Due to the fact that the Cayman Islands is a tax haven, some wealthy people who want to move to the US and become a resident and citizen there first stop in the Cayman Islands to transfer their assets to offshore companies and trusts before becoming a us resident and becoming obliged to pay taxes on their worldwide income and capital gains taxes.
In order to come to the Cayman Islands, Americans, Britons, Canadians, and citizens of most EU countries do not need a visa.
If you want to live in the Cayman Islands, then you need to apply to the chief immigration officer in the Cayman Islands in order to obtain an initial, six-month residence permit. Once you have lived in the Cayman Islands for the first six months, you can apply for permanent residence.
As with most tax havens in the Caribbean, in the Cayman Islands, You will also need to prove that you will not become a “weak link” in the Cayman Islands economy and that you can financially support yourself.
This means that You must have a large enough income to support yourself and your family. In addition, you’ll need to invest at least $ 180,000 in local property or business. There is also a single one-time payment for permanent residence in the Cayman Islands, which is equivalent to about 11,000 pounds.
The permanent residence gives you the right to live in the Cayman Islands but does not give you the right to work here. This permanent residence can be compared with a permit for permanent passive residence in Andorra.