The Cayman Islands government has determined fees for various applications and grants of permits; including permanent residence for those with independent means and residence for those with a “substantial business presence” in the Islands.
The details are specified in the Immigration (Amendment)(No. 3) Regulations, 2012.
The regulations set certain requirements on the new immigration category of permanent residence for those with independent means. Among those requirements are that the person being granted such a certificate, which allows them to remain in Cayman for the rest of their lives, would have to satisfy the chief immigration officer that they had invested in $1.6 million worth of developed real estate within the Islands.
There is also a quota placed on permanent residence for those with independent means of 250 such grants allowed per year. The one-time issue fee for a certificate of permanent
residence for those with independent means is set at $100,000 in the regulations. In addition, those who are granted such a certificate would have to pay a $1,000 per year fee for each dependant they bring to the Islands.
In addition to permanent residence for those with independent means, the 25-year residential certificate (not permanent residence) for those of independent means has had its income requirements lowered. People qualifying for residence in that category must now have an annual income of $120,000 [down from $150,000] and have invested at least $500,000 in Cayman [down from $750,000].
The regulations also set more ground rules for the establishment of what’s known as a substantial business presence within the Cayman Islands.
Being granted such a residency certificate under those rules requires the chief immigration officer to take into account whether the business has established an actual physical presence within the Cayman Islands and if the business employs, or will employ, four full-time employees who are legally resident within Cayman for at least nine months a year.
Approved categories of business under the substantial business presence section include: fund administration, brokerage services, investment and fund management services, investment banking, financial trading, captive insurance or reinsurance management, reinsurance underwriting, actuarial services, insurance claims management, hedge fund incubation or any company registered as an exempted company under section 164 of the Companies Law [2011 Revision].