How can you protect yourself from the growing insecurity in which many countries in the world are immersed?

One essential way is by relocating to a jurisdiction that guarantees you the lifestyle you desire and the possibility of obtaining an advantageous second citizenship after a qualifying period.

Due to its unique status as a British Overseas Territory, The Cayman Is-lands remain one of the few places on earth where residents can apply for a British Passport after completing the formalities of being granted residen-cy and living on the island for five years. 

The combination of having the right to obtain what is probably the most prestigious citizenship in the world today and having tax residency in an in-ternational financial center with the best tax policy imaginable is like the marriage between a Caspian Sea caviar and a bottle of the finest Cham-pagne Extra Brut. It is an option for those with the most extremely discern-ing tastes.

However, contrary to what one might think, residing in the Cayman Islands is not that expensive.

This jurisdiction allows for a lifestyle that, for many, beats Monaco, Switzerland, and the French Riviera.

This is why:

• The best tax optimization you can get: the main reason why the Cayman Islands is positioned as the most exclusive international fi-nancial center for investors and high net worth individuals around the world is because of their tax policy, the most prominent element of which is that there is no tax on income, capital gains, property or companies.

• First world lifestyle: one thing that amazes us about life in the Cayman Islands is that this jurisdiction's per capita GDP exceeds the per capita GDP of the entire European Union. This is a place designed to experience the highest pleasure and freedom threshold.

• It is within reach of many airports: unlike other island paradises that you reach after a flight with three connections, the Cayman Is-lands are a significant destination for significant airports in Latin Amer-ica, Canada, the east coast of the United States, and some major cit-ies in Europe.

• It is a British overseas territory: one of the aspects that discour-age investors from the Caribbean is that governments in the region are unstable.

However, that is not a problem in the Cayman Islands, which offers the political and economic stability that other jurisdictions in the region cannot achieve. 

The two most popular types of residency programs in the Cayman Islands at the moment for high net worth clients are:

Residency Certificate for Persons of Independent Means; and Certificate of Permanent Residence.

A person who is eighteen years of age or older and meets the requirements set out below may apply for the right to reside in the Cayman Islands as a person of independent means. If it is successful, you will be granted a Resi-dency Certificate for Persons of Independent Means. The Certificate, which is valid for twenty-five years and is renewable thereafter at the discretion of the Chief Immigration Officer, entitles the person to reside in the Cay-man Islands without the right to work.

Dependants of the holder of a Residency Certificate for Persons of Independent Means

The spouse and any dependent children of a holder of a Residency Certifi-cate for Persons of Independent Means will also be granted a Residency Holders (Dependant's) Certificate entitling them to reside in the Cayman Is-lands without the right to work.

Eligibility requirements

To be eligible to apply for a Residency Certificate for Persons of Independ-ent Means, a person must:

• Be at least eighteen years of age;

• Not have any serious criminal convictions;

• Be in good health and possess adequate health insurance coverage;

• Have attained the below financial standing.

Where the applicant intends to reside in Grand Cayman:

1. He must satisfy that he has a continuous source of an annual income of US$147,000, without the need to engage in employment in the Islands; or;

2. That he has opened an account with the Cayman Islands Monetary Au-thority-regulated and locally licensed institution (possessing a Class A li-cense following the Banks and Trust Companies Law (2013 Revision) or regulated under the Securities Investments Business Law, and maintains a minimum deposit in the account of at least US$488,000 assets¹; and

3. That he has invested the sum of US$1.2M in Grand Cayman, of which at least USI$610,000must be in developed residential real estate.

4. "assets" include cash cash equivalents, fixed income instruments, equities, and listed Exchange Traded Funds.

Death of, or divorce from, the holder of a Residency Certificate for Persons of Independent Means

Upon the death of or divorce from the holder of a Residency Certificate for Persons of Independent Means, the surviving or former spouse's right to reside in the Islands may be revoked at the discretion of the Chief Immi-gration Officer.

Within three months of any revocation, the surviving or former spouse may apply for the grant of a Residency Certificate for Per-sons of Independent Means in their own right. The same eligibility require-ments set out above must be satisfied. Where an application for a Residen-cy Certificate for Persons of Independent Means has been made within the three months from the date of the revocation, the applicant's right to reside in the Islands shall continue upon such terms and conditions until the Chief Immigration Officer determines the application.

Dependent Children of the holder of a Residency Certificate for Persons of Independent Means

A child's right to reside in the Islands as a dependant ceases upon comple-tion of their full-time tertiary education or when they reach the age of twenty-four years, whichever happens, earlier, unless the Chief Immigra-tion Officer is satisfied that there are exceptional circumstances.

Variation

The Chief Immigration Officer may vary or amend a Residency Certificate for Persons of Independent Means to add or remove a spouse or dependent child(ren).

A dependant child of the holder of a Residency Certificate for Persons of Independent Means who was listed in the original application for the Certificate, who has attained the age of eighteen years, and who is of proven good character and conduct, may also apply for permanent resi-dence.

Revocation of a Residency Certificate for Persons of Independent Means

The right to reside in the Cayman Islands based on a Residency Certificate for Persons of Independent Means (or a Residential Certificate for Retirees) may be revoked by the Authorities if:

• The holder fails to maintain the financial standing requirements set out above;

• The holder was not physically present in the Islands for a minimum of thirty days in aggregate in any calendar year; or

• In the opinion of the Chief Immigration Officer, any of the general grounds for revocation of permanent residence applies to the holder.

Annual Declaration

An annual declaration is required to be submitted by 31st December to the Chief Immigration Officer.

The second category (Certificate of Permanent Residence), as stated above. This can lead to British Citizenship after five years if specific criteria are met. This a relatively new category of residence and affords persons who have invested a prescribed amount in developed real estate in the Cayman Islands the right to reside permanently in the Islands.

Eligibility

To qualify for a Certificate of Permanent Residence for Persons of Inde-pendent Means a person must be able to demonstrate that:

• He has invested US$2.4 million in developed real estate in the Cay-man Islands;
• He and his spouse (if applicable) have a clean criminal record;
• He, his spouse, and dependent children (where applicable) are in good health and possess adequate health insurance coverage; and
• His financial resources are sufficient to maintain himself and his de-pendents adequately.

Note: This category of residence is subject to annual quota of two hundred and fifty thousand dollars.

Entitlements

The holder of a Certificate of Permanent Residence and his spouse and de-pendent children (if they were included in the application) are allowed to reside permanently in the Cayman Islands without the right to work.

The right of a child to reside in the Islands as a dependant ends upon completion of full-time tertiary education or when he reaches the age of twenty-four years, whichever happens, earlier, unless Authorities are satis-fied that there are exceptional circumstances. A dependent child of the holder of a Certificate of Permanent Residence who was listed in the original application for the Certificate, who has attained the age of eighteen years, and who is of proven good character and conduct, may apply for perma-nent residence in his own right under the law. 

A Certificate may be varied to add or remove dependents if necessary. 

However, the holder of a Certificate or his spouse may apply to the Cay-manian Status & Permanent Residency Board for a variation of his Certifi-cate to allow the right to work for any employer but only in a particular oc-cupation or occupations specified by the Board.

Fees

• Application fee: US$610

• Fee payable upon issue of a Certificate: US$122,000

• Dependant fee: US$1,2200 per dependant

• Variation of a Certificate: US$610

• Conveyancing fees US$50,000

• Legal fees for residency application US$20,000

• A one-time govt stamp duty of 7% is payable on the property sale price

• The real estate agent charges 7.5% on the sale price.

Note: where a Certificate has been varied to allow the holder's right to work will be required to pay an annual fee on or before the anniversary date of the variation equivalent to the annual fee payable by a work permit holder in the same occupation.

Cases for revocation of a Certificate of Permanent Residence for Persons of Independent Means

The holder of a Certificate may have his right to reside in the Islands re-voked if he fails to maintain the prescribed level of investment in developed real estate in the Cayman Islands. In the Authorities' opinion, any of the matters referred above applies to the holder or his dependents.

Death or divorce of the holder of a Certificate of Permanent Residence for Persons of Independent Means

If the holder of a Certificate dies or his marriage has dissolved, his surviving or former spouse's right to reside in the Islands may be revoked at the Au-thorities' discretion.

The spouse may apply for the grant of a Certificate in his/her own rights if the eligibility requirements can be satisfied.

Annual Declaration

An annual declaration is required to be submitted by 31st December to the Chief Immigration Officer.

Who are we, and what can we do for you?

Mundo experts have worked side by side to offer investors and high-net-worth individuals worldwide the possibility of obtaining a second passport to protect their assets and increase their freedoms.

The Caribbean has been one of our focal points since we began, and the Cayman Islands are one of our most valued jurisdictions.

Today we have a multidisciplinary team of Caymanian experts that allow us to bring you the possibility of obtaining a residence in the turquoise para-dise.

Contact us now to discuss the type of residence most convenient for you! Our team of experts will accompany you throughout the process of starting your adventure in the Cayman Islands! 

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