As a result of all of these tax advantages, the Cayman Islands have not only become a tax haven for wealthy individuals and a preferred base of operations for hedge funds. This is because the Cayman Islands are a tax haven for wealthy individuals, and hedge funds prefer to base their operations there. Offshore corporations pay licensing fees to the government of the Cayman Islands rather than taxes. This arrangement is almost always significantly more cost-effective than paying the corporate tax rate in the United States or many other countries worldwide.

How To Qualify For Resident Status In The Cayman Islands

The Cayman Islands may be completed in a relatively short amount of time. On the other hand, it is not an affordable option. The process of acquiring citizenship by investing in other tax havens in the Caribbean, such as St. Kitts and Nevis or Dominica, is just as uncomplicated but far more cost-effective. On the other hand, these other tax havens don't have the same culture or facilities as the Cayman Islands. The Cayman Islands could be a good option if money is not an issue, but if it is, you should probably look elsewhere.

Permissions Temporarily

A person of independent means must submit an application for a temporary residence permit valid for up to 25 years to meet the requirements for Cayman Islands residency. Although arriving in the Cayman Islands with a work permit obtained by a sponsoring company, which enables you to live in the Cayman Islands legally for the eight years required to be able to apply for residency, is the least expensive route and is, in theory possible, it is a lot harder than dropping a tonne of money to have the red carpet rolled out for you. If you want to legally live in the Cayman Islands for the eight years required to be able to apply for residency, you will need ( see the discussion of the Global Corporate Citizen Program below).

The Process Of Applying For A Work Permit

However, if you don't mind living on Little Cayman or Cayman Brac rather than Grand Cayman, you can get by just proving that you have an income. After this, the application process is straightforward to complete if you meet the requirements, do so:

1. Fill out the application form and pay the application fee of $500 CI.
2. If accepted, pay 100,000 CI for the permit to be issued.
3. Pay an additional $1,000 CI each year to keep it active.

Investment Certificates

You have the option of seeking a Certificate of Direct Investment if you wish to be able to make money inside the jurisdiction of the Caymans while still being a resident there. This will allow you to earn money legally. Anyone who is willing to invest one million Caymanian dollars (CI) into the development of a business in the Cayman Islands that creates jobs, and who is also willing to run that business, and who can demonstrate prior competence in managing businesses of the exact nature, is eligible for this certificate. The Chief Immigration Officer will, as part of their review of the application, determine whether or not a physical presence for the business has been established in the islands through the purchase or lease of commercial real estate.

Global Citizen Concierge (Gccp)

If you are employed in a location other than the Cayman Islands and have the financial means to work remotely, you may be eligible for the Global Citizen Concierge Program. This program enables individuals who have the financial means to relocate and live in the Cayman Islands for up to two years if employed in a location other than the Cayman Islands and can work remotely.

Utilization Of The Global Citizen Concierge Program

However, it is essential to be aware that time spent in the Cayman Islands as part of the Global Citizen Concierge Program does not contribute toward permanent residence in the Cayman Islands. You should consider applying for the Global Corporate Citizen Program if you want your time spent in the Cayman Islands to have the potential of counting toward permanent residence and citizenship in the Cayman Islands.

Citizenship

The Cayman Islands are a British Overseas Territory with its own self-government (BOT). As a result, it does not have specific citizenship; instead, it has citizenship shared by all of these territories, known as British Overseas Territory Citizenship (BOTC). It is possible to have BOTC without holding the status of being Caymanian and vice versa. Being Caymanian and possessing BOTC are two separate and independent statuses. Anyone who has been living in the Cayman Islands for a minimum of eight years may apply for permanent residence.