Why move to the Cayman Islands?
In addition to its pre-eminence as an international financial centre and very high concentration of financial industry professionals, the territory boasts one of the highest GDPs and standards of living in the world but with one of the lowest population densities. Due to its traditional values of community and privacy and the fact that it is a safe and secure place to live with one of the lowest crime rates in the Caribbean, it is a permanent home to many international high-net-worth and ultra-high-net-worth individuals who are attracted by its natural beauty, well-developed infrastructure, stable government, strong rule of law, elite health services and education, proximity and direct accessibility from over twenty major cities in the USA and Canada, and the fact that it is often described as the culinary capital of the Caribbean.
The Cayman Islands are a wonderful place to live and work. Many of our clients move here in order to do both, while a significant number choose to move here purely to enjoy life as Cayman Islands residents and to set up a new home for themselves and their families.
To view our detailed guide covering all relocation services offered by Bedell Cristin in the Cayman Islands click here.
Residency options for Persons of Independent Means
Residency rules are strict, with clearly defined criteria having to be met.
Regarded as one of the Cayman Islands top firms in this area, our expert lawyers understand the intricacies and regularly provide bespoke advice and assistance to a broad range of clients who wish to reside and work, if required in the Cayman Islands.
For people who want to spend some or all of their time in the Cayman Islands, there are four different residency options:
- Certificate of Permanent Residence
Requires a minimum investment of CI$2,000,000 in developed real estate and can lead to Cayman Islands and British citizenship for the entire family.
- 25 Year Residency Certificate
Requires a minimum investment of CI$1,000,000, of which at least CI$500,000 must be in developed residential real estate, and either a continuous source of annual income of CI$120,000 from external sources or a minimum deposit of CI$400,000 with a locally licensed institution.
- 25 Year Residency Certificate by virtue of a Substantial Business Presence
Requires either a business investment (minimum 10%), purchase/lease of commercial property and at least four full-time employees or employment in a senior management capacity within an existing or new business/family office.
- 25 Year Certificate of Direct Investment
Requires a minimum investment of CI$1,000,000 in a licensed employment generating business.
While the criteria for each option are extremely precise, our expert lawyers are able to advise on which is the most appropriate depending on your circumstances.
Our detailed guide lays out the specific requirements for each option.
The Cayman Islands Immigration Law is a living document that is constantly evolving in an effort to avoid economic stagnation whilst accommodating the integration of expatriate residents and Caymanians. However, with rapid socio-economic changes and an ever growing population, the Law has become more complex. So, whether moving to the Cayman Islands as a visitor, resident, worker, entrepreneur or student, legal advice should be sought in relation to initial residence and any subsequent steps that may impact your immigration journey.
Our team has significant experience and a proven track record. They are highly skilled and knowledgeable in all matters of Immigration Law and can assist you with any queries you may have in relation to your and your family’s Cayman Islands immigration journey.
Permanent Residence under the Points System
People who have been legally and ordinarily resident in the islands for at least eight years can apply to the Caymanian Status and Permanent Residency Board for the right to reside permanently in the Islands. The grant of permanent residence is subject to a points system enshrined in law and is dependent on certain categories including: occupation; education; local investments; financial stability; and community contributions.
Following a grant of permanent residence, it is possible for the entire family to apply for naturalisation as British Overseas Territories Citizens, to acquire Cayman Islands and British passports, and to eventually apply for the Right to be Caymanian.
Our experts in this area have extensive experience of collating and submitting permanent residence applications and can guide you through every step of the process. We also have an extremely good track record in handling appeals of refusals of permanent residence.
We offer expert advice in BVI, Cayman Islands, Guernsey and Jersey law, from our conveniently located offices across Europe, the Americas and Asian time zones in order to handle the most challenging and complex cross-border deals, disputes and investigations.