New immigration regulations have come into effect in the Cayman Islands that will make it easier for foreign investors, property owners and rich individuals to visit and stay in the Cayman Islands for up to six months.
In a press release issued last week, the government of the Cayman Islands announced that the new policies will now allow visitors arriving in the Cayman Islands for business purposes to stay for a maximum of 10 working days without requiring them to apply for a work permit. Additionally, individuals who own property in the Cayman Islands will be allowed to stay for up to six months upon providing proof of sufficient financial resources for the duration of their stay.
The Councilor for Tourism of the Cayman Islands, Joseph Hew, said the move will prove beneficial for the country. “Once the directive is implemented, immigration officers may grant a six month visa where the person can demonstrate they own a home in Cayman Islands where they are intending to stay during their visit, and that they are able to support themselves without the need for employment during their visit. In addition to the new six month visa directives, those visitors who are here for the purpose of attending a meeting with a local entity will be entitled to stay up to a maximum of ten days without the need to acquire a work permit,” he said.
Property developers and local businesses have welcomed the development, expecting that it will encourage even more investors and wealthy retirees to visit the Cayman Islands, the majority of whom are already attracted to the relaxed lifestyle and tropical weather the country has to offer.
The government is also expected to announce a VIP program in which business travelers will be able to pay to be fast-tracked through customs and immigration, although details about eligibility and cost are not known as yet.