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Tweaks could help attract more ultra-wealthy individuals

Former cabinet minister Cline Glidden told Cayman 27 tweaks may be needed to attract more wealthy individuals to Cayman.

He said the current PR policy requires a $2 million investment before a permanent residency application is considered.

He said the country is set up to consider around 250 of these applications in a year, but the most that has been received is fifteen. He told Cayman 27 the process should be restructured.

“That’s a bit of a big hurdle in terms of, a person is going to have to take that gamble of buying a property for two million dollars and then making an application. If that application is not successful, then they’re going to have to worry about then, what are we going to do with that property,” said Mr. Glidden.

Mr. Glidden suggested that the process could be reversed to eliminate that perceived risk.

About the author

Joe Avary

Joe Avary has been with Cayman 27 since 2014. He brings 20 years in television experience to the job, working hard every day to bring the people of Cayman stories that inform the public and make a difference in the community. Joe hopes his love for the Cayman Islands shines through in his informative and entertaining weather reports. If you have a story idea for Joe or just want to say hello, call him at 324-2141 or send an email to josephavary@hurleysmedia.ky

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