Destination Cayman

Moving to the Cayman Islands is an exciting and life changing decision. Abode2 speaks to residency expert and award-winning law firm Bedell Cristin, to guide you through the process 

Obtaining an alternative right of residence and in some cases citizenship, and an ability to leave one country and settle in another, is becoming increasingly important for wealthy individuals, families, family offices and businesses. Allied to this, as the world becomes ever more interconnected, so does the desirability and feasibility of making lifestyle choices of where to live and do business.  

Why relocate to the Cayman Islands? 

The Cayman Islands are a wonderful place to live and work, and many people relocate in order to do both, while a significant number choose to acquire residency purely to enjoy life year-round or on a part-time basis and to set up a new home for themselves and their families.  In addition to the Cayman Islands' pre-eminence as an international financial centre, the territory boasts one of the highest GDP's and standards of living in the world. Attracting many high-net-worth and ultra-high-net-worth international individuals, due to its traditional values of community and privacy and the fact that it is a safe and secure place to live, with one of the lowest crime rates in the Caribbean. Its natural beauty, well-developed infrastructure, stable government, strong rule of law, elite health services and education, cosmopolitan outlook, direct accessibility from 20 major cities in the US and Canada and the fact that it is often referred to as the culinary capital of the Caribbean, its tax-neutrality; the Cayman Islands has no income, capital gains, property, estate, inheritance, wealth, sales or corporate taxes and no restrictions on foreign ownership of real estate.  

What are the residency options in the Cayman Islands? 

Option 1 – Extended (25-year) Residency Certificate 

This Certificate, is valid for 25 years and renewable thereafter, entitles the holder and any qualifying dependents, to reside in the Cayman Islands without the right to work. 

An applicant must invest a minimum of US$1,219,512, of which at least US$609,756 must be in developed residential real estate in Grand Cayman AND must either (i) demonstrate a continuous source of annual income of at least US$146,342 without the need to engage in gainful employment in Grand Cayman; or (ii) open an account with a Cayman Islands Monetary Authority-regulated and locally licensed institution and maintain a minimum deposit in the account of at least US$487,805. 

Option 2 – Certificate of Permanent Residence 

In recent years, there has been a significant shift towards wealthy families with young children acquiring Certificates of Permanent Residence. For many, this Certificate is the ultimate option as not only does it provide the holder and spouse with a lifetime grant to reside in the Cayman Islands for a minimum investment of US$2,439,024 in developed real estate, it also gives them both the ability to work, should they wish to do so, and it provides the entire family with a pathway to both Cayman Islands and full British Citizenship (with all the privileges that entails, including obtaining a full British passport) without any obligation to surrender existing citizenships.  

Can you talk us through Cayman Island residency rights and how to take first steps?  

Whilst obtaining residency in the Cayman Islands is often more financially accessible than people initially assume, the relocation process can still be complex and requires careful navigation. Each application requires not just a knowledge of the relevant laws and regulations but also a wealth of experience of how the process actually works. There are a considerable number of other benefits a resident can have including the following: 

• Own residential or commercial property 
• Place dependent children in school 

• Invest in local businesses 
• Reside full-time or part-time in the Cayman Islands 
• Enter the Cayman Islands without a return ticket 

Our residency expert Daniel Altneu is on hand to discuss your individual requirements and proposed residency path for yourself and any family members. We encourage clients to engage the services of a recommended Cayman realtor to help source a property to suits your needs and meets the residency criteria. Unlike other jurisdictions, applicants do not need to purchase property from a government approved project or developer. 

How can Bedell Cristin help? 

As one of the only true full-service law firms in the Cayman Islands, our strength in depth is never more evident than during the relocation process. Our team has significant experience and a proven track record of drawing upon their skills and expertise to provide first-rate services and solutions for individuals and families who move internationally.  Our clients commonly require local and international expertise when it comes to wealth structuring, succession planning, family business structuring, governance, and regulatory matters, and all the associated high-end immigration and real estate services. Unlike any other firm in Cayman, we are true experts in all of those areas.  Not only do we look after all legal details and handle practical issues, ensuring the smoothest transition possible for our clients. By drawing on our wide network of recommended professionals and services, we can alleviate the stress of relocating by facilitating introductions to banks, schools, realtors, contractors, shipping companies, insurance brokers and even pet relocation services, to name but a few, so our clients can begin their new life in the Islands. 

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