Residency Certificate (Substantial Business Presence)
The Substantial Business Presence Residency Certificate allows the investor to reside in Cayman Islands and work in business(es) where he or she has made substantial investments or where he or she is employed in a senior management capacity. The Permit is valid for a period of twenty-five years and can be renewed upon expiry at the discretion of the Chief Immigration Officer.
Eligibility: Residency Certificate
- Fulfillment requirements related to substantial business presence or employment in senior management capacity.
- The applicant must intend to be a legal and ordinary resident of the Islands for a period of at least 90 days in a calendar year.
- 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: Residency Certificate
The investor must fulfill the following conditions:
- Own or propose to own at least 10% of the shares in a business in the Islands that is included in the list of approved businesses. The list of approved businesses include:
- Fund administration
- Brokerage services
- Investment and fund management services
- Financial trading (including foreign exchange, securities and derivatives)
- Captive insurance or reinsurance management services
- Reinsurance underwriting
- Investment banking
- Actuarial services
- Insurance claims management
- Family office
- Hedge fund incubation
- Any company registered as an exempted company under section 164 of the Companies Law (2011 Revision).
- Through such business, the investor should have establish or seek to establish a substantial business presence in the Cayman Islands. The Chief Immigration Officer shall consider the following factors when ascertaining whether the substantial business presence requirement has been fulfilled.
- Whether the business has a physical presence in the Islands through purchase or lease of commercial real estate, and
- Whether the business employs or will employ not less than four full-time employees. The employees should be legal and ordinary residents for not less than nine months in a calendar year.
- Alternately, the investor should prove to the satisfaction of the Chief Immigration Officer that he is or will be employed in a senior management capacity in an approved business. An occupation attracting an annual work permit fee of not less than CI$20,925 will be considered as a senior management position.
Application Process: Residency Certificate
- Submit the completed application form with all necessary documents to the Chief Immigration Officer at the Department of Immigration.
- Provide satisfactory proof of shareholding in an approved business category and completion of all licensing requirements. If this requirement is ongoing, then the Officer may issue an Approval-in-Principle Residency Certificate (Substantial Business Presence). This certificate will be valid for six months.
- The Officer shall review the form and require the applicant to submit additional information.
- Upon completion of all eligibility requirements, receipt of additional information, and proof of payment of requisite fees, the Chief Immigration Officer may issue the Residency Certificate (Substantial Business Presence) will be issued.
- This Certificate is valid for a period of 25 years.
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 will cease after a period of one year from the date of death of the investor or dissolution of the marriage with the investor. However, the cessation will not take place if the surviving or former spouse fulfills either of the condition given below:
- Demonstrate support for self and dependent children without seeking gainful employment in the Islands, or
- Obtain permission to remain under any other Immigration category.
The surviving or former spouse is free to apply for Permanent Residence in his or her own name subject to fulfillment of all eligibility conditions.
Family Members: Residency Certificate
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
The right to reside granted by the Residency Certificate (Substantial Business Presence) may be revoked if:
- Revocation or non-renewal of required license results in loss of ability to operate or work in the business regarding which the Certificate has been issued.
- The investor did not physically reside in the Islands for the prescribed minimum of 90 days in a calendar year.
- The business in relation to which the Certificate was issued has ceased to exist.
- The investor ceases to comply with the eligibility requirements.
- The holder of the certificate did not pay the required fees in respect of self or dependents within 30 days of the due date.
- 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
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 Officer. The Certificate must confirm:
- Revocation or loss of license has not led to loss of permission to operate or work in the business.
- The investor was physically resident in the Islands for not less than 90 days in the preceding calendar year.
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