The Cayman Islands have always been a popular destination for real estate investment and the Cayman real estate market is thriving. Historically, we have many new residents and investors who are retired or semi-retired looking for a safe, secure and warm place to relocate. Due to our close proximity to the US, as well as the number of direct flights into Grand Cayman from the US, Canada and the UK, we also see families moving here for similar reasons. These families can be based here but still leave for business meetings and be back for the weekend and in some cases the same day. Add in the substance law, which requires companies, including many family offices, to have a physical presence in the Cayman Islands, and we are seeing more people relocating to our islands.
But the desire to move or invest in a second home has been substantially increasing since the Spring of this year. The global pandemic, subsequent rising taxes, political unrest and growing income uncertainty have impelled many people to seek sanctuary in countries like the Cayman Islands which tout no taxes, a sound economic and financial structure, stable government, first-rate healthcare system, excellent schools offering US, UK and international based education models, first-rate communication services, and the clean environment, all leading to one of the highest standards of living in the Caribbean.
I’m often asked, “how can I move to Cayman Islands?” so I thought I’d take this opportunity to outline three options that are available; two of which are directly related to residency options that are satisfied through the investment of purchasing real estate.
The Government offers two residency options for individuals who purchase real estate in the Cayman Islands.
First is the Residency Certificate for Persons of Independent Means which is valid for 25 years and enables individuals and dependents to reside in Cayman without the right to work. Individuals must invest a minimum of US$1.2 million of which at least half must be in developed residential real estate in Grand Cayman.
The second is the Certificate of Permanent Residence for Persons of Independent Means wherein the holder and qualifying dependents have lifetime rights to reside in the Cayman Islands without the right to work. Individuals must invest a minimum of US$2.4 million in developed real estate in the Cayman Islands. This option also offers a path to naturalization as a British Overseas Territories Citizen once the applicant has been legally and ordinarily a resident in the Cayman Islands for five years.
With respect to the two residency options above, there are other requirements which must also be met, which I can easily walk you through if this is of interest.
Additionally, the Cayman Islands recently announced Global Citizen Concierge which allows persons who are employed outside of the Cayman Islands with the financial independence to live and work remotely in the Cayman Islands for up to 2 years. Applicants must make a minimum income of US$100,000 annually, if applying as an individual or a minimum income of US$150,000 annually, if applying with an accompanying spouse/civil partner. For more information on this program please visit the following website https://www.visitcaymanislands.com/en-ca/global-citizen-concierge/about-the-program which contains a wealth of information. If your bags are packed and you are ready to make the move, here is the actual application for this program https://ourcayman.formstack.com/workflows/gcc_application.
At the Bovell Team, we pride ourselves by helping our customers every step of the way not only with their real estate transaction but with many aspects that surround the purchase of property in the Cayman Islands including immigration, banking, schools, healthcare, mortgages, travel, temporary accommodations, shipping and all the way down to suggesting some great restaurants and beaches. So give me a call at +1 345 945 4000 or drop me an email at email@example.com with any questions about how you could make the move and call the Cayman Islands home.