3 minute read
Staying Longer
from EXPLORE Cayman 2023
by Acorn Media
Photo by Jonathan Sparrow
If you like what you have seen of the Cayman Islands and can imagine yourself enjoying year round sunshine, a high standard of living, a stable and thriving economy and access to world class healthcare, then read on to find out how you can make that dream a reality. Over 78,000 people now live in Cayman, of which about 50% are expats who hail from over 136 different countries.
Photo by Jonathan Sparrow at Cayman Islands Sotheby’s International Realty
Immigration
The first step is figuring out how long you can legally stay in the Cayman Islands. We have briefly outlined some of the immigration options below.
Visitors – most visitors will get 30 days as a maximum. However, if you would like to spend more time here, like many of our winter ‘snow birds’ do, then you will have to show the Immigration Officer your return ticket, your hotel/condo reservation (or lease) and proof that you can support yourself for six months without needing to seek work. With this documentation you will be given up to six months. If you own a property in Cayman, and can prove this, then you will automatically get six months. To stay longer than six months, you will need to look into one of the options below. Work Permits – by securing a job in the Cayman Islands you can be granted a work permit for anything between three months to five years. During that time you may live in the Cayman Islands and come and go as you please so long as you stay employed. Your work permit can be renewed until you reach a total of nine years of residency, after which you must apply for ‘Permanent Residency’. Special Economic Zone Certificate (SEZ) – allows foreign nationals to set up businesses within Cayman Enterprise City (CEC), and therefore live in the Cayman Islands on the basis that their organisation does not compete with local operations.
Residence as a Person of Independent
Means – for those wishing to live in the Cayman Islands without having a local job, you must be able to show proof of an annual income of at least CI$120,000 (without employment in the Cayman Islands) along with an investment of CI$1,000,000 (of which CI$500,000 must be in developed real estate). The “remaining” CI$500,000 must be invested in a company or property.
For more detailed information and other immigration options, visit www. caymanresident.com/move/immigration.
Buying Property
The next thing you have to think about is finding a home, whether through buying or renting. There are so many property options in Cayman from high-end luxury offerings to those on the more affordable end. Turn to pages 130-135 for more information on Cayman real estate.
Health Insurance
The Cayman Islands enjoys access to an extremely high level of health care, however, it is not a free service and every resident (including children) of the Cayman Islands are required, by law, to have a health insurance policy in place. For those who are on work permits, their employer is required, at the very minimum, to provide the most basic of health care plans, and most professional service employers will pay 50% of a more comprehensive plan. Those who are not on work permits are required to purchase a health insurance policy, which can cost thousands a month, especially if you would like good coverage and if you have children.
For more information on health insurance, visit www.caymanresident.com/health/ health-insurance. Also turn to page 136 to find out more about Cayman’s health care.
