Residency Certificate - Substantial Business Presence

50. (1) A person who is or proposes to be legally and ordinarily resident in the Islands for a minimum period of ninety days in each calendar year and who — (a) owns, or proposes to own, either directly or indirectly, a minimum of ten percent of the shares in an approved category of business in the Islands through which that person has established, or will establish, a substantial business presence in the Islands; or (b) proves to the satisfaction of the Director of WORC that that person is or will be employed in a senior management capacity of an approved category of business in the Islands, may apply to the Director of WORC for a Residency Certificate (Substantial Business Presence) but such Certificate shall not confer any right to a licence under the Local Companies (Control) Act (2019 Revision) or the Trade and Business Licensing Act (2021 Revision).

50. (1) A person who is or proposes to be legally and ordinarily resident in the Islands for a minimum period of ninety days in each calendar year and who — (a) owns, or proposes to own, either directly or indirectly, a minimum of ten percent of the shares in an approved category of business in the Islands through which that person has established, or will establish, a substantial business presence in the Islands; or (b) proves to the satisfaction of the Director of WORC that that person is or will be employed in a senior management capacity of an approved category of business in the Islands, may apply to the Director of WORC for a Residency Certificate (Substantial Business Presence) but such Certificate shall not confer any right to a licence under the Local Companies (Control) Act (2019 Revision) or the Trade and Business Licensing Act (2021 Revision). (2) For the purposes of this section, the expressions “approved category of business”, “senior management capacity” and “substantial business presence” shall have the meanings assigned to them in the Regulations. (3) Where the Director of WORC is satisfied that —

50. (1) A person who is or proposes to be legally and ordinarily resident in the Islands for a minimum period of ninety days in each calendar year and who — (a) owns, or proposes to own, either directly or indirectly, a minimum of ten percent of the shares in an approved category of business in the Islands through which that person has established, or will establish, a substantial business presence in the Islands; or (b) proves to the satisfaction of the Director of WORC that that person is or will be employed in a senior management capacity of an approved category of business in the Islands, may apply to the Director of WORC for a Residency Certificate (Substantial Business Presence) but such Certificate shall not confer any right to a licence under the Local Companies (Control) Act (2019 Revision) or the Trade and Business Licensing Act (2021 Revision). (2) For the purposes of this section, the expressions “approved category of business”, “senior management capacity” and “substantial business presence” shall have the meanings assigned to them in the Regulations.

(5) A Certificate issued under subsection (3) shall entitle the holder — (a) to reside in the Cayman Islands; and (b) to work in the business or businesses in which that person has invested for the purpose of obtaining the Certificate in an occupation or in occupations approved by the Director of WORC.

(3) Where the Director of WORC is satisfied that — (a) the applicant and that person’s spouse or civil partner (where applicable) have a clean criminal record;51 (b) the applicant, that person’s spouse, or civil partner and dependent children (where applicable) are in good health and possess adequate health insurance coverage;52 and (c) the applicant has provided satisfactory evidence with respect to subsection (1), the Director of WORC may, taking into account the views of the Department of Commerce and Investment — (i) in the case of an applicant who proposes to become a shareholder in an approved category of business as referred to in subsection (1)(a) but does not meet the shareholding or substantial business presence requirements or has not yet obtained all required licences, issue an Approval-in-Principle Residency Certificate (Substantial Business Presence) valid for six months; or (ii) in the case of — (A) an applicant under subsection (1)(b); Page 56 Revised as at 31st December, 2021 c Immigration (Transition) Act (2022 Revision) Section 50 (B) an applicant under subsection (1)(a) who already meets the shareholding and substantial business presence requirements; or (C) the holder of an unexpired Approval-in-Principle Residency Certificate (Substantial Business Presence) who now meets all shareholding and substantial business presence requirements and has obtained all required licences, issue a Residency Certificate (Substantial Business Presence) valid for twenty- five years. (4) A Certificate issued under subsection (3)(ii) shall be renewable on application and at the discretion of the Director of WORC.