A person who has been on a valid work permit for more than eight years and a day may submit an application to the Caymanian Status & Permanent Residency Board for the consideration for the grant of permanent residency. The grant of such permanent residency is based on an applicant achieving one hundred (100) points from a maximum of two hundred and five (205) points. It is an automatic grant by law once the applicant attains the one hundred 100 points (unless there are extreme, negative considerations that the Board must take into account). It is also possible that upon the grant of permanent residency that the dependants of the applicant i.e. spouse (if any) and any child/children under the age of eighteen will be granted permanent residency as well.
It is good to note that a person who has been legally and ordinarily residing in the Islands for a period of 15 years or more must be grant permanent residency by operation of law.
Residency by Independent Means
Any person may also reside permanently in the Islands if that person is of independent means.
Any applicant that is eighteen years and older may submit an application to the Chief Immigration Officer to reside in the Cayman Islands permanently subject to the following criteria below. It is very crucial to note from the outset that this must be a person of independent means and at no time will the person be seeking employment.
Upon a successful grant of such residency, the applicant will obtain a Certificate that will expire after twenty-five years but this can be renewed by the sole discretion of the Chief Immigration Officer.
Just like the permanent residency with the right to work (above), the applicant's dependants can also be granted residency on the same terms as the applicant but they too would have to be vetted by the Chief Immigration Officer.
The criteria are as follows:
a. the applicant must be eighteen years or older;
b. must not have any serious criminal conviction;
c. must be in good health and have sufficient health insurance;
d. must be in a good financial position
e. must have on an ongoing basis an annual income CI$150,000 (US$178,572) and must not require employment within the Islands to satisfy this amount if the applicant intends to reside in Grand Cayman;
f. must have invested the sum of CI$750,000 (US$892,858 if the applicant intends to reside in Grand Cayman but part of that amount must be CI$250,000 (US$297,619) must be in real estate that is properly developed as a residential property;
g. must have on an ongoing basis an annual income CI$75,000 (US$82,256) and must not require employment within the Islands to satisfy this amount if the applicant intends to reside in Cayman Brac or Little Cayman;
h. must have invested the sum of CI$250,000 (US$297,619) if the applicant intends to reside in Cayman Brac or Little Cayman but part of that amount must be CI$125,000 (US$148,810) must be in real estate that is properly developed as a residential property.