what is Residency Certificate for Persons of Independent?
The Residency Certificate for Persons of Independent Means issued by the Cayman Islands is valid for a period of twenty-five years. The Certificate can be renewed upon expiry at the discretion of the Chief Immigration Officer. This certificate entitles the applicant to permanent residence without the right to work.
Eligibility: Residency Certificate for Persons
The applicant should:
- Not be less than 18 years old, and
- Have a clean character without any serious criminal convictions, and
- Be in good health, and
- Have adequate health insurance cover, and
- Have stable finances with continuous source of annual income of prescribed value.
- Meet the minimum investment requirements mandated by the law.
Investment Requirement: Residency Certificate for Persons
An investor seeking permanent residence in the Grand Cayman should fulfill the following conditions:
- Minimum annual income of CI$120,000, and
- Investment of CI$500,000 in Grand Cayman. Out of this amount, the investor should invest not less than CI$250,000 in developed residential real estate.
An investor seeking permanent residence in Cayman Brac or Little Cayman should fulfill the following conditions:
- Minimum annual income of CI$75,000, and
- Investment of CI$250,000 in Grand Cayman. Out of this amount, the investor should invest not less than CI$175,000 in developed residential real estate.
Approval of the Certificate depends on the satisfaction of the Chief Immigration Officer as to the financial stability and continuous income of the immigrant.
Application Process: Residency Certificate for Persons
- Submit the completed application form with all necessary documents to the Chief Immigration Officer at the Department of Immigration.
- The Officer shall review the form and the applicant may be required to submit additional information as required.
- Upon fulfillment of all the requirements, the Certificate of Residence Permit will be issued.
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: Residency Certificate for Persons
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: Residency Certificate for Persons
The Residency Certificate for Persons of Independent Means may be revoked if:
- The holder of the Certificate does not maintain the requirements related to financial standing and continuous income, or
- The holder of the Certificate does not fulfill the minimum residence requirement of thirty days of physical presence in a calendar year, or
- 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: Residency Certificate for Persons
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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