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If you are investing in property in the islands and wish to reside in Cayman without being employed, it will be necessary for you to apply for residency. There are two stages to achieving residency; stage one - Initial residency and stage two - Permanent residency.
The requirements for residency include an investment of approximately US$180,000 in real estate and a one-off fee of US$18,000. A clean police record, good bank and personal references as well as evidence of sufficient financial means are also required.
Applications must be made to the Chief Immigration Officer for initial residency before applying for permanent residency. Initial residency will only be granted to someone who appears to have the correct status for receiving permanent residency. Once the first stage of residency has been granted, it will need to be renewed every six months until you become a permanent resident.
Permanent residency allows unrestricted time in Cayman, however you will not be entitled to work on the islands.
After having permanent residency for two years, you may apply for a work permit, which will allow you to work on island. Your application will be reviewed by the Cayman Immigration Board who will take into consideration your involvement in the community.
Permission to work is usually restricted to a specific occupation.
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