Cayman Islands
The Cayman Islands is a British Overseas Territory in the Caribbean Sea, which has three islands: Grand Cayman, Cayman Brac, and Little Cayman. The Cayman Islands is known for its beautiful beaches, crystal-clear waters, a modern infrastructure, a low crime rate, excellent healthcare and education facilities, a pro-business environment and outstanding diving locations. The local economy mainly depends on financial services, tourism, and real estate.
Officially, The Cayman Islands do not have a citizenship-by-investment program. However, foreign individuals can apply for permanent residency through the Certificate of Permanent Residence for Persons of Independent Means program, which requires a minimum investment of KYD 1 million (approximately USD 1.2 million) in real estate or other investment types in the country. Application processing time is less than six months. After eight years of continuous residence in the Cayman Islands, individuals can apply for naturalization and become Caymanian citizens. It is also possible to acquire Caymanian status through marriage to a Caymanian or by being born to at least one parent with Caymanian citizenship.
The Cayman Islands offers several residency options for investors. Here is a summary of the different programs:
- Certificate of Permanent Residence for Persons of Independent Means (Form R5): Investors can obtain permanent residency by investing a minimum of $2 million Cayman Islands dollars in developed real estate. This option provides an instant pathway to permanent residence and allows investors to obtain a British Overseas Territory and/or full British passport through investment. While work is not allowed initially, a work permit can be obtained separately. Dependent children can apply for permanent residence after turning 24.
- Residency Certificate for Persons of Independent Means (Form R2): Investors can obtain a renewable 25-year residency certificate by investing CI$1 million ($1.2 million), with at least CI$500,000 in developed residential real estate. This option is popular with retirees. There is no right to work or progress to citizenship, and applicants must demonstrate a continuous annual income or deposit a specific sum with a licensed institution.
- Certificate of Direct Investment (Form R8): Entrepreneurs can seek a renewable 25-year residence permit by investing at least CI$1 million in a licensed employment-generating business and exercising substantial management control. They must have a track record as a successful entrepreneur and undergo audits and annual declarations. There is an initial investment requirement and ongoing fees.
- Substantial Business Presence (Form R6): This option has two sub-categories. Investors who own at least 10% of shares in an approved business, which purchases or leases commercial real estate and employs four full-time workers, can obtain a 25-year residency certificate. Alternatively, investors employed in senior management positions in approved businesses can apply for the same certificate, provided they meet specific criteria.
- Each option has its own investment and eligibility requirements, fees, and limitations on work and citizenship. It is advisable to review the official guidelines and consult with experts in Cayman Islands immigration for the most accurate and up-to-date information.
Performance Guarantee:
The Cayman Islands do not have a formal citizenship-by-investment program or performance guarantee. However, The Cayman Islands government has established several investment programs that allow foreign nationals to obtain residency and, in some cases, eventually apply for citizenship. These programs require significant investments in real estate or businesses in the Cayman Islands, and applicants are subject to a rigorous vetting process to ensure they meet all requirements. While there is no performance guarantee, successful applicants can enjoy the benefits of living and doing business in the Cayman Islands.
Steps and Timeline for Acquiring Caymanian Citizenship Through Investment:
There is no citizenship-by-investment program in the Cayman Islands. The only way to obtain citizenship is through the lengthy and complicated process of naturalization, which typically requires a minimum of five years of continuous residence and meeting other criteria, such as proficiency in the English language and knowledge of Caymanian history, culture, and politics. Applicants can qualify for residency in the Cayman Islands by investing in real estate or business. Additionally, since naturalization depends on individual merit and adherence to legal requirements in the Cayman Islands, there is no requirement for a performance guarantee.