The highly anticipated details of Cayman’s digital nomad program have been announced.
We’ve read the government regulations, listened to the Cayman Islands Department of Tourism webinar, and spoken to Cayman’s immigration expert Nick Joseph.
Here’s what you need to know:
Cayman’s Global Citizen Concierge Program
The Global Citizen Concierge Program is an initiative which allows individuals who are employed outside of the Cayman Islands with the financial independence to work remotely, to relocate and live in the Cayman Islands for up to 24 months.
Cited as the Global Citizen Exemption, the regulations were gazette on October 16th 2020, under the immigration transition law and will have effect until on November 30th, 2023.
Who qualifies for Cayman’s Global Citizen certification?
Individuals who can provide proof of employment, with the ability to work remotely, and meet the minimum annual salary requirements.
- Individuals earning an annual income of US$100,000
- Couples earning a combined income of US$150,000
- Families with an annual income of US$180,000
Applicants and dependents must have current health insurance, and be able to provide a notarized bank reference as well as a police clearance from their country of origin.
How do you apply for Cayman’s Global Citizen certification?
Applications will be reviewed and granted by Workforce Opportunities and Residency Cayman in conjunction with the Cayman Islands Border Control. The deadline to apply is October 31st, 2021.
Application Form: https://ourcayman.formstack.com/workflows/gcc_application
Email: [email protected]
The application fee is US$1,469 per annum for an applicant and spouse, with a 7% credit card processing fee. There is an additional charge of US$500 for each dependent.
The maximum period of residency under the Cayman Global Citizen certification is two years. The first-year fee is due upon application submission, and the subsequent annual fee is due on or before the first year expiration.
Cayman’s Global Citizen Bylaws
The regulations stipulation that the digital nomad must be present in the Cayman Islands for a minimum of 90 days in the year and can not provide goods or services to any person or entity within the Cayman Islands.
Cayman’s global citizen certification can be terminated upon the loss of employment, conviction of a criminal offence, or due to a communicable disease or severe mental illness. The Cayman government can also revoke the certification if the digital nomad fails to comply with any of the program regulations.
Impact on the Cayman economy and property market
Enticing financially independent, remote workers to Cayman, will stimulate the economy without affecting the local job market. The program is fantastic, long-awaited news for local businesses and landlords, as the remote workers will need accommodation, transportation, food and other necessities, as well as entertainment.
The Cayman property market will see an increased demand for long term rental units, reinvigorating the price of rentals since our border closure. There is also no stipulation against a global citizen purchasing property, so we anticipate an influx of buyers interested in affordable to midrange single-family homes.
Our Advice: Capitalize on the influx
For many overseas remote workers, this will be a straightforward and cost-effective way to dip a toe into all that Cayman has to offer. They will arrive on the island looking for ocean views and beachside living, so short-term vacation property owners should consider putting their property in the long-term rental pool. This will allow landlords to secure reliable income while the demand for long term rentals is high, and the borders remain closed.
Similarly, the wait is over for property owners who have been unsure of whether to sell. While individuals and families arriving as part of the Global Citizen Program are initially in Cayman temporarily, a good percentage of these will inevitably love the island and end up staying longer term. Naturally, a lot of these will want to own their own homes, and so will end up purchasing. We have seen a large increase in demand for homes in the $1 million to $3 million price bracket, so if you have a home that falls within these parameters and are considering selling, the time is right.
If you have questions about renting your property long term or listing your home for sale, please feel free to contact us.
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