The programme, which covers a two-year period of residence, is only open to individuals earning a minimum annual income of $100,000.
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.
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.