The Cayman Islands’ economy depends on tourism, which accounts for about 70% of the country’s GDP. The influx of wealthy foreigners will help offset losses due to the pandemic and closed borders.
Conditions of participation in the Cayman Islands Programme
The Cayman Islands Programme is designed for wealthy and financially independent individuals and their families.
There are 2 major requirements for main applicants: to be employees of a company which is incorporated outside the Cayman Islands and to receive annual income from $100,000.
Minimum annual income for participation in the programme
|Number of applicants||Minimum annual income|
|1 applicant||100 000 $|
|2 applicants: main applicant + spouse or partner||150 000 $|
|2 or more applicants: main applicant + dependent family members other than spouse or partner||180 000 $|
|3 or more applicants: main applicant, spouse or partner + dependent family members||180 000 $|
Up to 6 family members and relatives can be included in one application:
the spouse or civil partner;
the main applicant’s family or adopted children or his spouse;
parents, stepfathers and stepmothers;
relatives and step siblings.
All additional applicants must be fully or substantially dependent on the investor. Children must be enrolled in a public school in the Cayman Islands or be enrolled at home in any other school in the world.
How to apply for participation in the programme
The Programme Department accepts applications for participation in electronic form. To apply, you need to fill out a questionnaire and attach copies of documents on the official website of the programme.
It is obligatory to attach the following documents to the application:
Proof of employment with a company that is registered outside the Cayman Islands. The confirmation must specify the position and annual income of the applicant.
Copy of passport and visa to visit the Cayman Islands.
Certificate of criminal record for each adult applicant.
Notarized copy of the certificate from the bank.
Health insurance for all applicants.
After submitting the application, the investor pays a non-refundable fee – Global Citizen Concierge Certificate Fee.The fee is paid annually its amount depends on the number of applicants.
If there are up to 2 applicants in the programme, the fee is $1,469. For each additional applicant starting from the third one, the fee will be added to the amount of 500 USD. The bank fee for processing a payment by bank card is 7% of the total fee.
Once payment has been confirmed, the Programme Department reviews the application, checks the documents and decides on the issuance of the Global Citizen Certificate. The applicant receives the department’s decision by e-mail.
What gives and how the Global Citizen Certificate works
The Programme Department issues a Global Citizen Certificate to successful applicants, a document that allows them to live on the islands for 2 years.
The certificate is automatically nullified if a programme participant loses his job or his company no longer allows him to work remotely.
The document takes effect only when entering the Cayman Islands. However, the applicant must arrive on the island within 12 months from the date of approval.
The Programme Member is free to enter and leave the country during the validity period of the certificate. However, there is a condition for obligatory stay on the islands: you must live in the country for at least 90 days per year.
Which other Caribbean countries offer similar programmes
The Cayman Islands are not the only Caribbean country that wants to attract wealthy foreigners to the island.
In September 2020, Antigua and Barbuda launched a residence permit programme for entrepreneurs and remote employees. Applications for the programme are also accepted online through the official website. However, applicants are subject to a lighter minimum annual income requirement. To participate in the programme it is sufficient to earn from $50,000 per year.
We talked about the pros and cons of the programme in the material ‘Antigua and Barbuda launched a residence permit programme for entrepreneurs and remote employees’.
Dominica also plans to launch a residence permit programme for entrepreneurs in the near future. Under its terms, the resident status of the country can be obtained for investment in business. The minimum amount of investment – $ 50 000. The residence permit will be issued for 2 years, after which participants will be able to apply for citizenship.
We talked about the future programme in the material “Dominica will launch a residence permit programme for entrepreneurs”.