High net worth individuals who own vacation homes and investment properties, or are considering purchasing a villa in the Cayman Islands can look forward to a number of beneficial changes in immigration regulations which are expected to make life even easier for wealthy visitors, business people and current or prospective property owners visiting the Cayman Islands.
Policy directives that were recently approved by the Cayman Islands Cabinet will allow business travellers to remain in the country for up to ten working days without the need to obtain a work permit. Those who own property in the Cayman Islands that can demonstrate their wealth will be welcome to stay for up to six months without having to check-in with the immigration department for monthly ‘rubber stamp’ visa extensions as previously required, even though there is no restrictions on foreign ownership, and Cayman’s home owners do not need any kind of permanent residency status to visit their property.
Once the directive is implemented, immigration officers may grant a six month visa where the person can demonstrate they own a home in the Cayman Islands in which they are intending to stay during their visit and that they are able to support themselves without the need for employment during their visit. In addition to the new six month visa directives, those visitors who are here for the purpose of attending a meeting with a local entity will be entitled to stay up to a maximum of ten days without the need to acquire a work permit.
These progressive changes have been welcomed by the Cayman Islands business community, holiday home owners and luxury home developers alike. The new owners at Casa Luna , an intimate community of detached villas in sought after South Sound, Grand Cayman were among those who expressed their pleasure and welcome the changes as they are extremely advantageous to the investors that are currently considering the Casa Luna development as an addition to their portfolio of luxury properties.
Another service that immigration is expected to offer business visitors to Cayman is a pilot VIP programme which will fast track the high net worth travellers through both immigration and customs. Neither the cost nor the working details have been revealed but it is also a development that Cayman’s luxury home owners are no doubt are keeping a close eye on.
The unique Casa Luna villas, a definitive first for Cayman in terms of elevated design, Tuscan inspired architecture and private beachfront location is only a short drive away from the Owen Roberts Airport; therefore a fast-track immigration experience would bring the owner home to their oceanfront Casa Luna residence in 10 minutes. Another luxury development on Seven Mile Beach that has welcomed the positive immigration developments is the WaterColours. The just completed ten-story ultra-luxury development on world famous and pristine Seven Mile Beach showcases the latest in modern design and is approximately a 15-minute drive from the airport. There is still no change to the zero tax environment, where no annual property, income, capital gains or inheritance tax applies in the Cayman Islands.
For more information on how to make Casa Luna your luxury villa where you can enjoy privacy and a distinguished island lifestyle surrounded by accents of wealth in the historic South Sound of Grand Cayman, please contact , visit www.milestone.ky