Residency in the Cayman Islands: Tourism Growth Sparks Property Ownership

The Cayman Islands has welcomed more than 1.3 million tourists by air and sea in the first six months of 2018, according to the Cayman Islands Department of Tourism.

This number is on track to beat last year’s record-breaking statistic and is met with rising numbers for real estate transactions. According to a recent Cayman Islands property report by Charterland, the value of sales hit an all-time best of CI$679 million in 2017.

It isn’t far-fetched to draw the conclusion that visitors are falling in love with these Islands and want to call this territory home.

There are opportunities for persons to gain residency in the Cayman Islands through investment in real estate.

These options include a Certificate of Permanent Residency for Persons of Independent Means and a Residency Certificate for Persons of Independent Means (a permission ideal for retirees).

Certificate of Permanent Residency for Persons of Independent Means

In order to qualify for a Certificate of Permanent Residency for Persons of Independent Means, applicants must invest a minimum of CI$2 million in developed real estate in the Cayman Islands and be able to support themselves and their dependants. This certificate allows the right to reside in Cayman and the opportunity of naturalisation as a British Overseas Territories Citizen and thereafter, the right to be Caymanian.

Residency Certificate for Persons of Independent Means

For people who wish to reside in the Cayman Islands without the right to work may qualify for a Residency Certificate for Persons of Independent Means. The qualifications vary depending on which island they plan to reside, Grand Cayman vs. Cayman Brac or Little Cayman. Applicants must be at least 18-years-old, have a continuous annual income of no less than CI$120,000 for Grand Cayman and CI$75,000 for Cayman Brac or Little Cayman, or instead of an annual income, they must have a deposit in a local account of at least CI$400,000.

The required investment for Grand Cayman residency is CI$1 million (of which CI$500,000 must be developed real estate in Grand Cayman). For residency in Cayman Brac or Little Cayman, the required investment is CI$500,000 (of which CI$250,000 must be in developed real estate in Cayman Brac or Little Cayman). Therefore, half of the required investment can be used in something other than developed real estate, such as raw land or shares in local businesses. A successful applicant for a Residency Certificate for Persons of Independent Means will be granted permission to reside in the Islands for a period of 25 years (renewable).

In any instance, both types of certificates will need to demonstrate that the applicant is of good character and conduct, and possesses local health insurance.

Why Cayman?

The Cayman Islands are and remain a wonderful place for individuals to invest with mechanisms continuing to exist for international persons and their families to obtain residency in the Cayman Islands and join a warm Caribbean community with a high standard of living.

There are an array of luxury residences to choose from, including these available and upcoming properties: The Residences at Seafire and Grand Hyatt Grand Cayman Residences located on West Bay Road – home to the famous Seven Mile Beach and Fin Grand Cayman located in the heart of Grand Cayman in South Sound.

For more legal insight on property and immigration laws in the Cayman Islands or for assistance in obtaining residency in the Cayman Islands, contact Alastair David at adavid@hsmoffice.com.