Living in the Cayman Islands: Options for Investors
While other Caribbean CBI programs jostled for investors in 2017, the Cayman Islands kept a low profile and deliberately retreated from the regional price war by doubling the minimum investment for some of its investment options. Unlike many other Caribbean programs, the Cayman Islands does not simply offer a second passport for a donation; Instead, it offers stay options – including one Option for permanent residence, which can lead to the following after a period of five years.
Wealthy investors have two attractive options for obtaining residency in the Cayman Islands:
Real estate investment:
Permanent residency through the Certificates of Permanent Residence for Persons of Independent Means (PR) program
Minimum investment of $2.44 million in developed properties
Possibility of Caymanian and British citizenship after five years
Exclusivity, high quality of life and lowest crime rate in the Caribbean
Tax neutrality with numerous advantages
Building a Substantial Business Presence:
The SBP program grants the holder and his family a 25-year Cayman Islands residence permit, which allows the holder to work in a senior management position in a recognized business category.
This option requires a minimum annual usage fee of US$25,000 (KYD 20,925) to be paid to the government. 25-year residence permit with extension option
This option does not give you a direct path to citizenship! After eight years, the family can apply for permanent residence using a points system. This application process awards points based on criteria related to employment, skills, community contributions, investments, financial stability and demographics.
Requirements:
Comprehensive supporting documents such as ID cards, police clearance certificates, health reports and financial statements
Application forms on the government website
Processing time: approx. three months
Requirements after receiving the residence permit:
Maintaining investment (if applicable)
Annual Fees and Affidavits
Annual stay on the islands:
Permanent residence: at least 1 day
25-year residence permit through real estate investment: 30 days
25-year residence permit through business presence: 90 days
British citizenship:
Possible after five years of permanent residence
British passport with visa-free travel to 185 countries
No right of residence in the UK
The Significant Benefits of Offshore Banking in the Cayman Islands
The raw data on the Cayman Islands’ offshore banks and their global quality speaks for itself. There are around 75,000 residents on the island, well over 100,000 registered companies, and offshore banking and financial services contribute around 55% of the Caymans’ annual GDP. According to a 2020 report by the Cayman Islands Monetary Authority (CIMA), the total value of banking assets in the Cayman Islands was approximately $1.9 trillion.
Conclusion:
The Cayman Islands offer attractive options for investors seeking residency in the Caribbean. Exclusivity, high quality of life, tax neutrality and the possibility of British citizenship make the islands a sought-after destination.
TCME – Group worldwide is a leading professional international foreign trade relations investment and consulting firm, with 17 different departments spread in different countries around the world, with its head office in Malaysia.
We’ve helped thousands of people take their businesses abroad, legally reduce their taxes, and become dual citizens. We focus on high-net-worth individuals and their families as well as businesses, where we design and implement bespoke, holistic strategies for successful investors and entrepreneurs to legally reduce their tax burden, diversify and protect their wealth, invest abroad, a second citizenship and to live a freer life worldwide.
Another special area of our full-service consulting is the investment opportunity and solution in Europe, especially in the Balkans, Africa, Asia, the United Arab Emirates, the Caribbean and the Pacific.
If you are looking for it, please feel free to contact us. We create a holistic plan that serves your purpose.
The TCME Group Worldwide as well its partner in Vanuatu are accredited, licensed and authorized agents and facilitators of the Government of Vanuatu for the citizenship programs of the VDSP and the CIIP in Vanuatu.
GCI UNIT Worldwide by TCME Worldwide Group, designs and implements customized, holistic strategies for successful investors and entrepreneurs to legally reduce their tax bills, diversify and protect their wealth, invest abroad, gain a second citizenship and live a freer life worldwide to lead.
YOUR CHANCE FOR A BETTER LIVE
TCME Worldwide Group firm is a leading professional International Business Investment and Advisory Firm for Foreign Economic Relations. Our range of services includes:
Offshore and Onshore Company Formation,
international Business & Management
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Investments & Corporate Financing
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If you would like to discuss your internationalization and diversification plans, book a consulting session* or email us under: [email protected]
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