HSM LAW
Overview on Registering and Paying Stamp Duty on Leases in the Cayman Islands
In the Cayman Islands, the registration and payment of stamp duty on leases is essential to ensure compliance with local statutory requirements. HSM Property Partner Linda DaCosta provides an overview of the legal obligations related to leases exceeding two years Read more +
Permanent Residence as a Person of Independent Means in the Cayman Islands
There have been recent reports in the UK Press about certain Caribbean countries “selling” citizenship. The BBC report that Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, and St Lucia all provide Citizenship by Investment (“CBI”) for as little Read more +
HSM Supports Leadership Cayman and Congratulates Alyson Parsons
The HSM Group displays its commitment to Caymanians by supporting Alyson Parsons, HSM Marketing Manager, to take part in the Leadership Cayman 2025 Programme. Alyson successfully completed the programme and graduated alongside 21 other esteemed leaders on 12 July 2025. Read more +
Caymanian Attorney Lisa Donalds Joins HSM
HSM Chambers is pleased to announce the addition of Lisa Donalds to its legal team. Lisa joins as an Associate and is a part of the litigation team specialising in family law. With over 10 years of experience in the Read more +
Permanent Residence as a Person of Independent Means in the Cayman Islands
There have been recent reports in the UK Press about certain Caribbean countries “selling” citizenship. The BBC report that Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, and St Lucia all provide Citizenship by Investment (“CBI”) for as little as $200,000.
While such programmes are not new, they occasionally attract controversy. For instance, in 2003, Nauru, a small Pacific Island, sold Citizenship to an individual who was later arrested as a member of Al-Qaeda.
More recently in April 2025, the EU Court of Justice ruled that the Maltese scheme which one could purchase Maltese Citizenship (and thus become a citizen of the EU) for 600,000 Euros was unlawful.
The Cayman Islands’ approach differs significantly and is unlikely to fall foul of similar legal or ethical scrutiny. Notably, obtaining Permanent Residence in the Cayman Islands as a Person of Independent Means (“PIMS”) does not automatically confer British Overseas Territories Citizenship (“BOTC”).
For $2million invested in developed real estate in the Cayman Islands, one can become a Permanent Resident of the Cayman Islands as a Person of Independent Means (“PIMS”). That means the individual has only crossed the first step into becoming a BOTC. To become a BOTC, the individual would still have to live in the Cayman Islands for at least 5 years and the Cayman Islands will have to be their home throughout that period. We are noticing several applications for BOTC are being rejected when the individual has spent more than 90 days outside of the Cayman Islands in the year proceeding the application, or more than 450 days outside the islands in the previous 5 years.
It therefore would be highly unlikely for a PIMS to become Naturalised as a BOTC if they had spent minimal time in the Cayman Islands.
For these reasons, it is believed that the current residency programme in the Cayman Islands is far more secure and superior to those of other countries. Investors to the Cayman Islands should be aware that a PIMS permission is only the first step to becoming a BOTC and potentially to becoming a Caymanian. It is not an automatic endpoint. This long-term and merit-based structure makes the Cayman Islands progamme a more attractive and credible investment opportunity compared to the other international offerings.