The Cayman Islands‘ new immigration rules, which took effect May 1, are adding paperwork and fees for foreign investors who run businesses on the island.
The government acted in response to rapid population growth. Media reports say more than 9,000 people received permanent residency from 2015 to 2025. Residents can apply after eight years on the island. Lawmakers passed the amendments in December and March, and Workforce Opportunities & Residency Cayman, the island’s immigration and employment agency, now enforces them.
The rules hit residency certificates tied to running a business hardest. Those holders must now:
- File an annual declaration with the agency.
- Show they spent at least 90 days on the island in the prior calendar year.
- Pay a CI$500 filing fee each year.
Issue fees also rose. The Certificate of Direct Investment now costs CI$50,000, up from CI$20,000. The Substantial Business Presence certificate costs CI$12,500, up from CI$5,000. Holders of either certificate also pay an annual fee equal to that of a work permit holder.
The certificates serve different investors. The Certificate of Direct Investment requires at least CI$1 million in a licensed local business. The Substantial Business Presence certificate requires a 10% stake or a senior role in an approved business, such as fund administration. Both groups employ residents and rent office space, but the government treats their certificates like work-based permits.
The government largely left the permanent residency certificate for people of independent means alone, though it doubled the issue fee to CI$200,000.
More changes are likely. Immigration Minister Michael Myles has said the permanent residency points system is next for review and should reward integration, not property purchases. No completion date has been announced.
