The Cayman Islands have four options for residency by way of independent means. Based on your statement below, you may prefer either the residency certificate or the certificate of permanent residence. With the residency certificate, you have the right to reside here for 25 years, and the prescribed investment amount is the lowest of all four categories of residency. With the certificate of permanent residence, you must invest a bit more ($2 million), there is no cap on the number of years of residency. You have the option of applying for a work permit (if you change your mind on that point) and end up wishing to do so. You mentioned that the direct investment option requires you to work, but that is not the case. That category merely requires you to invest at least $1 million in an "employee-generating business." It need not be your own business. You could invest in someone else's business (here on the islands, of course).
Does the Cayman Islands have a passive investment program to establish residency?
I am interested in relocating to the Cayman Islands but don't want to take an active role in a business, which is required for the direct investment route. Please advise.
Not exactly, but the only other option for residency (aside from one which requires a corresponding real estate investment) would be to obtain a 25-year residency certificate by way of establishing a substantial business presence. This would require the applicant to first incorporate a Cayman Islands exempted company (of which the applicant could be the sole shareholder and sole director) for the purposes of conducting business of their choice outside the islands. The business of the company could be as wide as possible and in fact could be something as simple as financial investment of the applicant's own money in global markets or exchanges. Once the exempted company has been incorporated, the applicant would be eligible to submit an application for a residency certificate seeking approval to work within that exempted company in a senior management capacity (defined as attracting a minimum annual work permit fee of $25,519). Once the residency certificate is granted (and any dependent spouse or children have also been approved as long-term residents), the applicant would be required to maintain the exempted company and pay the work permit fee (and any dependant fees) annually thereafter. I should add that there is no requirement to keep the residency certificate for the full 25 years and if, for example, after five years the applicant no longer has any requirement for the residency certificate (or wishes to progress to permanent residency), it can be renounced and the company wound up with no further annual fees falling due. The fees and disbursements for incorporating and maintaining an exempted company are low.