Given the rapid pace of development, Cayman has seen its population grow from 10,000 to more than 60,000 in the last forty years. In order to manage the growth of the permanent population, certain controls are placed on the ability of foreign nationals seeking to live and work in the Cayman Islands. Generally speaking persons seeking to be employed in Cayman who are not Caymanian must possess a work permit and this can not be renewed subject to certain exceptions after seven years. Persons seeking to remain past seven years must satisfy criteria which tend to demonstrate a commitment to the Islands long term and specifically encourage the purchase of real estate.
Individuals who simply wish to enjoy life in the Islands without needing to work can benefit from a Residency Certificate for Persons of Independent Means which will permit holders and their dependants the ability to live in the Cayman Islands for 25 years with the certificate being renewable thereafter. Such individuals are actively encouraged to come to and remain here by Government policy. Of the criteria required in order to qualify, is the acquisition of real estate holdings in the Cayman Islands of the minimum prescribed value.
Controls on foreign nationals who are investing in the Islands and will not be competing for employment with qualified Caymanians are minimal and the presence of such individuals is actively encouraged.
Note: The information above is provided for guidance, and decisions will be made on each individual case by the Immigration authorities acting under the powers granted by the Immigration Law, 2007 Revision. Should you require any specific guidance, please do not hesitate to call Michael Joseph.
