96 UGLOBAL IMMIGRATION MAGAZINE
CANADA AND THE U . S . STILL AT THE FOREFRONT OF RBI APPLICATIONS IN THE CAYMAN ISLANDS
Based on our client data , five years ago , most applicants were from Canada and the United Kingdom . These nationalities continue to be well represented , but applications for investors from other jurisdictions have increased .
Over the past few years , broadly speaking , out of every ten applicants , four come from Canada , two from the UK , two from the United States , and two from other parts of the world ( families relocating from Hong Kong , Switzerland , Singapore , Dubai , Monaco , Brazil , Israel , Australia and the UAE ).
Another recent trend is the number of inquiries we regularly receive from U . S . citizens interested in obtaining residency in Cayman . However , unlike existing Canadians or British citizens , they would not receive the same level of associated tax neutrality benefits ( although they often save themselves significant U . S . state and property taxes ). Usually , it is a lifestyle play for U . S . citizens , but , on occasion , the move could be prompted by a corresponding desire to renounce U . S . citizenship . In these circumstances , investors must know about onshore tax and wealth structuring issues to ensure the Cayman residency piece fits into the broader mandate . On occasion , this can include applicants first obtaining second citizenship from another jurisdiction , usually in the Caribbean
The attractiveness of these RBI programs in Cayman is further enhanced by the opportunity they provide for foreign investors to obtain British citizenship and work in Cayman .
As the world becomes wealthier , more mobile , and the desire to live genuinely offshore continues to grow , so does the trend towards obtaining an alternative right of residence ( and , in some cases , citizenship ) in places like Cayman .
“ The attractiveness of these RBI programs in Cayman is further enhanced by the opportunity they provide for foreign investors to obtain British citizenship and work in Cayman .
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DANIEL ALTNEU
Daniel Altneu is a partner within the International Private Client team at Bedell Cristin . He offers a full private client service that focuses on his extensive experience of assisting HNWIs and UHNWIs and families with their acquisition of residency and citizenship , and on relocating businesses and family offices to the Cayman Islands . Altneu is ranked as a " Next Generation Partner " by Legal 500 Caribbean 2024 . In 2023 , he was awarded a Fellowship by the Investment Migration Council as Cayman ' s leading residency lawyer . He is a member of the Uglobal Writers Council . Altneu is a qualified trust and estate practitioner ( TEP ) and a full member of STEP .