(CMR) Approximately 202 applicants benefitted from the Global Citizen Concierge program, which allowed foreigners who earn outside the Cayman Islands to live and work remotely here with their families.
The program, which ended late last year, started in 2020 but was extended to October 2022 after its first year. Participants were allowed to stay in the Cayman Islands for two years.
The government has not indicated if it will resume the program; however, CMR learned some participants are disappointed that it has come to an end.
The minimum annual income for an individual applicant to apply for the program was US$100,000 and the minimum annual income for a family of four was US$186,000. A minimum income was applied to applicants with up to five dependents, and for applicants with five or more dependents, the minimum annual income was left to the discretion of the Director of WORC.
Applicants were also allowed to include other sources of income such as the annual salary of a spouse or civil partner, employment bonus of applicant, spouse or civil partner, income from investments of applicant, spouse or civil partner, share dividends of applicant spouse or civil partner and any other forms of recurring income of the applicant, spouse or civil partner.
The program allowed approved applicants to travel in and out of the Cayman Islands as Permanent Residents for the term of the contract.
During its first year, the program generated US$293,040 of direct revenue for the Department of Tourism, and an estimated US$5,000 per applicant was pumped into the local economy per month of their stay.
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