There are few guaranteed public benefits on the island for non-Caymanians (in terms of health, unemployment coverage, etc.) other than trash collection, but even that carries a small fee each year. However, there are many benefits which the public reaps by way of community donations and involvement, thanks to philanthropists, wealthy members of the society and simply generous people. Our weekly community calendar of events published in the newspaper fills two pages. Our beaches are well kept and there are a number of children's parks as well. There four versions of permanent residency for persons of independent means. Two of them involve the grant of PR based on a direct investment/business venture. Those allow the applicant to work in the business upon which their grant was based. However, you are interested in the two PR options which are based on investment of money and/or real estate. One of those options gives no right to work at all. The other gives the applicant alone the right to work, but not the spouse. However, your spouse could be omitted from the PR grant and could, instead, apply for a work permit. That way, you could both be working (if you chose the type of PR which allowed you to apply for a variation to include working).
What public benefits, if any, can my family enjoy with Cayman Islands permanent residency?
I am interested in pursuing the permanent residency for persons of independent means route through a real estate investment. I have a wife and two children, who are both under age 5. Under this route, can my wife and I work? Can my children attend local public schools or, someday, a university? Are we entitled to any public benefits? Please advise.
The Cayman Islands are an English-speaking British Overseas Territory in the western Caribbean Sea with no income, property, estate or corporate taxes, and there are no restrictions on foreign ownership of real estate. In addition to being a major offshore financial center, the territory boasts one of the highest GDPs and standards of living in the world. It is home to a number of high net worth individuals and has one of the lowest crime rates in the Caribbean. As a person of independent means with permanent or long-term residency, you have the ability to (inter alia): invest in local businesses; own real estate; reside year-round in the Cayman Islands; enter the Cayman Islands without a return ticket; place dependent children in school; have dependent children apply for permanent residency at the age of 18; and vary your residency to add more dependents. Under certain residence categories you can obtain: the right to work; naturalization as a British Overseas Territories citizen; Cayman Islands and British passports; and the right to be Caymanian/Cayman status. As your children are quite young, if you pursue the permanent residency option for persons of independent means, you are looking at an expedited 11-year timeframe from the time you submit your application to becoming Caymanian and obtaining your right to be Caymanian (Caymanian status). The reason this is important is that you will likely become Caymanian while your children are under the age of 18 and therefore, they could be acknowledged as being Caymanian (must be under 18) and thereafter qualify for a continuation of that Caymanian status upon attaining the age of 18 provided certain (not particularly onerous) conditions are met. This could mean that they are Caymanian for life and also eligible to qualify for a scholarship to a university in the U.S./Canada/U.K., the financial benefit of which can be significant.