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Coming To The Cayman Islands

Coming To The Cayman Islands

07.07.20

Relocating to the Caribbean’s most liveable destination: the Cayman Islands

By Robert Lindley, Partner and Wesley O’Brien, Associate, Conyers

The Cayman Islands has evolved into an increasingly popular place of residence for high-net-worth individuals (“HNWIs”) from around the world. While recent events have put a temporary halt on global mobility, as the pandemic dissipates it seems likely that the eyes of the world’s wealthy will increasingly look to the Cayman Islands, which have fared very well in the current crisis.

Boasting an enviable lifestyle, modern infrastructure and a highly sophisticated financial services industry and all within a short flight of Miami and other US cities, the Cayman Islands check all the boxes for individuals seeking to relocate to a tax-neutral jurisdiction. This appeal has been recognised by Cayman’s private enterprise and government alike, each of which has sought to attract wealthy private investors to the Islands’ sandy shores.

Private enterprise has powered a development boom resulting in high-end real estate options and infrastructure that HNWIs expect. The Cayman Islands government has also played its part, offering various immigration options to suit the needs and objectives of prospective long-term residents. The various categories of permit provide flexibility so that the prospective resident can align their personal circumstances and investment objectives with the best-suited immigration permit.

Particularly for retired HNWIs, the most common route to residency is via investment in real estate. For example, one option allows persons who invest a minimum of USD$2.4 million in developed real estate to apply for a certificate allowing the holder (and their dependants) to reside indefinitely in the Cayman Islands. Applicants must also show evidence of sufficient financial resources to maintain themselves and their dependants during their residency.

Other categories of permit are also available for those wishing to make a more modest real estate investment and/or for persons who may wish to establish or relocate a business in the Cayman Islands.  For example, persons can achieve residency by investing at least USD$1.2 million in an employment generating business in Cayman (subject to certain other requirements).

Conyers can provide legal advice and assistance on private wealth and estate planning, immigration and residency options for those wishing to move to the Cayman Islands, in addition to the provision of trustee and corporate services by our affiliated licensed fiduciary services company.

Robert Lindley, Wesley O’Brien

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