Applicants seeking permanent residence in the Cayman Islands are required to purchase property, invest in government bonds, set up bank deposits, or carry out other transactions to comply with the provisions of the nation’s investment immigration program. Along with these costs, applicants must also provide for fees, charges, and other costs involved in the application.
Changes made to the Immigration Law in 2013 have resulted in a significant increase in the fees payable by Cayman Islands’ PR applicants. Individuals are required to pay:
- The work permit fee for a period of one year in advance,
- A one-time fee calculated on the basis of the applicant’s salary,
- Application fee of $1000, and
- Additional fees for dependents accompanying the applicant.
These fees and charges, which normally range between $3000 and $30,000, can be significantly higher depending on many variables factors. Further, applicants must consider additional charges that can range from a few hundred dollars to tens of thousands of dollars over and above stated costs. Applicants often underestimate the financial implications of these charges when determining the overall cost of the Cayman Islands’ PR application process. Immigration experts advise PR applicants to consider the following fees and charges over and above the stated costs.
Work Permit Fees for Cayman Islands PR Application
The PR application process requires the applicant to pay the work permit fee for the entire year in advance. The fact that processing time invariably exceeds six months and that applicants with an expired work permit are required to seek permission to continue working once in six months may result in a situation where applicants are required to pay a year’s fee in advance.
Cayman Islands work permit fee payable during the application process is not set off against the fees paid during the permission to continue working, which has to be obtained once in six months, until the PR application is approved. While paying the fee in advance will eventually be beneficial, this rule can lead to higher financial burden during the Cayman Islands PR application process.
Instances of delays can lead to financial challenges for firms hiring foreign workers as well as applicants seeking PR in their individual capacity. Further, lack of clarity on whether this increased cash outflow will be borne by the employer or the foreign employee may result in an unexpected financial burden on the PR applicant.
Security Fees and Health-related Charges
The PR application process requires all applicants to provide proof of a good character, evidenced by a clean police record, and proof of good health. All applicants above the age of 18 years must submit obtain a clearance certificate from the Royal Cayman Islands Police Service, which costs $25 per applicant.
The cost of completing the medical questionnaire along with the various tests required by the application process can range from $100 to $150 per individual.
Proof of Financial Stability and Professional Qualifications
All PR applicants must provide proof related to their educational qualifications, professional expertise and experience, and financial stability that will allow them to contribute to the Islands’s development.
Documentary evidence for the above include certificate of birth, copy of educational degrees, bank records, updated property-related documents, business records. Certifying copies of the documents will involve a per-document fee that can range up to $25 per document. Further, the applicant will have to bear the fees of obtaining official bank letters and bringing land and property related documents up to date.
In the past, applicants had to pay $400-$600 towards valuation of their property or business. This is no longer mandatory under the revised Immigration Law.
Education-related Charges
All PR applicants are required to take a 40-question exam to prove that they possess basic knowledge about the Islands and its history. Applicants can opt for a four-week course offered by the University College. This course costs $200 with an additional charge of around $60 to $100 for books and course material.
Legal Expenses for Cayman Islands’ PR Applicants
With Cayman Islands PR application process involving numerous formalities and procedures, most applicants find it convenient to utilize the services of a HR firm or an immigration law expert to minimize risk of complications. The cost of legal advice and services may range from a flat fee for the entire process to a per-hour fee, depending on the applicant’s preferences.
Since appealing a rejected PR application can be very complicated and with authorities requiring written submissions, more and more applicants are focusing on ensuring the preliminary application is submitted without any mistakes, errors, or omissions. This has made the role of an immigration lawyer more significant than ever before.
While the individual cost of completing documentation formalities or attending a University course may not seem very high, the impact of all the costs combined together can be significant, especially if the applicant hires the services of a legal expert. This is why Cayman PR applicants are advised to consider all costs, stated and hidden, when assessing the financial cost of the application.
