Dual citizenship is allowed in the Cayman Islands. Being a citizen also makes you a British Overseas Territory Citizen (BOTC). Any person who is BOTC can apply for registration to become a full British citizen.
The Cayman Islands is a self-governing British Overseas Territory (BOT). While there is no Caymen Islands dual citizenship, foreigners can obtain BOTC status. In many cases, this mirrors British nationality.
Many wealthy individuals will find that there are many economic benefits to obtaining permanent residency or Cayman Islands dual citizenship. However, it’s not cheap, because you’ll have to invest in the country’s real estate market. While it’s an expensive transition, it’s an excellent option for many foreigners.
Cayman Islands Citizenship
Individuals seeking Cayman Islands dual citizenship should know that the country is a highly livable tax-haven. People also note their improved quality of life; however, it comes with a substantial cost. Establishing residency as a foreigner there requires a grand investment and the willingness to live there for at least five years.
If your goal is to obtain Cayman Islands dual citizenship eventually, then you should apply first for residency as a Person of Independent Means. During this process, you’ll need to prove that you have sufficient financial resources to support yourself. You’ll also have to show that you can provide for your dependents, and invest in the Islands.
Acquiring Cayman Islands Dual Citizenship
Applying for permanent residency also enables you and your family to apply for citizenship eventually. The cost of the Cayman Islands Dual Citizenship is rather high. You must invest at least $2,400,000 in real estate.
There are only about 250 applications per year for citizenship, making it rather competitive. If you have residency first, you’ll be able to acquire BTOC as long as you’ve been living in the Cayman Islands for the last five years.
Cayman Islands dual citizenship or residency is worth the money! Crystal clear waters and natural beauty surround the country. It’s home to excellent infrastructure, first-class legal services, world-class lifestyle options, and a high level of tax friendliness.
Persons Of Independent Means
To establish residency in the Cayman Islands as a Person of Independent Means, individuals must prove that they have a steady income. The first step for obtaining Cayman Islands dual citizenship is investing in the country.
The minimum annual income is at least $150,000. You also need to have a Cayman Islands bank account with $500,000 in it. If you want to live in Grand Cayman, you must invest $1,200,000, and at least $610,000 of that must be real estate.
The cost is slightly lower if you choose to reside on the smaller islands such as Cayman Brac or Little Cayman. Here, the annual income requirement is just over $90,000 a year. You only need to invest $610,000 on the island, with 50% of that being in real estate.
Residency Certificate Through Substantial Business Presence
Individuals may also be able to apply for a residency card and eventually Cayman Islands dual citizenship if they invest in a local business or are employed in a senior management role. This is called establishing residence through a Substantial Business Presence.
Those who meet the criteria will receive a twenty-five-year renewable residency permit as well as the right to work. This certificate comes with a physical presence requirement, meaning that you must intend to reside in the Cayman Islands for at least 90 days per year.
Cayman Islands Dual Citizenship vs. Residency
The Cayman Islands are a well-known tax haven with high-quality legal services, education, and health care. There also isn’t an income tax. Becoming a resident of the Cayman Islands is an interesting option for wealthy individuals who are seeking to lower their tax bills and relocate to a beautiful and enjoyable country.
As a BOT, the Cayman Islands offer citizens and residents a high level of political, legal, and economic stability. The country is highly developed and has world-class health care, education, and other well-established institutions. While you’ll get to enjoy all of the benefits of Island life, you won’t have to deal with the kind of bureaucracy that exists in the rest of the Caribbean.
The reason that most people turn down Cayman Islands dual citizenship is the price tag. Even for wealthy individuals, a required multi-million dollar investment is nothing to take lightly. If you want to invest safely, better and cheaper it is also a good opportunity to invest in one of the hybrid companies.
That said, considering that the country has no property, income, or company tax, obtaining residency in the Islands can be an attractive choice for those who can afford it. As a European country. Cyprus also offers a global residence programme.
Citizenships.com assists clients in obtaining permanent residence or Cayman islands dual citizenship. Please contact us for more information or to set up a personal consultation to become the Cayman Island’s next resident!