In summary, the
Cayman Islands government has approved the occupations for which 10-year work
permits which were approved in regulations made by Cabinet last week.
Significant additions have also been made to the list
of temporary job-related visits for which no work permit is required. The
government has also determined fees for various applications and grants of
permits; including permanent residence for those with independent means and
residence for those with a “substantial business presence” in the Islands.
The following occupations are eligible for the grant
of a work permit for up to 10 years: managing director, chief executive
officer, general manager, vice president, chief financial officer, chief
operating officer, chief underwriting officer, chief actuary, chief reinsurance
underwriter, directors for fund services, directors for client services, fund
administration managers and fund services managers.
There are a few occupations within the reinsurance and
fund administration industries that have been exempted for work permit fees for
a period of five years starting with the worker’s first arrival in the Islands.
Those jobs include; Executive Administrative Assistant; Personal Assistant;
Senior Administrative Assistant and Executive Secretary.
Independent means
The regulations set certain requirements on the new
immigration category of permanent residence for those with independent means.
Among those requirements are that the person being
granted such a certificate, which allows them to remain in Cayman for the rest
of their lives, would have to satisfy the chief immigration officer that they
had invested in $1.6 million worth of developed real estate within the Islands.
There is also a quota placed on permanent residence
for those with independent means of 250 such grants allowed per year.
The one-time issue fee for a certificate of permanent
residence for those with independent means is set at $100,000 in the
regulations.
In addition, those who are granted such a certificate
would have to pay a $1,000 per year fee for each dependant they bring to the
Islands.
In addition to permanent residence for those with
independent means, the 25-year residential certificate (not permanent
residence) for those of independent means has had its income requirements
lowered.
People qualifying for residence in that category must
now have an annual income of $120,000 [down from $150,000] and have invested at
least $500,000 in Cayman [down from $750,000].
Substantial business
The regulations also set more ground rules for the
establishment of what’s known as a substantial business presence within the
Cayman Islands.
Being granted such a residency certificate under those
rules requires the chief immigration officer to take into account whether the
business has established an actual physical presence within the Cayman Islands
and if the business employs, or will employ, four full-time employees who are
legally resident within Cayman for at least nine months a year.
Approved categories of business under the substantial
business presence section include: fund administration, brokerage services,
investment and fund management services, investment banking, financial trading,
captive insurance or reinsurance management, reinsurance underwriting,
actuarial services, insurance claims management, hedge fund incubation or any
company registered as an exempted company under section 164 of the Companies
Law [2011 Revision].
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