Permanent residency for Cayman Islands

Permanent residency of Cayman Islands is granted to a person who has been ordinarily and legally a resident in the Cayman Islands for at least eight years, other than, the holder of a Residency document of Cayman Islands for individuals of Independent Means or the holder of a Residency Certificate of Cayman Islands for Retirees.

Individuals who have been legal residents in the Cayman Islands for a total of five years (a minimum of one year out of this must be without Immigration restriction as to the period they are allowed to stay) can apply under the British Nationality Act for naturalization.

Citizenship for Cayman Islands:

After living in the Cayman Islands for five consecutive years with a permanent residency visa for Cayman Islands, you can apply for citizenship of Cayman Islands.

Requirements for applying for citizenship application are mentioned below:

• A filled Solicitud de Carta de Nacionalización form citizenship of Cayman Islands (filled out and signed in person at the government office).
• A letter which will explain the reasons you wish to become a citizen of the Cayman Islands.
• A notarized criminal background check.
• A certified log of all your entries to and exits from Cayman Islands (issued by the international police).
• Two color photo, passport size, with your RUT or passport number on them.
• A notarized photocopy of your passport.
• A notarized photocopy of your Cayman Islands ID card or permanent residency card for Cayman Islands.
• It may require up to 1 year for a citizenship application to be processed and approved.

Work Permit for Cayman Islands

All non-residents who intend to live and find a job in Cayman Islands are required to have a Work Permit of Cayman Islands. Before an employee arriving in the Cayman Islands, the prospective employer must apply to the Cayman Islands Immigration Department for a work permit for Cayman Islands on the employee’s behalf. The Immigration Department views all applications from organizations and individuals who are requesting work permission in the Cayman Islands. It is necessary for an expatriate worker to provide the employer with specific documentation to be included in the application, but it is the financial obligation of the employer to make all payments related to work permit and immigration in Cayman Islands. It’s important to note that a prospective employee may not reside in the Cayman Islands when the application is submitted. Just the Chief Immigration Officer may practice his discretion to acknowledge an application where the employer is as of now in the Islands in uncommon conditions.

Two main types of work permits for Cayman Islands:

TEMPORARY WORK PERMIT FOR CAYMAN ISLAND | TWP FOR CAYMAN ISLAND

Temporary work permit of Cayman Islands, also known as, TWP of Cayman Islands is granted for up to six months periods and generally application are processed within 5-10 business days.

Required documentation for TWP in Cayman Islands:<>

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• One recent full face and one profile passport sized photograph.
• Application form – employer and employee section to be completed for temporary work permit of Cayman Islands or TWP of Cayman Islands.
• Original police clearance certificate provided by the police station from the previous residence country signed and stamped (validity of six months).
• Full medical examination with chest x-rays and blood tests for HIV and VDRL (valid for six months)
• Prescribed fees (inclusive of work permit of Cayman Islands and administrative expenses)

GAINFUL OCCUPATION LICENSE FOR CAYMAN ISLAND | GOL FOR CAYMAN ISLAND:

Work Permit Grants, also known as, GOL for Cayman Islands or gainful occupation license for Cayman Islands may be granted for up to three years. A GOL may take up to three months to process.

Required documentation for GOL in for Cayman Islands:

• One recent full face and one profile passport sized photograph.
• Application form for GOL in Cayman Islands – Part 1, employee section and Part 2 employer section to be completed.
• Original police clearance certificate issued by the police station from the last country of residence stamped and signed (valid for six months)
• Full medical examination with chest x-rays and blood tests for HIV and VDRL (valid for six months)

Visa for Cayman Islands

For up to 30 day stay in Cayman Islands visa is not required. The traveler must own a passport valid for six months beyond stay and a round-trip or onward ticket. A visa may be required if the purpose of travel to Cayman Islands is other than primary business meetings.

Passport Requirements:

Original, signed passport valid for six months beyond stay in the Cayman Islands, with Cayman Islands visa stamp in the blank passport page. However, the back pages of passport are not applicable for Cayman Islands visas.

How to obtain a Visa of Cayman Islands?

Individuals who intend to obtain a visa for transit of Cayman Islands through the country or for entry must apply to the nearest British Embassy or Consulate.

Note: Cuba citizens must apply to the British Embassy in Havana and Honduras citizens in the Cayman Islands Visa Office in La Ceiba. Jamaican nationals can l apply at the Cayman Islands Visa Office at Winchester Business Centre.

Multiple-entry visas

A multiple-entry visa for Cayman Islands is available and may be issued for multiple entries to Cayman Islands for a year, two years or three years at the discretion of the legal officer issuing visas for Cayman Islands. In order to apply for a multiple entry visa of Cayman Islands, check the relevant box on the visa application form. The expense for a multiple entry visa for Cayman Islands is equivalent to the one for a single entry visa for Cayman Islands.

How long does it take for a visa application?

Seven to ten working days proceeding the application submission at the Cayman Islands Visa Offices in Jamaica and Honduras. Applications submitted to a UK Overseas Mission for visa of Cayman Islands may take more than 14 days to be prepared.

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Taxes In Cayman Islands

Cayman Islands is considered to be tax heaven.

Some types of taxes does not exist in a country, as such;

• Corporate income
• Capital gains
• Payroll
• Withholding Tax
• other Direct taxes

Business Establishment in Cayman Islands

Cayman Islands is one of the best places to set up a business and make an investment. It is considered to be tax heaven; furthermore, it is a suitable place for real investment and company set up.
The Cayman Islands has an excellent financial, fiscal, legal, and professional environment for the incorporation of foreign business companies.
The jurisdiction is a world-driving seaward money related administrations purview. Because of its political and monetary steadiness, and its broad offer of investment, trust, banking, hedge fund formation, captive insurance, structured finance, securitization, international business services, and captive insurance.
The Companies Law 1961 (as amended in 1990, 1995, 2004, 2007 and 2010) is based on English Common law and governs the incorporation of the Exempted Companies, Cayman’s most popular offshore company.
Excluded organizations are entitled to do business outside the Cayman Islands and there may be some limitation to trade with Cayman residents. However, excluded organizations can conclude contracts in Cayman or exercise any of its powers in Cayman to carry out business activities outside the Islands, including open and maintain bank accounts and rental or ownership of the real estate in the jurisdiction.
Exempted companies are not allowed to make any invitation to the public in Cayman to subscribe its shares or debentures.
There are no direct tax system in the Cayman Islands. No corporation tax, income tax, capital gains tax, inheritance tax, gift tax, nor wealth tax. Transfer of shares is not subject to stamp duty unless the Exempted company holds property within the islands. Certain documents may also be subject to nominal stamp duty.
Exchange control and funds movement limitations from the island do not exist.
Besides, exempted companies may request to the government a Certificate of up to 50 years tax exclusion insuring themselves from any future Cayman Islands taxation.
Excluded companies are flexible corporate structures, not requiring any officers or resident directors, the register of shareholders and minute journals can be held anywhere, and yearly general meetings of shareholders are not compulsory and can be held in any place.
minimum share and capital requirements do not exist and shares may be with or without value, issued at a premium over par value, in fractions of stock, preferred, deferred, or other exclusive rights.
Annual reporting filings are minimal, and there is no need to file financial statements and audits are not required unless the company is an investment fund regulated by the Monetary authorities of Cayman Islands.
Reporting requirements are limited to an annual return stating whether there has been a change of the Memorandum of Association and approving that no business has been conducted within the jurisdiction.
Excluded companies also have their own benefits. Details of company members are not required to be filed with the Registrar of Companies and the Confidential Relationships (Preservations) Law 1976 makes it a criminal offense for any person to divulge confidential information to a third party.
Exempted companies are an excellent vehicle for the fund and international investment management, as they may be registered as Segregated Portfolio Companies (sometimes referred to as protected cell companies).

This company structure divides the assets and liabilities held in one portfolio from the other held in another portfolio and/or from the assets of the company not referable to any particular portfolio.

Creditors of a “portfolio” are unable to seek recourse from the assets of any of other or the general assets of the company. This corporate vehicle gives protection contagion to fund promoters as an umbrella unit trust.

Besides, this corporate structure provides several cost savings, such as lower costs on corporate governance, avoiding setting up new entities, company administration, and compliance.

Companies incorporated in Cayman also gain advantage from a wide range offer of financial and professional services. There are approximately 324 banks and trust companies licensed in Islands, including 47 of the 50 largest banks around the world and high-end professional services, including accountants, lawyers, mutual fund managers, insurance managers, and administrators, among others.

Furthermore, the Cayman Islands also has an internationally renowned ship and aircraft registries.

Disclaimer for Immigration, Cayman Islands

We DO NOT provide consultancy for illegal immigration to Cayman Islands and do not promote illegal immigration for Cayman Islands, including, illegal residency for Cayman Islands or illegal work permit for Cayman Islands. Also, we do not entertain agents for illegal immigration for Cayman Islands.

Information provided on https://www.millionmakers.com regarding Cayman Islands cannot be taken as legal advice in any way, please consult immigration lawyer in Cayman Islands for expert legal advice for Cayman Islands.

We don’t support or provide any of our services to below mentioned Individuals or category(s) of business in Cayman Islands for immigration:

• Any device for Cayman Islands that might result in abuse of human rights in Cayman Islands or be utilized for torture in Cayman Islands.
• Trade in Cayman Islands, distribution in Cayman Islands and/or manufacturing of arms in Cayman Islands, weapons in Cayman Islands, ammunition in Cayman Islands, mercenary or contract soldiering in Cayman Islands.
• Espionage in Cayman Islands or technical surveillance in Cayman Islands or bugging instrumentation or equipment in Cayman Islands.
• Any illegal activities in Cayman Islands or criminal activities in Cayman Islands or company(s) or individual(s) that are black listed in Cayman Islands under The Law of Cayman Islands.
• Genetic material in Cayman Islands.
• Hazardous or Dangerous or risky biological, chemical or nuclear materials which also includes, instrumentation or machinery accustomed for disposing or manufacturing or handling of any such material(s).
• Trading in Cayman Islands, storage in Cayman Islands or transportation of Human or animal organ(s) in Cayman Islands, use of animals in Cayman Islands or abuse of animals in Cayman Islands for any scientific or product testing.
• Adoption agencies in Cayman Islands, as well as, surrogate parenting procedures in Cayman Islands or any kind of abuse of human rights in Cayman Islands.
• Non-secular cults in Cayman Islands and their charities.
• Pornography in Cayman Islands.
• Drug paraphernalia in Cayman Islands.
• Pyramid sales in Cayman Islands.