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.