Cayman Islands Golden Visa: Cayman Islands Residency By Investment

The Cayman Islands are three Caribbean islands that include Grand Cayman, Cayman Brac, and Little Cayman. The territory is home to one of the world’s most famous beaches, Seven Mile Beach, which is also one of the most visited sites in the Caribbean.

With its Golden Visa program, the Cayman Islands has grown in popularity, particularly among multinational businesspeople searching for ways to reduce their tax burden. It is, nonetheless, one of the most expensive Golden Visa programs among countries with a similar visa policy.

How Does the Cayman Islands Golden Visa Program Work?

The Cayman Islands Golden Visa scheme operates by allowing you to invest a significant sum of money in exchange for permanent residence. With a Cayman Golden Visa, you can obtain permanent residency status in a matter of months, whereas it would normally take eight to nine years. Unlike other Caribbean islands, Cayman’s Golden Visa program does not allow you to directly purchase citizenship.

If you need a second passport immediately, you should look into various citizenship by investment options such as:

• St. Kitts Golden Visa scheme.
• Antigua and Barbuda citizenship program.
• St. Lucia’s citizenship by investment option.
• Grenada’s second passport program.

Golden Visa Real Estate Investment Requirement for the Cayman Islands

You are eligible to apply for Cayman’s Golden Visa if:

• You invest at least USD 2.5 million in real estate:
• You are over the age of 18.
• You do not have a criminal record (nor your family members, in case of family application).
• You are in good health (applies to your family members also, in case of family application).
• You have enough financial resources to support you and any other dependents who apply with you.

How to Apply for the Cayman’s Golden Visa?

To apply for a permanent residence in the Cayman Islands via the Golden Visa, follow these steps:

• See if you qualify for the visa – Before you apply for a Cayman Golden Visa, you first need to make sure you meet the eligibility requirements and have the required financial sources to make your investment.
• Choose a real estate property – If you qualify for the Cayman Golden Visa, you can find a property you wish to purchase. To help you choose the best investment property, you can contact a professional agency such as LaVida Golden Visa.
• Prepare your documents – If you are ready to apply, you can start assembling the necessary documents for the visa application. Your advisors at LaVida will be ready to assist you with the list of documents you need to prepare.
• Apply for the visa – Finally, you can apply for the visa. You have to submit the application to the Chief Immigration Officer at the Department of Immigration.
• Get your residency card – If your application is accepted, you will receive a letter with the decision and instructions. The Cayman Golden Visa offers you perpetual residency. You will be issued a Certificate of Permanent Residence for Persons of Independent Means, certifying your status as a permanent resident of the Cayman Islands.
• Apply for permission to work – Your permanent residency allows you to live on the islands indefinitely, but you cannot work. So, if you wish to work, you can apply for a second certificate that will allow you to do so. Keep in mind that you will only be permitted to work in specified jobs and industries.

Cayman Golden Visa Processing Times

It usually takes 3 months to process your application. But, processing time can be delayed for various reasons, and it may take longer than 3 months- it all depends on how complete your application is.

Cayman Golden Visa Processing Fees

To process your Golden Visa application for the Cayman Islands, you have to pay the following extra fees:

• Application fee: USD 600
• For every additional applicant: USD 1,200
• Certificate for employment fee: USD 500
• The fee required after your certificate of permanent residence is issued: USD 120,000

Cayman Golden Visa Document Checklist

Here is a checklist of documents you need for the Cayman Islands Golden Visa application:

How Long Is the Cayman Golden Visa Valid For?

The visa is valid indefinitely, but you must spend at least one day per year in the islands.

What If My Visa Application Is Rejected?

If your Golden Visa application for the Cayman is rejected, you have 7 days after the final decision is made to appeal to the Caymanian Status and Permanent Residency Board. Additionally, you have to provide an extra fee of USD 120 to have your appeal reviewed.

How Can I Get Citizenship With a Cayman Golden Visa?

You can get citizenship by naturalization if you’ve lived in Cayman for at least 5 years without spending more than 90 days at a time away from the Islands. After five years, you gain the status of a British Citizen Overseas.

Can I Get Dual Citizenship in the Cayman Islands?

Yes, you can be a dual citizen in the Caymans. If you do get your British Overseas Citizenship, you won’t be required to give up on your other nationality.

Other Ways to Get a Cayman Golden Visa

Besides investing in real estate, there are a few other ways you can be eligible for the Golden Visa Program:

• Residency for persons of independent means – This investing path is fairly similar to the real estate path. However, it is less expensive because you only need to invest USD 1.2 million; USD 610,000 of the primary investment must be placed in real estate. The disadvantage of this choice is that you receive a temporary residency visa that is good for 25 years and must be renewed. Furthermore, you cannot work under this option.
• Direct investment – You must invest USD 1.2 million in a business that will create jobs for Caymanians. Caymanians must make up at least 30% of your company’s workforce. However, this investment path will also allow you residency for 25 years, with the requirement that you spend at least 90 days in the nation each year.
• Investment through substantial business presence – To be eligible for this pathway, you must possess at least 10% of the stock in an approved business industry, which typically includes financial and legal services. This option grants you a 25-year residency visa that you can renew and use to work on the islands. However, under this option, you must additionally spend 90 days per year in the country.

Benefits of a Cayman Island Golden Visa

You can get several benefits if you apply for a Golden Visa in the Cayman Islands:

• Low to no taxes: One of the main reasons the Cayman Islands are so famous for residency is that there’s no income tax, property taxes, or company taxes.
• Own a property in the islands: With the real estate investment, you will own property on some of the most beautiful islands in the world. Plus, the Caymans are well known for their excellent quality of life.
• Easy access: It’s relatively easy to get to and from the islands to other countries. This is a massive advantage compared to other smaller Caribbean countries, which offer Golden Visas and are more isolated.
• Pathway to citizenship: While you can only receive a permanent residence card with your real estate investment, you have the pathway to citizenship open if you meet the eligibility criteria.