The Cayman Islands are a Caribbean territory consisting of Grand Cayman, Cayman Brac, and Little Cayman. The territory is home to one of the most famous beaches globally, the Seven Mile Beach, making it one of the most visited places in the Caribbean.
With its Golden Visa program, the Cayman Islands have become even more popular, especially for international business people looking for ways to cut down on their taxes. But, it’s also one of the most expensive Golden Visa programs among the countries with a similar visa scheme.
How Does the Cayman Islands Golden Visa Program Work?
The Golden Visa program for the Cayman Islands works by allowing you to invest a substantial amount of money in exchange for permanent residence. With a Cayman Golden Visa, you can get permanent residency status within a few months, where it would usually take around eight to nine years. Unlike other territories in the Caribbean, with Cayman’s Golden Visa program, you cannot directly buy citizenship.
If you are interested in purchasing a second citizenship quickly, you should explore other citizenship by investment programs 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.
- Prepare your documents. If you are ready to apply, you can start assembling the necessary documents for the visa application.
- 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 successful, you will receive a letter with the decision and instructions. The Cayman Golden Visa grants you permanent residence. You will receive a Certificate of Permanent Residence for Persons of Independent Means, proving your status as a permanent resident in the Cayman Islands.
- Apply for permission to work. Your permanent residency allows you to live indefinitely in the islands, but you cannot work. So, if you want to work, you have the option to apply for a separate certificate allowing you gainful employment. Keep in mind that you will be allowed to work only in specific occupations 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:
| Cover letter | You need to provide a cover letter explaining why you want to apply for the Cayman Golden Visa and any other information you consider essential. The letter must be addressed to the Chief Immigration Officer. |
| Proof of paid fees | You have to provide evidence that you completed all the required application fees when submitting your application. |
| Copies of your passport page | Provide a certified copy of your passport pages containing your picture, personal info, and issue and expiration dates. Make sure your copy is certified by a notary. |
| Birth certificate | You have to submit a certified copy of your birth certificate. Plus, if any family members apply with you, they will need to provide copies of their birth certificates. |
| Police certificate | Please submit a police clearance certificate issued no less than 6 months before you apply for the visa. The certificate must originate from your country of residence or any country where you last lived. Each additional applicant over 18 must provide a police certificate as well. |
| Photographs | Provide one picture sized between 45 x 35mm and 63 x 50mm. You must print your name and date of birth on the back of the picture. Keep in mind that the picture must follow the guidelines for a passport photo, i.e., it should be taken with a plain white background, no sunglasses, all facial features must be seen, neutral facial expression, no editing, etc. |
| Medical report | The medical report must contain two questionnaires, filled in by you and your doctor. You can find the forms on the official website of the Caymanian government. In addition, you need to submit HIV/VDRL test results, which were taken at least 6 months before you apply for the visa. |
| Proof of financial means | You’re required to submit evidence that you have enough financial funds to make your investment and support yourself and any additional dependents. You must submit a financial statement prepared by a licensed accountant, either in Cayman or your home country, along with bank statements and proof of annual income. |
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 investment option is very similar to the real estate pathway. However, this is cheaper as you’re required to invest only USD 1.2 million; USD 610,000 out of the primary investment has to be invested in real estate. The downside of this option is that you receive a temporary residence permit valid for 25 years which you have to renew. Plus, you cannot work under this option. |
| Direct investment. | You have to invest USD 1,2 million into a business that will generate jobs for Caymanian natives. At least 30% of the staff in your business must be made up of Caymanians. But, this investment route will also grant you residence for 25 years, and you have to spend at least 90 days in the country per year. |
| Investment through substantial business presence. | To qualify for this pathway, you have to own at least 10% of shares in an approved business industry, usually including financial and legal services. This option gives you a 25-year residence permit that you can renew and work in the islands. But, for this option, you also have to spend 90 days annually 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.