Those interested in Golden Visas will be aware that the Caribbean region offers a variety of alternatives. Most of these countries are quite accommodating in terms of long-term residency and/or citizenship for investors, and the Cayman Islands is one of them. The Cayman Islands is an autonomous British Overseas Territory that serves as a tax shelter for a number of multinational firms and households. It has the highest quality of life in the region, as well as a good business-friendly climate.
The Cayman Islands are popular with the wealthy. What you need to know is how to take advantage of its full potential. The islands run their own Golden Visa scheme, which is also one of the most expensive in the world. Nonetheless, the benefits outweigh the costs. There is one caveat, however: the system would not result in automatic citizenship, but will make it easier to obtain it.
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1. The Investment Requirement
Because this is a costly event, you should think carefully about what and where you will spend your money. You must invest a minimum of USD 2.5 million in real estate under the Cayman Islands Scheme. In addition, you will be charged USD 1,220 for each dependent you include in your application. The fee is assessed on an annual basis. There are several ways to become eligible for the Golden Visa Program. These include direct investment in a locally registered firm, ownership of at least 10% of a pre-approved business industry, and independent means residency.
2. What other conditions must be fulfilled
A set of eligibility conditions will have to be met. These conditions include the following:
- The applicant must be a minimum of 18 years old.
- The applicant must have invested a minimum of USD 2.5 million in real estate.
- It is essential to come with a clean criminal record; the same applies to family members if added to the application.
- The applicant must be in good health, and so should the family members, if added.
- The scheme requires you to demonstrate and maintain the required investment levels. The applicant must be able to provide documentary proof that he or she has sufficient funds to support themselves and their family members in the country.
3. Checklist of documents
The eligibility criteria must have made it clear that the applicant may be required to submit a deluge of documents as part of the procedure. The authorities require the applicant to submit a cover letter explaining why they want to apply for the scheme, proof of application fee payment, certified copies of their passport, certified copies of their birth certificate, a police clearance certificate indicating no criminal record, several photographs, a medical report, and proof of finances. If you have added family members to your application, you must submit papers for each individual.
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4. A general idea of the process
You must first review the eligibility requirements. You can start the process once they have been qualified. Then, look for a Cayman Islands real estate property that you can buy. Gather all required documents and apply for the visa under the plan. The application must be submitted to the Department of Immigration’s Chief Immigration Officer. If your application is approved after a due diligence examination, you will be issued a residency card. The program provides you with a permanent residency card. It should be noted that in order to work in the country, you may need to apply for another certificate separately.
5. What benefits should you expect?
There are various advantages to participating in the scheme. These advantages include zero or minimal taxes, such as no income tax or corporate taxes, the ability to own real estate property on the Islands, the ability to enjoy the Islands’ classy and comfortable lifestyle, easy access to many major countries around the world, very pleasant climatic conditions, political stability, and a dependable legal system.