options for cayman residency - step.org · options for cayman residency (for persons not already...
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HSM
Options for Cayman Residency
Presented By:
Nick Joseph and Alastair David
20 April 2017
A Presentation given to STEP Cayman
Options for Cayman Residency (For Persons not already Resident)
1. Become employed by an existing employer in the Cayman Islands on a work permit, or enter into government service
2. Establish a business and seek permission for that Business to employ you (and potentially others) pursuant to a work permit
3. Establish a Special Economic Zone entity and obtain a SEZ Certificate permitting employment in that entity
4. Seek Residency for Persons of Independent Means
5. Seek a Certificate of Direct Investment
6. Seek a Residency Certificate (Substantial Business Presence)
7. Seek a Certificate of Permanent Residence for Persons of Independent Means; or
8. Obtain the Right to be Caymanian from the Cabinet
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1. Become employed by an existing employer in the Cayman Islands on a work permit, or enter into government service
• The holder of a work permit or a person employed by the Government will be deemed to be a lawful resident.
• They can engage in gainful occupation within any limitation placed on their permission.
• They can have dependants
• 9 year term limit applies (to work permit holders).
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2. Establish a business and seek permission for that Business to employ you (and potentially others pursuant to a work permit
• Licensing of the business may or may not require application of the 60:40 rule.
• Once licensed, the entity can serve as a vehicle to employ any person as a work permit holder.
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3. Establish a Special Economic Zone entity and obtain a SEZ certificate permitting employment in that entity
• Provides identical benefits to option 2.
• Can increase efficiency and lower cost, although not in every case.
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4. Residency for Persons of Independent Means
• Designed and intended for retirees.
• Requires minimum CI$500,000 investment and income of at least CI$120,000 per annum without needing to work in Cayman. (For residence in Grand Cayman)
• Cost is CI$20,000 (on grant).
• Lasts for 25 Years (can be renewed).
• Holder cannot work or advance to citizenship.
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5. Certificate of Direct Investment
• Intended for Business Investors
• Must invest at least CI$1,000,000 in employment generating business.
• Must exercise substantial management control (i.e. cannot be a passive shareholder).
• Cost is CI$20,000 + annual work permit fee.
• Valid for 25 Years.
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6. Residency Certificate (Substantial Business Presence)
• Effectively a 25 year work permit for senior management and/or shareholders.
• Must be an approved category of business. This includes fund administration, family office, or any exempt company.
• Cost is CI$5,000 + annual work permit fee.
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7. Certificate of Permanent Residence for Persons of Independent means
• The “Big Kahuna” of options
• Provides all benefits of Permanent Residence including path to citizenship.
• Requires investment of at least CI$1.6 million in developed real estate.
• Grant Fee is CI$100,000.
• The right to work can be added on successful application (work permit fees are payable)
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8. Obtain the Right to be Caymanian from the Cabinet
• It is nice to dream.
• Contribution would have to be truly exceptional.
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What if I want to have a vacation home and/or investment property only?
• Not a problem for up to 180 days a year, provided you are able to maintain yourself.
• Foreign Nationals can own and rent (long term) up to two units of property without needing a trade and Business License or a work permit.
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The Economics of CaymanHSM
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Permanent Residence
Immigration Law (2015 Revision)
Immigration (Amendment Regulations) 2017
How do you get Permanent Residence?
• Many types of Permanent Residence.
• Most common way of obtaining PR is pursuant to Section 30 Immigration Law (2015 Revision).
• Need to score 110 points in various factors as set out in Immigration Regulations (2015 Revision) and the amended regulations which were issued on 8 March 2017.
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FactorsHSM
Factor 1 Occupation➢ Current Occupation.
➢ Priority Occupation.
Maximum Points 3015 points
15 points
Factor 2 Employment Training and
Experience ➢ Years Experience.
➢ Education.
Maximum Points 25
10 points
15 Points
Factor 3 Local Investments ➢ Investment in property.
➢ Investment in Locally Licensed
company.
Maximum Points 30
FactorsHSM
Factor 4 Financial Stability➢ Local Savings.
➢ Evidence of Salary and Income.
Max Points 30
Factor 5 Integration in Cayman Max Points 20
Factor 6 History Culture Test Max Points 20
Factor 7 Caymanian Connections Max points 100
Factor 8 Demographic Diversity Max points 10
Factor 9 Age Distribution Max points 10
Maximum possible points 265
Deductions
• Character and health
• Max deduction 100 points
a. Criminal convictions
b. Health issues.
c. Administrative fines levied in relation to a statutory offence.
d. Lack of a reasonably funded pension plan.
• Other mitigating factors
• Unlimited points deduction
➢ Proven mistreatment of Caymanians.
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Questions?
Contact HSM
Tel: 345-949-4766
www.hsmoffice.com
Nick Joseph
Partner
815-7425
Alistair David
Associate
Harley BennettSenior Immigration Services Assistant [email protected]
Samantha Bartley
Immigration Services Manager
Adam Milburn
Immigration Services Assistant
Sarafina McField
Immigration Services Assistant