CARIBBEAN RESIDENCY PROGRAM: CAYMAN ISLANDS
Cayman Islands
Tax-Attractive Jurisdiction |
The main reason why the Cayman Islands get so much attention in offshore circles is the country’s tax-friendly policies.
There’s no income tax, no property tax, and no company tax.
Therefore, unless you have tax obligations in other countries, you could easily move to the Cayman Islands and reduce your tax burden to zero.
There is no taxation in the Cayman Island, its people having been enjoying this no taxation policy for decades which accounts for their relaxed and financially comfortable life style.
The Cayman Islands offer a permanent residency program. With this program, successful applicants can gain citizenship through naturalisation. This is a very attractive program to investors looking for a stable and attractive tax efficient jurisdiction.
The cornerstone of the Cayman Islands Residency-by-Investment is its proficient and efficient tax residence status which has been explored by High Net worth Individuals [HNWIs] for decades. Having attained resident status you will be on your way to Naturalisation which will lead to Citizenship.
Benefits of Cayman Islands Citizenship & Residency Program.
- Easily accessible to and from the US, Canada, Europe and the Caribbean Islands.
- Ranking amongst the highest GOP per Capita in the World.
- No Restriction on foreign ownership of land.
- No Income tax, No Corporate tax, No Capital Gains tax.
- No Inheritance tax, No Sales or Property tax.
- Modern life style, Developed country
- Prominent Legal Services
- British Oversees Territory Status
- Route to British Citizenship
The Cayman Islands have a thriving tourism industry and this is complimented by its leading financial services status it is; seen in the world as one of the most desirable financial capital markets. This status earns it the strong and stable society it is right now with the formation of thousands of investment corporations on an annual basis.
You simply need to obtain a Cayman Islands tax residency status and the benefits that ensues are plentiful. It’s a neutral tax jurisdiction, No property tax, No income tax, No corporate or Capital gain tax, No inheritance or Sales or VAT Tax.
How do I get Cayman Island Residency In addition to Permanent Residency the Cayman Islands offers a Residency Certificate requiring just $1.2 million investment in real estate? A minimum 30 days residency is required.
There are two options to residency route in the Cayman Islands:
Real Estate Option 1.
Invest US$2.4Million in Qualifying Real Estate in the island and get qualify for permanent residency. 90 days residency is required each year. Citizenship after five years.
Tax Residency Certificate Option 2
Invest US$1.2M in real estate and earn a 25 year tax residency certificate. You need to visit the island for at least thirty 30 days every year.
Certificate of Direct Investment – Option 3.
Invest US$1.2M into a business that creates local jobs and applicant must take an active role in managing that business. The certificate of direct investment is valid for 25 yrs. To maintain the certificate, applicant must satisfy annual residency requirement of 90 days.
For your Cayman Island Tax Residency Certificate, consult with our advisors. They will gladly receive your enquiry and deal with it as quickly and efficiently as you deserve.
Modern & High Standard of Living
One of the most appealing aspects of the Cayman Islands is the fact that it is one of the few countries with no taxes that also offers an excellent quality of life.
The Cayman Islands is a visually stunning country with beautiful island landscapes. Its climate is warm and mild year-round, making it an ideal getaway if you want to move away from winter entirely.
Furthermore, the Cayman Islands also attracts plenty of wealthy vacationers and expats, so services on the island tend to cater to those communities. On the islands, you’ll find both essentials like high-quality private hospitals and extras like excellent local shopping and dining options.
British Overseas Territory Status
As a British Overseas Territory, the Cayman Islands offer residents and citizens political, economic, and legal stability that can be difficult to find in similar jurisdictions.
The Cayman Islands are highly very advance in their development and offer world-class healthcare, education, and other services. Its currency is also highly stable, and the local government takes extra care to protect its citizens’ and residents’ assets.
The legal system in the Cayman Islands is also strong and stable. While things can occasionally move slowly on island time, you won’t be dealing with the kind of bureaucracy like there is in other parts of the Caribbean or in Latin America.
Combined with the Cayman Islands’ tax-friendliness, this stability has enticed a number of banks and Fortune 500 companies to establish bases there, which testifies to the Islands’ reputation as a haven for business and wealth.
Cayman Islands Residency - How can I get it?.
If moving to the Cayman Islands sounds appealing to you, then I have good news getting Cayman Islands residency is pretty straightforward.
However, while becoming a resident of the Cayman Islands isn’t too difficult, it is expensive. If you want to move there, you’ll need to be prepared to spend over US$1 million even for just a temporary permit.
While getting Cayman Islands residency is certainly not cheap, it can be worthwhile for the right person. Here are a few of the most common ways to get residency by investment in the Cayman Islands.
Cayman Islands Residency for Persons of
Independent Means
The most common way in which wealthy individuals obtain Cayman Islands residency is by applying as a person with independent means.
Although this residency permit is temporary, it lasts for 25 years, and it also allows you to bring your spouse and any dependents. However, you will not be allowed to work on the island.
In order to establish Cayman Islands residency as a person of independent means, then you need to prove that you have an annual income of about US$150,000 derived from outside of the Cayman Islands.
You must also maintain a Cayman Islands bank account with roughly US$500,000 in it, and you must also invest $1,200,000 in the country if you wish to live in Grand Cayman. Of that US$1,200,000, at least US$610,000 must be invested in real estate.
These numbers are slightly smaller if you choose to live on one of the smaller islands, such as Little Cayman and Cayman Brach. Your annual income requirement is only just above US$90,000, and you only need to invest a total of US$610,000 into the island. However, you must still invest 50% of that amount in real estate, and the bank deposit requirement is the same as for Grand Cayman.
Although the cost is rather steep, the process for applying for a residence permit is quite easy if you meet the criteria. You’ll fill out the application and pay a fee of about US$600, and if your application is approved, then you pay a US$25,000 fee to issue your permit and then US$1,220 per year to keep your permit active.
Certificate of Direct Investment
If you’d like your second residency to be a bit more profitable, then you can also get a Cayman Islands residency through a Certificate of Direct Investment.
A Certificate of Direct investment is issued to a person who is willing to make a $1,200,000 investment into a business that creates local jobs and will take an active role in managing that business. In order for the business to qualify, it must prove that it hires at least 30% Caymanian employees (with some exceptions).
In addition to the raw investment, applicants for a Certificate of Direct Investment must also prove that they have the business experience to successfully run their investment.
Like the residency program for Persons of Independent Means, the Certificate of Direct Investment is a temporary permit that is good for 25 years, and you may include spouses and dependents on your application.
Unlike the previous option, you do have a physical presence requirement to maintain a Certificate of Direct Investment you must live in the country for at least 90 days per year.
If you want to start a profitable business in the Cayman Islands, then you can obtain residency through a Certificate of Direct Investment.
The process for applying for a Certificate of Direct Investment ifs quite simple. Once you have your investment, you can apply for your certificate, pay a $1,220 application fee, and if your application gets approved pay US$25,000 activation fee for your residence permit.
Additionally, you will need to pay an annual fee equivalent to a work permit holder in your industry, which can vary substantially, as well as an extra US$1,220 fee per dependent per year.
Cayman Islands Residency Certificate through
Substantial Business Presence
If you invest in a Cayman Islands business or are employed in senior management, then you may be eligible to apply for a Cayman Islands Residency Certificate through Substantial Business Presence.
To establish a Substantial Business Presence, you must own (or propose to own) at least 10% of the shares in a business in an approved industry. These approved industries primarily include financial and legal services.
Alternatively, you can also establish a Substantial Business Presence if your employer can prove that you work in a senior management position.
People who meet the criteria for this certificate will receive a 25-year renewable residence permit as well as the right to work in the Cayman Islands.
However, this residence permit also comes with a physical presence requirement. To qualify and maintain your permit, you must intend to reside in the Islands for at least 90 days per year.
When you will out your application for your Cayman Islands Residency Certificate, you will pay a $1,220 application fee as well as a $6,100 activation fee for your residence permit. You will pay an additional $1,200 per dependent, and you will also need to pay any annual work permit fees, which vary by industry and employment capacity.
Cayman Islands Permanent Residency
If your eventual goal is to obtain Cayman Islands citizenship, then you should apply for Cayman Islands residency as a Person of Independent Means.
The process for applying for permanent residency in the Cayman Islands is similar to the process for applying for a general residence permit as a person of independent means. You will need to prove that you have sufficient assets to support yourself and your dependents, and you will need to make an investment in the islands.
However, since applying for permanent residency also enables you and your spouse to eventually apply for citizenship, the qualifications for this residency option are much higher.
The investment amount is doubled to US$2,400,000, and all of it must be invested in developed real estate. Additionally, only 250 of these applications are open per year.
The permanent residency also enables you and your spouse to potentially work in the Cayman Islands, but you may be limited to particular industries.
Applying for permanent residency is not that difficult. You have to hire an agent like WhinChester to handle your application. Once approved, you’ll pay an issue fee of US$122,000, adding US$1,200 for every dependant. Further, if you acquire the right to work in the Caymans, you will need to pay a variable work permit fee.
How Can I Get a Cayman Islands Passport?
When deciding whether or not to get a second residency, one issue you should always consider is whether you will eventually be able to obtain citizenship in that county.
In the Cayman Islands, you can obtain British Overseas Territories Citizenship if you acquire permanent residency first. Other qualifications include living in the Cayman Islands for the majority of the past five years, not leaving the Islands for more than 90 days at a time, and having a clean record with immigration.
Therefore, if you’re willing to establish permanent residency and live in the Cayman Islands for five years, then you can become eligible to apply for citizenship by naturalization.
However, if you’re in search of citizenship, then you may be better served by obtaining another Caribbean citizenship by investment, such as Dominica, St. Kitts and Nevis, Grenada, Antigua, St. Lucia for a substantially less expensive sum. In fact, you could secure a whole set of certificates of naturalisation and second passports from other Caribbean countries for the same costs of permanent residency in the Cayman Islands.
WOULD CAYMAN ISLAND PASSPORT WORK FOR ME?.
Cayman Island is a highly liveable tax haven, modern lifestyle, developed country yet it’s not the best or affordable second residency option for most people.
The most obvious reason why many people turn down Cayman Islands residency is the cost of living.
Even for the High Net Worth Seven-Figure Investors a million or more dollars for a residence permit is costly much especially when prospects for major returns on your investments are low.
In addition to the high cost of residency, the cost of living on the Cayman Islands is also quite high. Since most goods need to be imported, you’ll quickly find that the price tag for just about everything is higher than what you would ordinarily pay in your home country.
Therefore, many of the people will tend to opt for less expensive second residency options. Getting a passport in other Caribbean islands can be a tenth of the cost of Cayman Islands residency, or if you’re open to Asia or Eastern Europe, you can get second residency for less than $100,000 and save tremendously on your living expenses.
If you have the means to afford Cayman Islands residency, however, then you shouldn’t entirely rule it out.
If you’re a US citizen who makes most of your money through passive investments, for example, then becoming a resident of the Cayman Islands could be an important part of a larger strategy to renounce your US citizenship and lower your tax bill.
As always, whether Cayman Islands residency is a good choice for you will depend on your needs and circumstances. The island life is tempting, but there might be better choices out there whose costs of living is way cheaper but standard might be a little lower like the other Caribbean Nations – Dominica, Antigua, St. Lucia, St. Kitts and Grenada.
Should you be interested in exploring Cayman Island Residency & Citizenship and Bank Account, then talk with our WhinChester advisors.
WhinChester Corporate & Immigration Services PowerHouse is fully mandated to handle your application. We will also assist you to comply with all necessary requirements for Cayman Island Residency and Citizenship. We have a dedicated team of experienced professionals who will provide professional support and assistance to you in every way.
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