Every year, more and more foreigners apply for residency in the Cayman Islands. This British overseas territory attracts entrepreneurs with tax benefits, high economic and legal stability. Learn more about the peculiarities of the procedure for obtaining Cayman Islands residency in 2024

The choice of residence is determined by many factors. For example, living in the European Union can provide access to “golden visa” programs based on investments in countries such as Portugal, Spain, Greece or Cyprus. This opens up opportunities for obtaining a stable residency status with certain tax advantages.

At the same time, considering alternative options, the Cayman Islands are famous for their tax haven, where you can obtain residency with the benefits of minimizing the tax burden. This is an attractive option for those seeking to reduce their tax costs and gain access to high-quality services.

Benefits of residency in the Cayman Islands in 2024

Thanks to its natural beauty, excellent infrastructure and legal services, high level of tax favorability and attractive living opportunities, the Cayman Islands are a great place to consider as a second residence.

Let's take a look at the main advantages of living in the Cayman Islands:

Favorable tax regime

The Cayman Islands are attracting the attention of offshore companies due to their tax policy: there is no income, property or company tax. Therefore, moving here, obtaining a residence permit and becoming a tax resident, reducing your tax burden to a minimum, becomes quite realistic.

Caribbean lifestyle

The Cayman Islands is an incredibly attractive country with beautiful island landscapes. It has a warm climate throughout the year, making it an ideal place to relax and escape from the long winter.

These islands attract many wealthy vacationers and expats, so the services here are oriented towards a refined taste. There are high-quality private hospitals, schools, and excellent local shops, restaurants, and entertainment venues.

Compared to other remote islands such as Vanuatu, traveling to the Cayman Islands is quite easy. They are just an hour's flight from Miami.

The islands have two international airports, which makes traveling to the Cayman Islands and back to the US or Canada very convenient. There is no need to worry about long and complicated flights: here you are always close to world centers.

Status as a British Overseas Territory

The Cayman Islands, as a British Overseas Territory, guarantees residents and citizens extraordinary political, economic and legal stability, which is rare in such jurisdictions.

It offers highly developed medical, educational and other world-class infrastructure. The currency, which is pegged to the US dollar, is very stable, and the local authorities take care of protecting the assets of citizens and residents.

The legal system on the islands is also strong and stable. Despite the time change, you won't have to deal with the bureaucracy that is typical for other parts of the Caribbean.

Thanks to the Cayman Islands' favorable tax regime, this stability has attracted numerous banks and Fortune 500 companies to choose the islands as their base of operations, confirming the islands' reputation as an attractive place for business and wealth.

How to get a residence permit in the Cayman Islands?

If you are dreaming of moving to the Cayman Islands, there is good news: the procedure for obtaining residency here is quite simple, although it is costly. Usually, the cost exceeds USD 1 million.

The most popular ways to obtain a residence permit include setting up a company on the islands or investing in real estate. The value of the real estate must be at least USD 1.2 million, or even USD 2.4 million if your goal is to obtain citizenship.

Obtaining a residence permit opens the way to naturalization and citizenship, which makes this process attractive for those who wish to become a resident of the Cayman Islands.

Residence permit through real estate investment

The first investment option of USD 1.2 million entitles the holder to a residence permit for 25 years, with low requirements for physical presence on the islands.

The second option of investing USD 2.4 million in local real estate opens up more opportunities, including permanent residence and the right to work. After five years, you can apply for naturalization and receive a British Overseas Territory passport.

As a British Overseas Territories citizen, you will have visa-free access to 150 countries and can visit the United Kingdom for up to six months without a visa. However, this status does not guarantee an automatic right to live or work in the UK.

Real estate in the Cayman Islands is not subject to annual tax or capital gains, and also allows you to purchase more than one property to achieve the amount of investment. The Cayman Islands regime is more lenient than other residency for investment programs and allows you to rent out the acquired property without paying tourist tax.

In case of purchase of real estate, a seller's commission of 0.45% of the purchase price and a state fee of USD 1000 are provided.

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Residency by establishing a company in the Cayman Islands 2024

Establishing a company in the Cayman Islands is an attractive option for those who value simplicity and tax advantages. The company formation process takes approximately five weeks and does not require personal presence on the islands. The one-time costs of setting up a company start at USD 15,000, including legal and registration fees.

Establishing a company in the Cayman Islands allows you to obtain permanent residence, which can lead to citizenship in the future. One of the main advantages is the absence of direct taxation on the islands - there is no corporate tax, income tax or capital gains tax.

The Cayman legal system is based on British law and is internationally recognized, making it reliable for business. In addition, the infrastructure on the islands is world-class.

Owners of companies in the Cayman Islands are not required to spend time on the islands, but have the opportunity to obtain permanent residence and tax advantages that create a favorable environment for business and investment.

Depending on the needs, different types of business structures can be created, which allows you to choose the best option for doing business and achieving business goals internationally.

Residence in the Cayman Islands through a business presence

Obtaining a residence permit in the Cayman Islands through a substantial business presence is an attractive option for investors and executives. This status allows you to obtain a 25-year renewable residence permit and the right to work on the islands.

In order to obtain the status of substantial business presence, you must hold at least 10% of the shares of a company operating in certain industries, including financial and legal services. It is also possible to obtain this status if you work in a senior management position in the relevant company.

However, in order to maintain this status, you must intend to reside in the islands for at least 90 days a year. The cost of obtaining a residence permit includes a fee of USD 1,220 for application and USD 6,100 for activation.

For each family member applying for a residence permit, an additional USD 1,200 must be paid for maintenance, as well as annual work permit fees, which depend on the industry and employment opportunities.

Obtaining Cayman Islands Citizenship 2024

To obtain the citizenship of the British Overseas Territories in the Cayman Islands, you must first obtain permanent residence. To do so, you must meet several qualifications, including residing on the islands for the majority of the last five years, not leaving the islands for more than 90 days at a time, and having no criminal record.

If you meet these requirements and have lived in the Cayman Islands for 5 years with a permanent presence, you will be eligible to apply for citizenship by naturalization. However, it is worth remembering that this process can be costly, depending on the chosen path and individual circumstances.

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Daria Rogova, Head of Insurance at Visit World

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