Things To Know Before Applying For Golden Visa Of Cayman Islands

Those who are following up on Golden Visas will know that the Caribbean region has plenty of options to consider. Most of these countries are rather generous in offering long-term residency and/or citizenship to investors – and one of them is the Cayman Islands. The Cayman Islands is an autonomous British Overseas Territory and is a haven for several international businesses and families, all thanks to its tax system. It comes with a high cost of living, the highest quality of life in the region, and an excellent business-friendly environment.

The Cayman Islands are a favorite among the wealthy. What you need to know, however, is the route to availing of its maximum benefits. The islands operate their Golden Visa scheme, which is incidentally among the most expensive such schemes in the world. Yet, the benefits accrued thereunder are worth the cost. There is one catch, though, and that is the scheme won’t lead to the automatic acquisition of citizenship but will make it easier to do so. 

The Investment Requirement

Being an expensive affair, you should be really thorough about what and where you will be spending money on. Under the Cayman Islands’ Scheme, you are required to make a minimum of USD 2.5 million in real estate. Alongside this, you will be levied a fee of USD 1,220 for every dependent you include in the application. The said fee is levied annually. There are also other routes where you can become eligible for the Golden Visa Program. These include direct investment in a locally registered business, ownership of at least 10 percent shares in the pre-approved business industry, and residency for persons of independent means.

What other conditions must be fulfilled

A set of eligibility conditions will have to be met. These conditions include the following: 

• • The applicant must be a minimum of 18 years old. 
  • The applicant must have invested a minimum of USD 2.5 million in real estate. 
  • It is essential to come with a clean criminal record; the same applies to family members if added to the application. 
  • The applicant must be in good health, and so should the family members, if added. 
  • It is mandatory in the scheme to show and maintain the requisite investment levels. The applicant must be able to furnish documentary proof that he/she has the right resources to sustain themselves and their family members in the country. 

Checklist of documents

It must have become evident from the eligibility criteria that the applicant may have to submit a slew of documents as part of the process. The authorities require the applicant to submit a cover letter explaining why they want to apply to the scheme, proof of payment of application fees, certified copies of their passport, a certified copy of their birth certificate, a police clearance certificate indicating no criminal record, several photographs, a medical report, and proof of finances. If you have added family members to the application, you will have to submit documents for the respective member. 

A general idea of the process

I will give you a general idea of how to go about the application process. You will need to check the eligibility criteria. Upon their successful qualification, you can initiate the process. Then, find out a real estate property in the Cayman Islands that you can purchase. Collect all the necessary documents and apply for the visa under the scheme. The application will have to be submitted to the Chief Immigration officer of the Department of Immigration. Upon a due diligence check, if your application is approved, you will be issued a residency card. The scheme grants you a permanent residency card. Note that to work in the country, you may have to apply separately for another certificate. 

What benefits should you expect?

There are several benefits one will get through the scheme. These benefits include zero or minimal taxes such as no income tax or company taxes, the option to own a real estate property on the Islands, enjoy a classy and comfortable lifestyle the Islands are known for, easy access to many major countries in the world, very pleasant climatic conditions, political stability, and reliable legal system.

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