Live in the Cayman Islands
Your guide to Cayman Residency
In addition to the Cayman Islands’ pre-eminence as an international financial centre, the territory boasts one of the highest GDPs and standards of living in the world generally and also offers several options for Cayman Islands residency.
Due to our 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, many high-net-worth and ultra-high-net-worth international individuals call Cayman home.
They are attracted by its natural beauty, well-developed infrastructure, stable government, strong rule of law, elite health services and education, cosmopolitan outlook, direct accessibility from 20 major cities in the USA and Canada, the fact that it is often referred to as the culinary capital of the Caribbean, and our tax neutrality – the Cayman Islands has no income, capital gains, property, estate, inheritance, wealth, sales or corporate taxes and no restrictions on foreign ownership of Cayman real estate.
Pedro Blue, a beautifully designed island combining classic Caribbean architecture with relaxed Cayman living.
Step-by-step process
Starting your residency application
An outline of the steps which an interested applicant in Cayman residency might wish to pursue are as follows:
Contact Daniel Altneu, a Cayman Islands residency expert at Bedell Cristin law firm, to discuss your individual requirements and proposed residency path for yourself and any family members. Engage the services of Cayman Islands Sotheby’s International Realty to find a property that suits your needs and meets the residency criteria. Unlike other jurisdictions, applicants do not need to purchase property from a Government approved project or developer;
Once identified, engage a specialist law firm, such as Bedell Cristin, to guide you through the purchase of your property and the submission of your chosen residency application.
Option 1 – 25-Year Residency Certificate
This Certificate, commonly referred to as the 25-Year Residency Certificate for Persons of Independent Means, is valid for 25 years and is renewable thereafter. It entitles the holder, and any qualifying dependants, to reside in the Cayman Islands, but does not provide a right to work locally and does not itself provide a direct pathway to Cayman Islands or British citizenship.
For an applicant intending to reside in Grand Cayman, the current minimum investment requirement is US$1.22 million, of which at least US$610,000 must be in developed residential real estate. The applicant must also either demonstrate a continuous source of annual income of at least US$147,000 from outside the Cayman Islands, without the need to engage in employment in Cayman, or maintain a minimum deposit of at least US$488,000 with a Cayman Islands Monetary Authority-regulated and locally licensed institution.
This option is often attractive for applicants seeking a flexible, long-term lifestyle base in the Cayman Islands, particularly where they do not require a local right to work or a citizenship pathway.
Option 2 – Certificate of Permanent Residence
There has been a significant shift in recent years towards wealthy families, including those with young children, acquiring a Certificate of Permanent Residence for Persons of Independent Means. For many families, this is the most comprehensive Cayman Islands residence option.
The Certificate requires a minimum investment of US$2.44 million in developed real estate in the Cayman Islands and provides the holder, and any qualifying dependants, with an initial 10-year grant to reside in the Cayman Islands. After 9 years, the Certificate may be renewed indefinitely, provided the relevant requirements continue to be met.
Unlike the 25-Year Residency Certificate, the Certificate of Permanent Residence can also provide the holder and their spouse or civil partner with the ability to work locally, should they wish to do so. Importantly, it may also provide the family with a pathway to Naturalisation as British Overseas Territories Citizens, Cayman Islands passports and eventual registration as full British citizens, subject to the applicable residence and eligibility requirements. There is no general obligation to surrender existing citizenships as part of that process.
Our Cayman Cottage, perched high on the bluff offers a spectacular panoramic view of the Caribbean Sea.
What rights does a resident have in the Cayman Islands?
As well as a considerable number of other benefits, a Cayman Resident can:
(i) own residential or commercial property;
(ii) place dependant children in school;
(iii) invest in local businesses;
(iv) reside full-time or part-time in the Cayman Islands; and
(v) enter the Cayman Islands without a return ticket.
Obtain Cayman Residency
How can Bedell Cristin help?
While obtaining residency in the Cayman Islands is often more financially accessible than people initially assume, the relocation process can still be complex and usually requires careful navigation. Each application requires not just a knowledge of the relevant laws and regulations but also a wealth of experience of how the process actually works.
We pride ourselves on building long-term relationships with our clients, and we have a proven track record of effectively servicing their every legal need, both in advance of and for many years to come following their arrival and establishment in the Cayman Islands. Our clients commonly require local and international expertise when it comes to wealth structuring, succession planning, family business structuring, governance, and regulatory matters, and all the associated high-end immigration and real estate services. Unlike any other firm in Cayman, we are true experts in all of these areas.
Daniel Altneu
Partner
Bedell Cristin Cayman Partnership
