The prime minister of the Cayman Islands has an unprecedented offer for financial industry workers who are really, really rich: You can have permanent residency in exchange for $1million.
Securing residency would simplify business transactions for those who travel often to the British Caribbean territory and it could eliminate the need to obtain a Caymanian business partner, said Charles Glidden, the premier's press secretary.
"They can come and go as they like," he said. "They would not have to be on a work permit."
About 80,000 international companies are registered in the Cayman Islands, where the offshore financial services sector represents about half of the territory/s economy.
The Caribbean vacation rental market, as well as the Caribbean Resort real estate market have been impacted by the weak global economy. This offer by the prime minister should have a positive impact on both these sectors.
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