If you are looking for residency in the Cayman Islands then an investment in property is an excellent way to obtain this.
The Cayman Islands, with it’s white sand beaches and crystal clear waters and year-round sunshine, is a beautiful place to live. In addition it has excellent infrastructure and legal services, a high level of tax-friendliness, and world class lifestyle options, quality health care and education. It is an excellent place to consider for your second residency.
There’s no income tax, no property tax, and no company tax.
Therefore, unless you have a tax obligation elsewhere, you could feasibly move to the Cayman Islands and reduce your tax burden to zero by obtaining residency. Below are a couple of the ways wealthy individuals can obtain Residency in the Cayman Islands through the purchase of real estate:
Applying as a person with independent means.
This residency permit lasts for 25 years, and it also allows you to bring your spouse and any dependents. However, you will not be allowed to work on the island.
In order to establish Cayman Islands residency as a person of independent means, then you need to prove that you have an annual income of about $150,000 derived from outside of the Cayman Islands.
You must also maintain a Cayman Islands bank account with roughly $500,000 in it, and you must also invest $1,200,000 in the country if you wish to live in Grand Cayman. Of that $1,200,000, at least $610,000 must be invested in real estate.
These numbers are slightly smaller if you choose to live on one of the smaller islands, such as Little Cayman and Cayman Brac. Your annual income requirement is only just above $90,000, and you only need to invest a total of $610,000 into the island. However, you must still invest 50% of that amount in real estate, and the bank deposit requirement is the same as for Grand Cayman.
The process for applying for a residence permit is quite easy if you meet the criteria. You’ll fill out the application and pay a fee of about $600, and if your application is approved, then you pay a $25,000 fee to issue your permit and then $1,220 per year to keep your permit active.
Applying for Permanent Residency (PR)
If your ultimate goal is to obtain Cayman Islands citizenship, then you should apply for Cayman Islands residency as a Person of Independent Means.
The process for applying for permanent residency in the Cayman Islands is similar to the process for applying for a general residence permit as a person of independent means. You will need to prove that you have sufficient assets to support yourself and your dependents, and you will need to make an investment in the islands.
However, since applying for permanent residency also enables you and your spouse to eventually apply for citizenship, the qualifications for this residency option are much higher.
The investment amount is doubled to $2,400,000, and all of it must be invested in developed real estate. There is a limit to the annual number of applicants and that number is currently set at 250.
Permanent residency also allows enables you and your spouse to potentially work in the Cayman Islands, but you may be limited to particular industries.
Like other residency applications in the Cayman Islands, applying for permanent residency is fairly straightforward. If you meet the criteria, you’ll fill out the application, pay a $610 fee, and wait for approval. Once approved, you’ll pay an issue fee of $122,000, adding $1,200 for every dependent, and if you have the right to work in the Caymans, you will need to pay a variable work permit fee.
1503 Property Group works with several of the renowned law firms in Cayman to help support high net worth individuals in obtaining their PR and our team would be very happy to make introductions and help you achieve this goal.