In the first instance, the certificate of permanent residence can only be granted without the right to work. Immediately upon its grant and payment of the $100,000 Cayman Islands dollar fee, an application to vary the certificate can be submitted for a fee of $500 plus the annual equivalent work permit fee in the sought category of employment. The holder could obtain the work permit for the purposes of being employed by an existing business. Alternatively, the holder could incorporate an exempted or ordinary resident company (provided that various other conditions are met) and obtain a work permit to work for their own company. Bespoke advice would be required for any of these options.
What are the conditions of employment for applicants under the certificate of permanent residence for persons of independent means of the Cayman Islands?
My wife and I would like to make a substantial investment in real estate in the Cayman Islands in order to obtain permanent residency. However, we are not quite clear about how to apply for working permit under this route. What are the requirements for granting a working permit?
The Cayman Islands has four types of investment-based residency options. Three of them allow you to apply for the right to work. This is different from an application for a work permit (which applies to persons who come solely to work without an intention necessarily to invest). An application for the right to work is made at the time you apply for the relevant category of investment-based residency, and it requires you simply to present to the Immigration Board a valid and persuasive argument supporting your desire to work. The board will consider the type of work you wish to do, the number of people already employed in that area, the benefit to the Cayman Islands, etc. Although you asked only about the method of applying for a work permit, I set out below for the sake of completeness some details of the investment-based and work residency categories. 1. Certificate of permanent residency for persons of independent means. (This grants no automatic right to work, but you can apply for a variation of your certificate which, if approved, would give you the right to work. Also, you would have to make an investment of at least $2 million KYD in developed real estate in the Cayman Islands). 2. Certificate of direct investment. (This allows you to reside in the Cayman Islands for 25 years, with a discretionary renewal. You may work in the business which you launched in the Cayman Islands, and work at an occupation that has been approved by the chief immigration officer. You would have to apply for a local company (control) law license, which generally means that a Caymanian would have to own 60 percent of the company. Lastly, you would have to make an investment of at least $1 million KYD in an employee-generating business.) 3. Business certificate, substantial business presence. (This allows you to reside for the duration of your certificate, which is determined by the board. As is the case for the certificate of direct investment category, you may work in the business which you launched in the Cayman Islands, and work at an occupation that has been approved by the CIO.) Note that there is a fourth category, which is a certificate of permanent residency for persons of independent means. It does not offer the right to work but does offer permanent residency for a period of 25 years (renewable at the discretion of the board). This option requires a continuous income of KYD $120,000 per year or a deposit of KYD $500,000 in a Cayman Islands bank and an investment of KYD $1 million in the Cayman Islands (at least half of which must be in developed real estate). This is called the residency certificate for persons of independent means. Also note also that the application fees for each of the above categories doesn't differ much (it is either $500 or $1,000) but the issuance of the certificate of PR itself ranges between $5,000 and $100,000.