Extending your residency permit under the Managing Director program: What can you expect in light of the COVID-19 pandemic?

By BrightPath Caribbean

At BrightPath, not only do we promote investments to the Caribbean – whether through retirement, company formations, or real estate holdings – but in most instances, we also offer immigration services to the individuals by way of the same investment.

It’s common knowledge that many business owners and/or company directors in St. Maarten have been able to successfully obtain their temporary residency permit on island under the Managing Director immigration program.

Regardless of nationality or trade, a great majority of business owners that are foreign nationals in St. Maarten likely obtained their legal stay on the island under this program. However, with unemployment rates significantly increasing, mainly as a result of the negative global economic effects from COVID-19, tighter immigration controls are also being implemented to mitigate any possible loopholes that may exist in the system.

If you obtained your residency permit under the Managing Director program and you are now preparing for an upcoming extension of your residency permit, aside from the current renewal criteria, here’s a list of additional items that you should have readily on hand in the event that further due-diligence is required in order to substantiate that your business is in fact operating and fully compliant with the local authorities:

1. Business profit tax filings for fiscal year(s) ending 2018 and/or 2019.
2. Business bank statements for the past 12 months showing financial activity.
3. Statement of compliance from the tax department.
4. Evidence of business operating address by way of current utility bills.
5. Evidence of payroll slips and supporting evidence of salary payments to the Director.
6. Evidence of sufficient funds for the continued business operations and/or personal reserves.

It is important that we all do our part to protect the economic and social wellbeing of the island. Whether we agree to the increased scrutiny in the extension of the residency permits for Managing Directors or not, full compliance by ensuring that the business under which the permit being requested for the foreign national pertains to a business that is truly operational, contributing to the local economy, and not just a “paper” company is vital.

For a full list of requirements for “Extension Managing Director” immigration program or to enquire about the services BrightPath offers, visit our website at www.brightpathcaribbean.com

Disclaimer: Our newspaper articles are not intended as (legal) advice and do not take your personal circumstances into consideration. BrightPath does not accept any liability for damages resulting from using the information provided. Before you act or fail to act because of the content of our newspaper articles, we highly recommend you seek personalized advice from us. BrightPath is a privately-owned consulting firm that assists clients with filing applications for residence permits and/or business licences at the relevant government departments. None of our directors, employees or agents holds or has held any position with the government of Sint Maarten, and our service does not provide for any preferential treatment with regard to any application. All information provided and statements made serve only to provide you with a general understanding of immigration, residence and business incorporation procedures on Sint Maarten.