A Guide to the Benefits of Cayman Islands ResidencyJune 3, 2019
The path to obtaining residency in this thriving British Overseas Territory can be a simple and straightforward process for persons of independent means and for qualified business investors. With four residency certificate options to choose from, a growing number of discerning individuals now live and work in one of the world’s premier financial centres.
Provenance Properties, the official Christie’s International Real Estate affiliate in the Cayman Islands, helps those seeking to achieve permanent residency in Grand Cayman find a home. Below are some helpful insights from the luxury real estate specialists.
Why the Cayman Islands?
The island nation has long enjoyed a reputation as a world-class financial jurisdiction. It owes its robust economy and high standard of living to several factors, including:
- No restriction on foreign ownership of land and no minimum residency requirements
- A sophisticated infrastructure with modern hospitals, reliable telecommunications, quality education and an island-wide paved road network
- A low crime rate thanks to a well-established police force and a judicial system based on English common law with the UK’s Privy Council serving as the highest court of appeal
- Convenient location with nonstop flights to major North American cities and only a 90-minute flight to Miami
- Tax neutrality and no direct taxation in the form of corporate, capital gains, personal income or ongoing property taxes
- An estimated 3.6 per cent growth in 2018 (GDP) and a current unemployment rate of 2.8 per cent – the lowest in a decade (source: Cayman Islands Economics and Statistics Office)
- After a very healthy 2018, Q1 2019 shows further strength with a government budget surplus of 136%, according to the Cayman Islands Ministry of Finance and Economic Development
- Ease of doing business thanks to an innovative and forward-thinking regulatory environment that adheres to strict regulatory and compliance processes, and highly qualified professional legal and financial service providers from international corporations with offices based in the Cayman Islands
- Stable, democratic government and a governor serving as the representative of the British monarch, H.R.H. Queen Elizabeth II
- High-quality shops, services, hotels and restaurants
- Friendly, welcoming and educated population
- Seven Mile Beach on Grand Cayman was voted one of the best beaches in the world (source: Caribbean Journal)
How to obtain residency?
The simplest and quickest path to permanent residency in the Cayman Islands is through the purchase of developed real estate valued at USD 2.4 million or higher. For example, purchasing this two-bedroom luxury beach home at The Residences at Seafire, which offers optional turnkey furniture packages from Restoration Hardware, qualifies buyers to apply for Cayman Islands residency if all requirements are met.
According to the Cayman Islands Government, the following residency certificates are currently offered to “Persons of Independent Means and Investors”:
- Residency Certificate for Persons of Independent Means grants the right to live and work.
- Certificate of Permanent Residence for Persons of Independent Means grants the right to live but not work.
- Residency Certificate – Substantial Business Presence allows business owners and/or its senior management to live and work in the Cayman Islands for 25 years.
- Certificate of Direct Investment isgranted to those with an “employment-generating business”.
Naturally, requirements are subject to change according to Cayman Islands law. Representatives from Provenance Properties and its parent company Dart Real Estate can help interested parties learn what is required to buy luxury real estate in the Cayman Islands, find commercial office space and make introductions to qualified professionals who offer advice on establishing residency and opening a business in the Cayman Islands.
Investors with commercial interests in establishing an office, food and beverage or retail location can obtain a Grand Cayman business address in a premier location, including the Dart Real Estate’s flagship development of Camana Bay. Dart Real Estate provides both short-term and long-term Class A and B commercial workspace solutions. Businesses in early growth stages or entering the market that quire less than 1,500 square feet of space will soon have the option to occupy fully furnished, turnkey offices with flexible terms.
For the latest information on commercial leasing solutions contact Dart Real Estate.
To learn more about purchasing real estate in the Cayman Islands contact Provenance Properties.
Click here for more information on Cayman Islands immigration.
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