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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.