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What is Bespoke Training

Essentially it is any training that is designed just for you. Whether you are an individual or organisation we can help you translate your business or personal needs into learning opportunities.
PMC345 will make sure you are in control and the solution we create for you aligns with those needs.
What have you got to lose?Essentially it is any training that is designed just for you. Whether you are an individual or organisation we can help you translate your business or personal needs into learning opportunities.
PMC345 will make sure you are in control and the solution we create for you aligns with those needs.
What have you got to lose?

Can I reside in the Cayman Islands?

The Cayman Islands offers several residency options:

  • Residency Certificate for Persons of Independent means which can either last 25 years and which is renewable thereafter (‘term certificate’) or it can last a lifetime with the option to obtain the Right to be Caymanian (‘lifetime certificate’). The difference between the term and lifetime certificate is the financial contribution you are required to make.
  • Residency Certificate if you have a substantial Business Presence.
  • Certificate of Direct Investment

This factsheet is confined to the residency certificate for persons of independent means option.

How do I apply for a certificate of independent means?

With regards to the Residency Certificate of Independent Means, you must be over the age of 18 and have the financial resources to support yourself without needing to work in the Cayman Islands. You must also have no serious criminal convictions, be in good health and possess adequate health insurance coverage.

  • You must invest CI$1,000,000 (equivalent to US$1,219513) into the Islands, of which CI$500,000 (equivalent to CI$609,575) must be in developed real estate in Grand Cayman.
  • You must also have an ongoing source of income equivalent to CI$120,000 (US$146,342) per year (without needing to work on the Island) or hold an account with a regulated bank or institution on the Island with a minimum deposit of at least CI$400,000 (US$487,805). This can be held in stocks or cash.
  • If you prefer to live in Cayman Brac or Little Cayman, the same requirements apply, however, the financial threshold is lower. You must invest CI$500,000 (US$609,757) of which at least CI$250,000 (US$304,900) must be in developed real estate on the relevant island.

As with an application to reside in Grand Cayman, you are required to have an ongoing source of income without needing to work in the Islands. However, the income threshold is lower, and it is currently set at CI$75,000 per annum (US$91,500) or a minimum deposit held in a regulated bank or institution on Island of at least CI$400,000 (US$487,805).

What about my spouse and/or children?

When making your application for a Certificate of Independent Means, you can add your spouse and/or any dependent children to your application. If the certificate is approved, then they will be granted residence in their capacity as your dependent without the right to work.

What is the lifetime certificate?

The benefit of holding a lifetime certificate is that within 5 years of holding the certificate you are allowed to make an application for naturalization as a British Overseas Territory Citizen and ultimately you can apply for the right to be Caymanian. Once you are naturalized as a British Overseas Territory Citizen you are entitled to hold a Cayman Islands passport and be registered as a British Citizen

How do I qualify for a lifetime certificate?

To qualify for a lifetime certificate, you must meet the criteria for a ‘term’ certificate but your investment in the Islands is increased to a minimum of CI$2,000,000 (US$2,439,024) in developed real estate in the Islands

Again, you must demonstrate that you have sufficient financial resources to maintain yourself and your dependants, however, there is no specific annual income required with this option.

What is Probate and Letters of Administration?

When a person dies and leaves an estate somebody has to deal with the estate (this includes money, property, and other possessions) by collecting all the estate, paying any debts, and distributing the estate to those persons entitled to it.

What does the term “Probate” or “Administration” mean?

The issuing of a legal document called a Grant to one or more persons authorizing them to deal with a deceased person’s estate. A grant of probate is issued where a will is left by the deceased and the will is proven to the satisfaction of a judge to be a valid will.

A grant of Letters of Administration is issued by a judge where no will has been left. These are issued to the person or persons who are entitled according to the Succession Act of the Cayman Islands to benefit from the deceased person’s estate

Why is a Grant of Probate & Letters of Administration necessary?

Persons or organizations holding money or other assets in the deceased’s name will need to know who will be entitled to it and the grant is proof that the person named in it has a legal entitlement as executor or administrator.

The grant serves as proof to anyone wishing to see it that the person named in it is entitled to collect and distribute the estate.

Who is entitled to a grant?

The Rules that govern the administration of estates in the Cayman Islands are the Probate and Administration Rules.

  • If there is a will with named executors, they are the first persons entitled to a grant.
  • If there are no executors, the next person(s) entitled to a grant is any person named in the will to whom the deceased leaves all his estate (or the remainder after the gifts have been paid).
  • If the deceased has not made a valid will, then the application for a grant should be made by his or her next of kin in the following order of priority:
    • Husband or Wife
    • Sons or daughters
    • Parents
    • Brothers or Sisters of the whole blood (the deceased’s brothers or sisters)
    • If there are no brothers or sisters of the whole blood then brothers and sisters of the half blood.
    • More distant relatives
Peter Mcloughlin

Peter Mcloughlin

M: 1 345 3267345

E: peter@pmc345.com

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