Cayman Islands Approves Changes to Permanent Residency Bill
Permanent Reisdency Bill Changes Approved
A bill that creates new immigration categories for wealthy non-Caymanian residents was approved by a majority of Legislative Assembly members on a key second vote during a house meeting last week.
The Immigration (Amendment)(No. 5) Bill, 2011 also creates a separate immigration category for foreigners who have maintained a “substantial business presence” in the Cayman Islands and for visiting business people.
The second reading of the bill was approved by a 10-0 vote with five absent members on Thursday afternoon.
Premier McKeeva Bush said he believed the proposal would make it easier for travelling business people to take care of their affairs in Cayman and encourage investment within the territory.
The bill creates a new category for individuals of independent means that allows them to remain in Cayman for the rest of their lives provided they meet all investment and earnings requirements under the law. Previous residency certificates for those with independent means expired after 25 years.
The new Certificate of Permanent Residence for Persons of Independent Means will be granted without the right to work, unless the Caymanian Status and Permanent Residency Board makes a special exception. Anyone granted the certificate would require an annual income of at least $150,000 and have invested at least $750,000 in Cayman. The person and their spouse would also have to prove a clean criminal record and good health.
The governor would establish a quota for this particular permanent residence category. The quota number would have to be made public.
A second residency certificate created by the amendment bill is a grant for “substantial business presence” similar to what exists for direct investment incentives in the Immigration Law.
The new certificate requires that the person own, directly or indirectly, a minimum of 10 per cent of the shares in a business that person has established within the Cayman Islands. That business must fall into an “approved category” of business, to be determined by regulations in the law. Such a certificate, if granted would be valid for 25 years and has the potential to be renewed. The certificate holder would still have to adhere to all other trade and business licensing requirements.
A third category makes provision for who is coming to the Islands for a “commercial activity” for a short period of time; not longer than seven days.
The Visitor’s Work Visa may be granted to anyone who would normally be eligible for a regular work permit in Cayman. The visa applies to anyone travelling here “for the purpose of engaging in commercial activity with one or more persons or entities licensed to trade in the Islands” and who would otherwise require a full work permit to carry on such business. The visitor’s visa may be approved by a senior immigration officer.
