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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

Joseph Avary

Joseph Avary

Joe Avary joined the Cayman 27 team in January 2014, bringing nearly two decades of experience in TV news to the islands. He spends his time away from the office scuba diving, practicing yoga, and trying to make his friends laugh at his comedic stylings. He proudly calls the district of West Bay home, and loves nothing more than relaxing visits to the Sister Islands.

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