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“ The PR program provides the holder and spouse with lifetime permission to reside in Cayman and the ability to work for a minimum investment of $ 2.44 million ( KYD 2 million ) in developed real estate .
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work in Cayman . In recent years , there has been a notable trend of affluent families with young children obtaining permanent residency through investment ( RBI ) Certificates of Permanent Residence for Persons of Independent Means ( PR ) and relocating to Cayman .
The PR program provides the holder and spouse with lifetime permission to reside in Cayman and the ability to work for a minimum investment of $ 2.44 million ( KYD 2 million ) in developed real estate . The Certificate also opens a pathway to Cayman and British Citizenship without any obligation to surrender existing residencies or citizenships .
The first stage of that process requires each family member to obtain naturalization as British Overseas Territories
Citizens on account of their legal and ordinary residence in Cayman during the relevant five-year period following their grant of RBI . Once naturalized , each family member must apply for British Overseas Territories ( Cayman Islands ) passports . Upon receipt , the third stage requires each family member to apply for Registration as a British Citizen with rights and privileges , including a full British passport .
Provided their citizenship applications are submitted on time and consideration is not protracted , those three stages can be achieved within one year ; an entire family could acquire full British passports within six years of the RBI ' s initial grant .
SETTING UP A BUSINESS TO OBTAIN EXTENDED RESIDENCE IN CAYMAN
A more recent addition to Cayman ' s residency options , Residency Certificates by way of a Substantial Business Presence ( SBP ) provide the individuals involved in businesses and family offices a more straightforward and clearer pathway to residency .
The SBP program provides the holder and family with a 25- Year permit to reside in Cayman to enable to holder to work in a senior management capacity in an approved category of business . This option attracts an annual occupation fee payable to the government of at least $ 25,000 ( KYD 20,925 ).
Typically , applicants first incorporate an exempted company ( carrying on business mainly outside of the jurisdiction ), set themselves up as the sole shareholder and director of the firm , and then apply for SBP to obtain the requisite permission to employ themselves .
The SBP route has been very popular over the years with investment managers and financial traders , and many individuals who wish to transfer their global businesses to Cayman and work from a home office . It is also a preferred option for transferring family offices and as a mechanism enabling directors to conduct the day-to-day management and establish the hub of the family office from within Cayman .
The attractiveness of SBP lies in its simplicity and certainty . There are no renewal applications or associated licensing requirements . There is no requirement for any personal or commercial real estate investments or a need to lease commercial premises .
The fact that this route also offers a defined pathway to British citizenship provides further appeal , albeit the timeframe involved is slightly longer than that of the PR route . After eight years , the family can apply for permanent residence under a points system . This application process involves points being awarded based on criteria relating to employment , qualifications , community contributions , investments , financial stability , and demographics .
Once granted , and after a further period of one year , each family member can embark upon the three-stage application process to acquire full British passports within ten years of the initial grant of SBP .