Residency Certificate for Persons of Independent Means

The Residency Certificate for Persons of Independent Means is a 25-year renewable residency permit for financially self-sufficient foreign nationals who wish to reside in the Cayman Islands without the right to work. Established under the Immigration (Transition) Act (2022 Revision) and administered by WORC, the program targets high-net-worth retirees and individuals who can demonstrate sufficient passive income or financial assets. The Cayman Islands has no income tax, capital gains tax, inheritance tax, or property tax, making it particularly attractive for persons of independent means.

• Total investment of CI$1,000,000, including at least CI$500,000 in developed residential real estate in Grand Cayman (or CI$500,000 total with CI$250,000 in real estate for Sister Islands)
• Continuous annual passive income of CI$120,000 (approx. US$146,000) without employment, or a minimum deposit of CI$400,000 in a CIMA-regulated, locally licensed financial institution
• Good character and good physical health
• Adequate health insurance meeting the Standard Health Insurance Contract (SHIC) requirements
• Minimum 30 days physical presence per calendar year
• No age restrictions

• Completed Form R41
• Valid passport and birth certificate
• Police clearance certificate (original, valid within 6 months)
• Medical examination report (no older than 1 year)
• Proof of CI$1,000,000 investment including CI$500,000 in residential real estate
• Proof of CI$120,000 annual income or CI$400,000 bank deposit
• Proof of health insurance
• Bank references and passport-sized photographs

• CI$500 non-refundable administrative filing fee
• CI$20,000 one-time grant fee upon approval
• CI$1,000 per dependant upon grant, then CI$1,000 per dependant annually

The certificate is valid for 25 years and renewable upon meeting all financial and investment requirements. Unlike the Certificate of Permanent Residence (R42), this certificate does not provide a pathway to permanent residency, BOTC citizenship, or Caymanian status.

Spouses and dependent children named in the original application may reside in the Cayman Islands without the right to work. A fee of CI$1,000 per dependant is payable upon grant and then annually. Dependants must meet health and character requirements.

Holders have no right to work in the Cayman Islands. Unlike the Certificate of Permanent Residence (R42), there is no mechanism to vary this certificate to add work rights.

Applicants for Cayman Brac or Little Cayman benefit from reduced thresholds: CI$500,000 total investment with at least CI$250,000 in developed residential real estate, plus either CI$75,000 annual income or CI$400,000 in a CIMA-regulated institution.

The Cayman Islands levies no personal income tax, capital gains tax, corporate tax, inheritance tax, gift tax, or property tax. Import duties of 22-27% apply on most goods. Stamp duty of 7.5% applies on real estate transactions. The territory participates in the OECD Common Reporting Standard (CRS) and FATCA, so financial institutions report account information of foreign tax residents.

• The 30-day annual presence requirement is enforced through mandatory annual declarations (Form AF41)
• Selling qualifying real estate without acquiring replacement property could result in revocation
• The 2025 Amendment Act introduced strengthened enforcement provisions and annual declaration requirements effective 1 March 2026
• Processing time is approximately 3 to 6 months
• Acceptable income sources include pensions, investment returns, rental income, and other passive income streams