What does mean Certificate of Direct Investment?
The Certificate of Direct Investment issued by the Cayman Islands is valid for 25 years. The Certificate can be renewed upon expiry at the discretion of the Chief Immigration Officer. The Certificate entitles the holder to reside and work in any business in which the holder has invested his money. The spouse and dependent children of the holder, subject to applicable rules, enjoy the right to reside but don’t have the right to work.
Eligibility: Certificate of Direct Investment
The applicant must fulfill the following eligibility requirements to qualify for an Approval-in-Principle Certificate or Certificate of Direct Investment:
- Fulfillment of the mandatory investment requirements.
- The investor must have a substantial track record of running a business. Or, he or she must have a substantial entrepreneurial background.
- The investor must show proof of availability of funds required to make the prescribed investment under his or her personal control.
- The immigrant and his or her spouse must have a good character and a clean criminal record.
- The applicant, spouse, and dependent children must be in good health and possess adequate health insurance coverage.
- The applicant must have adequate financial resources to maintain self and family in the Islands.
Investment Requirement: Certificate of Direct Investment
The investor is required to make an investment of a minimum amount of CI$1,000,000 in an employment generating business in the Cayman Islands. The investor can invest in existing venture(s) or start a new enterprise. The applicant must exercise substantial management control on the venture(s).
Further, the investor is required to submit audited financial statements and details of generation of employment arising out of the business at the end of the second and fifth year of the business. Beyond the fifth year, the investor will be required to submit the audited financial statements and details of generation of employment as and when required by the Chief Immigration Officer.
Application Process: Certificate of Direct Investment
- Submit the completed application form with all necessary documents to the Chief Immigration Officer at the Department of Immigration.
- Provide satisfactory proof of investment, business background and track record, availability of and control over funds to the Chief Immigration Officer.
- The Officer shall review the form and require the applicant to submit additional information.
- The Officer shall solicit view of the Department of Commerce and Investment and consider the same before issuing the Approval-in-Principle Certificate of Direct Investment. This Certificate is valid for a period of six months.
- The investor is required to show proof of investment and acquisition of all required licenses before the expiry of the Approval-in-Principle Certificate.
- Upon receipt of the evidence, proof of payment of requisite fees, and due consideration of the views of the Department of Commerce and Investment, the Chief Immigration Officer may issue the Certificate of Direct Investment.
- This Certificate is valid for a period of 25 years and renewable at the discretion of the authorities. This Certificate does not confer the right to obtain a license under the Local Companies (Control) Law or the Trade and Business Licensing Law.
Death of, or divorce from, the holder of Residency Certificate
In the event of death or divorce, the right of residence of the surviving or former spouse of the investor may be revoked at the discretion of the Chief Immigration Officer at the Department of Immigration.
The surviving or former spouse is free to apply for Permanent Residence in his or her own name. If such an application is made within a period of three months of the date of revocation of the Certificate, then the applicant shall have the right to continue residing in the Islands until the status of the application is determined by the Chief Immigration Officer.
Family Members: Certificate of Direct Investment
The resident permit issued by Cayman Islands covers the following family members of the investor:
- Dependent Children.
The right of dependent children to reside in the Islands shall end upon fulfillment of either condition:
- Completion of full-time tertiary education of the child, or
- Attainment of age of 24 years
Upon attaining the age of 18 years, the child of the holder of a Permanent Residence Certificate can apply for Permanent Residence in his or her own name by virtue of having been a legal and ordinary resident in the Islands for a period of not less than eight years. The applicant must fulfill all the eligibility requirements to enjoy the status of a Permanent Resident independent of his or her parent(s).
Revocation: Certificate of Direct Investment
The right to reside granted by the Certificate of Direct Investmentmay be revoked if:
- The investor does not submit audited financial statements at the prescribed intervals or when required by the Chief Immigration Officer;
- The value of the investment is not maintained by the investor and is allowed to fall below the prescribed level.
- The business or businesses of the investor cease to generate employment.
- The business license of the investor has been revoked.
- The investor has not violated the residence requirement mandating 90 days of physical presence in a calendar year.
- The investor defaults on payment of fees as prescribed for self or dependents.
- The holder violates the general provisions related to revocation as laid down in Section 38 of the Immigration Law of the Cayman Islands.
Annual Declaration: Certificate of Direct Investment
Every holder of the Certificate is required to submit an annual declaration certifying compliance with all requirements related to revocation of the Certificate. The Declaration must be submitted by 31st December to the Chief Immigration OfficerContact us to receive more information about this article.
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