ERA Cayman is positioning the Cayman Islands’ R42 residency programme as a long-term option for wealthy overseas buyers already considering multimillion-dollar property purchases in the territory.
In a new guide, the real estate company outlined how the Certificate of Permanent Residence for Persons of Independent Means allows foreign nationals to apply for permanent residency through a minimum CI$2 million investment in developed Cayman real estate.
The residency certificate does not expire and can eventually lead to British overseas territories citizenship (BOTC) and, later, Caymanian status, according to the guide.
Applicants who obtain BOTC status may also become eligible to pursue UK citizenship and a British passport.
ERA Cayman said the programme differs from many Caribbean residency-by-investment schemes because it is tied entirely to real estate ownership rather than donations or government bond investments.
To qualify, buyers must purchase developed property outright using their own funds. Undeveloped land and financed purchases do not qualify under the programme rules.
The company also noted that only 250 R42 certificates can be issued each year under Cayman law, with applications handled through Workforce Opportunities and Residency Cayman, known as WORC.
Properties purchased under the programme can be located on Grand Cayman, Cayman Brac or Little Cayman, provided the investment threshold is met.
ERA Cayman’s guide also highlighted recent fee changes introduced under the Cayman Protection (Fees) Regulations, which took effect on 1 May.
Applicants must now pay a $500 application fee and a one-time certificate issuance fee of $200,000 upon approval. Additional dependant fees of $3,000 per person also apply, alongside annual dependant fees of $3,000.
The guide further noted that stamp duty on properties valued at $2m or more increased to 10% in January. Cayman, however, does not levy annual property taxes, income taxes or capital gains taxes.
According to ERA Cayman, one of the programme’s main features is its limited residency requirement.
Certificate holders are only required to spend one day per year in Cayman while maintaining their qualifying investment.
The company also pointed to Cayman’s separate R41 residency certificate, which carries a lower investment threshold and lower fees but does not provide a pathway to BOTC status or the right to work locally.
