CAYMAN ISLAND

Name of country

  • CAYMAN ISLAND

Region

  • Caribbean, three-island group (Grand Cayman, Cayman Brac, Little Cayman) in Caribbean Sea, 240 km south of Cuba and 268 km northwest of Jamaica

Population

  • 63,131 (July 2021 est.)

note: most of the population lives on Grand Cayman

General Introduction

  • If you have independent means or are a qualified business investor, obtaining permanent residency in the Cayman Islands can be a simple process.

Provenance Properties, the Cayman Islands' official Christie's Real Estate affiliate, can assist you in finding a home if you are seeking permanent residency in this thriving British Overseas Territory. With four residency certificate options, a growing number of discerning individuals are now living and working in one of the world's top ten financial centres.

Wifi Speed

  • Cayman offers the fastest internet speeds in the Caribbean with average speeds of 16.12Mbps across all three islands – not far off the UK average of 22.37Mbps.

Electrical outlet

  • On the Cayman Islands the power plugs and sockets are of type A and B. The standard voltage is 120 V and the standard frequency is 60 Hz.

Per Capita GDP 

Real GDP per capita

  • $73,600 note: data are in 2017 dollars (2019 est.)
  • $71,800 note: data are in 2017 dollars (2018 est.)
  • $69,573 (2017 est.)

Climate

  • tropical marine; warm, rainy summers (May to October) and cool, relatively dry winters (November to April)

Citizenship-by-Investment

  • The Cayman Islands have a permanent residency program that includes a path to eventual naturalization and citizenship. The Cayman Islands have no corporation, income, capital gains, inheritance, or sales taxes, making the program appealing to investors looking for a tax-efficient residence.

Investment and Requirements

Certificate of Permanent Residency for Persons of Independent Means 

  • Persons who invest a minimum of two million Cayman Islands’ Dollars in developed real estate in the Cayman Islands may apply for a Certificate of Permanent Residence for Persons of Independent Means. As the Certificate title denotes, a holder has the right to reside indefinitely in the Cayman Islands.
  • A holder will also have the option of seeking naturalization as a British Overseas Territories Citizen and, thereafter, the right to be Caymanian.
  • A holder and his spouse may also have their permission to remain varied to allow the right to work in the Cayman Islands.

Residency Certificate for Persons of Independent Means 

  • This is for persons who wish to reside long-term in the Cayman Islands without the right to work. Applicants will be required to demonstrate that they have invested a prescribed minimum amount in developed real estate in the Islands and that they meet certain financial standing requirements.
  • A successful applicant will be granted permission to reside in the Islands for a period of 25 years (renewable).
  • 1M Investment
  • Annual Income of 120K CI
  • 400,000 CI In local bank

Certificate of Direct Investment 

  • The Certificate of Direct Investment is for persons who invest, or propose to invest, a minimum prescribed amount in a licensed employment generating business in the Cayman Islands and in which he/she will exercise substantial management control.
  • An applicant must demonstrate a substantial business track record or an entrepreneurial background, including specific professional, technical and other knowledge relevant and necessary to carry on the business.
  • 1 M in an employment generating business

Residency Certificate (Substantial Business Presence)

  • This  is for persons who invest in, or who are employed in a senior management capacity within, an approved category of business in the Cayman Islands.
  • A successful applicant is granted a Residency Certificate valid for 25 years (renewable) which entitles him to reside in the Islands and to work in the business in which he has invested or is employed in a senior management capacity.
  •  Varies based on business investment; limited-status

Processing Time

  • Between 4 to 5 months.

Key Benefits

  • No restriction on foreign ownership of land
  • No direct taxation in the form of corporate, capital gains, inheritance, personal income or recurring property taxes
  • Convenient location with nonstop flights to London Heathrow and major North American cities, including a 70-minute flight to Miami
  • A sophisticated infrastructure with modern hospitals, reliable telecommunications, quality education and an extensive paved road network
  • Strong and stable economy
  • An estimated 3.2% growth in 2019 (GDP)
  • Stable, democratic government and a Governor appointed by the UK monarchy
  • Low crime rate thanks to a well-established police force
  • Judicial system based on English common law with the UK’s Privy Council serving as the highest court of appeal
  • High-quality shops, services, hotels and restaurants
  • Friendly, welcoming and educated population

Natural Resources

  • fish, climate and beaches that foster tourism

Ethnic Groups

  • mixed 40%, White 20%, African descent 20%, expatriates of various ethnic groups 20%

Languages

  • English (official) 90.9%, Spanish 4%, Filipino 3.3%, other 1.7%, unspecified 0.1% (2010 est.)

Religion

  • Protestant 67.8% (includes Church of God 22.6%, Seventh Day Adventist 9.4%, Presbyterian/United Church 8.6%, Baptist 8.3%, Pentecostal 7.1%, non-denominational 5.3%, Anglican 4.1%, Wesleyan Holiness 2.4%), Roman Catholic 14.1%, Jehovah's Witness 1.1%, other 7%, none 9.3%, unspecified 0.7% (2010 est.)

Median Age

  • total: 40.5 years
  • male: 39.7 years
  • female: 41.2 years (2020 est.)

Urbanization

  • urban population: 100% of total population (2021)
  • rate of urbanization: 1.13% annual rate of change (2020-25 est.)

 Government type

  • parliamentary democracy; self-governing overseas territory of the UK

Unemployment Rate

  • 4% (2008)
  • 4.4% (2004)

Taxes

Headline Personal Income Tax Rate (highest marginal tax rate) 

  • 0%

Headline Corporate Income Tax Rate (excluding dividend taxes)

  •  0%

Corporate - Taxes on corporate income

  • Corporate income, capital gains, payroll, or other direct taxes are not imposed on corporations in the Cayman Islands.

Individual - Taxes on personal income

  • There are no income or withholding taxes imposed on individuals in the Cayman Islands.

Import duties

  •  Import duty is paid, generally at a rate of 22% to 27%, on importation of most goods

Stamp duties

  • Stamp duty is paid, generally at a rate of 7.5%, on transfers of Cayman Islands immovable property.
  • Stamp duties also apply on legal or equitable mortgages or charges of immovable property or debentures. The stamp duty ranges from 1% to 1.5%, depending on the sum secured.

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