to reside in the Islands.

DOCUMENTATION

Applicants must have a clean criminal record, be in good health and have adequate health insurance. Evidence in the form of a Police Clearance Certificate/Letter of Record showing the applicant has no recorded criminal convictions in their home town, city or state, a duly completed Medical Questionnaire for the applicant (and any spouse or dependent over the age of 16 years) detailing the state of the applicant's health and a copy of the applicant's current health insurance policy showing that the applicant's coverage is accepted in the Cayman Islands should be enclosed with the residency application.

A cover letter (addressed to the Chief Immigration Officer) supporting the application along with the duly completed Permanent Residency application form (in duplicate), full faced and profile photographs of the applicant and a non-refundable application fee of CI$250.00 should also be included.

Proof of property ownership in the form of certified copies of the Land Registers for the properties should also be included in a residency application as should evidence in the form of share certificates or certified copies of the Registers of Shareholders, etc. of any local companies in which the applicant may have invested within the Cayman Islands. Three character reference letters for the applicant together with a financial statement prepared by a certified public accountant detailing the applicant's finances and a bank reference showing the account balances of the applicant must also be filed.

DEPENDANTS

Residency Holders (Dependant's) Certificates may be issued to the spouse or children of the holder of a Residency Certificate. These certificates are also valid for twenty-five years and are renewable in the case of spouses, however a dependant child's right to reside in the Cayman Islands will cease upon the completion of the child's full time tertiary education or upon the child reaching the age of twenty four years, whichever occurs first. Marriage certificates for the spouse of an applicant and birth certificates for the children of an applicant should also be included in a residency application.

FEES

Residency Certificates cost CI$15,000.00, including any dependents approved by the Chief Immigration Officer. This fee is in addition to the requisite application fee of CI$250.00.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.