2 alternative Caribbean residencies worth adding to your investment portfolio in 2023
Do you find yourself looking overseas for a new place to call home?
Well, today we’re exploring 2 of the Caribbean’s leading alternative residency by investment visa options, hopefully helping you make a decision on which country you’ll soon be calling home,
To make the most of this opportunity, there are two principal choices in terms of the countries you have to decide between. Let's see what they are all about in some more depth.
The Cayman Islands is a tropical archipelago situated in the Caribbean, known across the globe for crystal clear waters, relaxed taxation, and a lifestyle many expats find themselves daydreaming of.
However, it doesn’t have to remain a dream, in fact, the Cayman Islands are offering a golden visa program route to permanent residency and subsequent citizenship.
How? You may be wondering. Well, here are the steps and requirements:
First you need to choose between the four options for residency, which are:
1. Certificate of permanent residence, invest 2 million Cayman Island dollars into real estate, providing proof of sufficient funds and spending 1 day a year minimum in the nation.
2. Residence certificate for Little Cayman or Brac, 500 thousand Cayman Island dollar investment, 250 thousand of which must be in real estate on Little Cayman or Brac. You need either a 75 thousand Cayman Island dollars annual income or to deposit 400 thousand into assets within the nation. In return you’ll get residency for 25 years, provided you spend 30 days a year in the country.
3. Residence certificate, 1 million Cayman Island dollar investment, half of which must be into real estate. Either 120 thousand Cayman Island dollars per year income or 400 thousand invested into assets in the nation. This also grants you 25 years residency so long as 30 days per year are spent there.
4. Your last investment option is a Certificate of Direct Investment, in this case you need to invest 1 million Cayman Island dollars into a business where you’d have management responsibilities, employing at least 4 full-time employees where 30% of them are local people.
Something to remember is that for every dependant you bring there is an annual fee of 1 thousand Cayman Island dollars and you as the investor will have a processing fee depending on the program you choose.
This is the complicated bit covered, and don’t panic as we’re here to help. There are also lots of benefits for you to look forward to, but more on those later.
A tourist hotspot and idyllic island nation, the Bahamas is certainly a sought after place to be. Though, beyond what we see on travel shows or on vacation, there is a more permanent lifestyle to be found within their borders.
If you’re looking to relocate to the Caribbean, the Bahamas offer a golden visa pathway which should certainly tempt you in, here are the requirements:
1. Unlike the Cayman Islands, the Bahamas have roughly one set price, US$750 thousand, for the investment, and two options for you to decide between regarding where your assets end up.
2. These 2 options are real estate and business, the latter requiring you to invest in a business that employs local people, the accepted amount for the investment is typically around the same as the real estate investment pathway as well.
You must also be able to prove your funds for living, as well as hold your investment for 10 years in order to apply for citizenship in the Bahamas.
Cayman Islands citizenship is available after only 5 years, which comes with visa-free entry to 183 countries including the EU and US, making this program ideal for those of you looking to travel.
On the other hand, the scheme in the Bahamas is perfect for those looking simply to relocate, as the number of visa-free entries is lower, but the processing time for the visa is around 2 months shorter, at most 4 months overall from start to finish.
The Cayman Islands is perfect not only for individuals with a high net-worth looking to move with their families, making use of excellent healthcare and world-class education, but also business people looking to expand their operations overseas and make use of the nation’s famous commercial tax breaks.
However, the Bahamas offer instant permanent residency and a cheaper investment pathway, something to consider if your budget is not as large as is requested in the Cayman Islands.
So, if you are interested in finding out more about how you can obtain residency in the Caribbean, as well as other opportunities to develop your business, contact us today! Below this article, you will find a link to set up a free fifteen-minute consultation with us to discuss your options further.
Also, if you want to access our other great content, subscribe to our YouTube channel! At Creimerman, our team of professional global citizens would be happy to help you with your personal or professional cross-border ventures and help make them a success.