The Cayman Islands moved ahead with its global citizen initiative that will allow individuals to reside in the jurisdiction while working remotely.
The 'Global Citizen Program' "designed to attract higher net worth guests," said Tourism minister, Moses Kirkconnell.
"We are pursuing the opportunity to welcome business executives, entrepreneurs and students who can work remotely in a stunning and worry-free environment as they work and manage their business from offshore. This will allow a productive work environment and a luxurious island lifestyle."
We are pursuing the opportunity to welcome business executives, entrepreneurs and students who can work remotely in a stunning and worry-free environment"
The programme, which covers a two-year period of residence, is only open to individuals earning a minimum annual income of $100,000.
The two-year Global Citizen Certificate will be granted to successful applicants subject to approval from the director of Workforce Opportunities and Residency Cayman once they provide evidence of their income and employment, and are confirmed to be of good character.
Applications are also open to couples earning a combined minimum income of $150,000 and families with an annual income of $180,000 or more.
The annual fee for the certificate for an applicant and one dependant is CI$1,230, while each additional dependant will cost $420.
Cayman now joins a number of its island neighbors in pursuing this opportunity as a more secure alternative income stream, given the free fall of the tourism sector.
The first mover on this concept was Barbados, unveiling its Barbados Welcome Stamp proposal in early July.
"You don't need to work in Europe, or the US or Latin America if you can come here and work for a couple months at a time; go back and come back. But in order for those things to truly resonate, what does it mean? It means that what we offer has to be world-class and what we continue to offer is world-class," said Barbados' Prime Minister, Mia Mottley.
On August 1, Bermuda's One Year Work from Bermuda Certificate program took effect, allowing non-Bermudians to relocate to the island for research, study or work. The cost of the certificate is $263.