Certificate of Direct Investment
Certificate of Direct Investment
A person who -
- Has made, or proposes to make, an investment of at least CI$1 million in a licensed employment generating business¹ (or businesses) in the Cayman Islands, whether already existing or a new venture, and in which the person exercises or will exercise substantial management control²; and
- Has a substantial business track record or an entrepreneurial background, including specific professional, technical and other knowledge relevant and necessary to carry on the pertinent business or businesses; and
- Can prove -
- that he has available to him and under his personal control funds to the value of the proposed investment amount; or
- that he has already invested the required minimum investment in a licensed employment generating business in the Islands,
may apply to the Chief Immigration Officer for a Certificate of Direct Investment.
¹ "employment generating business" means a business in which at least thirty percent of the total number of employees are Caymanians unless overriding circumstances dictate a lower percentage
² "substantial management control" means control exercisable by the applicant by virtue of his being a director on the Board of Directors of each business entity in which he has invested or will be investing.
An applicant must also show that he and his spouse, if applicable, have a clean criminal record and are in good health.
A prospective applicant must submit Form R8 and provide a number of supporting documents (see checklist at the end of application). Prior to assessment the application will be reviewed for completeness and the applicant may be asked to provide further information.
Application for Certificate of Direct Investment CI$1,000 Issue of certificate of Direct Investment CI$20,000 Issue fee where a dependant has been included in the original application for, or has subsequently been added to, a Certificate of Direct Investment CI$1,000 per dependant Dependant fee CI$1,000 per dependant per annum Application for variation of a Certificate of Direct Investment CI$500 Annual fee equivalent to that payable by a person authorized by a work permit in the same occupation Fee varies (see Schedule of Annual Work Permit fees)
Note 1: Where more than one occupation has been authorized in the Certificate the fee payable is equivalent to whichever occupation attracts the higher fee.
Note 2: Where a Certificate is varied to change occupation and the new occupation attracts a higher annual fee, the fee payable until the following anniversary date shall be the difference between that applicable to the former occupation and that of the new occupation. Thereafter, the fee payable shall be the fee for the new occupation.
Once the Chief Immigration Officer is satisfied that the applicant has provided sufficient evidence with respect to the eligibility requirements he may, after consultation with the Department of Commerce and Investment, issue an Approval-in-Principle Certificate of Direct Investment valid for six months. During this period the holder will be required to show that he has completed his investment and obtained all required licenses. Once he does so, a Certificate of Direct Investment valid for 25 years will be issued.
The holder of a Certificate of Direct Investment is entitled to reside in the Islands and to work in the business in which he has invested. His spouse and dependent children also have the right to reside in the Islands without the right to work. Note: the right of a dependent child to reside in the Islands ceases once reaching the age of eighteen unless their permission to remain has been varied to reflect that they are engaged in full-time tertiary education or where the Chief Immigration Officer is satisfied that there are special circumstances.
Possession of a Certificate of Direct Investment does not confer any right to a license under the Local Companies (Control) Law (2015 Revision) or the Trade and Business Licensing Law, 2014.
Audited financial statements and Annual Declaration
The holder of a Certificate of Direct Investment is required to submit to the Chief Immigration Officer audited financial statements and details of the employment that has been generated at the end of the second and fifth year of his investment and at any time thereafter upon request by the Chief Immigration Officer.
In addition, a holder must provide a declaration annually (at the same time as paying annual fees) confirming that -
- he has provided the required audited financial statements
- he maintains the prescribed level of investment
- none of his business licenses has been revoked
- he was physically present in the Islands for a minimum of ninety days in aggregate in the preceding calendar year; and
- the business or businesses are complying with the prescribed employment generating requirements
There is a requirement to pay fees annually (see above)
Duty to notify changes regarding dependants or occupation
Where there is a change in the number of children who are dependants of the holder of a Certificate of Direct Investment or where he marries, divorces, or changes his occupation within the business in which he has invested, he must inform the Chief Immigration Officer who may amend the Certificate accordingly
Death or divorce of the holder of a Certificate of Direct Investment for Persons of Independent Means
If the holder of a Certificate of Direct Investment dies or his marriage is dissolved the right of his surviving or former spouse to reside in the Islands may be revoked at the discretion of the Chief Immigration Officer. In the event of a revocation the surviving or former spouse may, however, within a period of three months from the date of revocation, apply for the grant of a Certificate of Direct Investment in his or her own right if they are able to meet the eligibility requirements set out above. While such an application is awaiting determination the applicant may remain in the Islands.
Grounds for revocation of a Certificate of Direct Investment for Persons of Independent Means
The holder of a Certificate of Direct Investment for Persons of Independent Means may at the discretion of the Chief Immigration Officer have his right to reside in the Islands revoked if –
- he fails to provide audited financial statements pertaining to his investments at the required intervals or when requested by the Chief Immigration Officer;
- he fails to maintain the required prescribed level of financial investment;
- any of his business licences has been revoked;
- he was not physically present in the Islands for a minimum of ninety days in aggregate in any calendar year;
- the business or businesses in which the investments are made cease to be employment generating;
- he fails to pay the prescribed fees in respect of himself or his dependants; or
- in the opinion of the Chief Immigration Officer, any of the matters referred to in section 38(1)(a) to (j) of the Immigration Law applies to the holder or his spouse.