The Permanent Residency Board, which remains idled while awaiting new guidelines from Cabinet, will sit again soon.
‘In the first week of September, the Permanent Residency Board will get going full speed ahead,’ said Leader of Government Business Kurt Tibbetts at the Cabinet press briefing.
Mr. Tibbetts confirmed that the PRB has not been processing applications while the Cabinet worked on new regulations that will level the playing field for applicants.
‘Cabinet is simply waiting on the regulations to be sent back [from the Legal Department],’ he said.
PRB chairman Anthony Scott has said in the past there are more than 1,000 applications pending.
On of the things the new regulations will address is the point system for permanent residence applications.
‘We want to make sure no one is disadvantaged,’ Mr. Tibbetts said. ‘It is obvious [the current Regulations} haven’t been thought through.’
Cabinet Minister Alden McLaughlin said the current Regulations excluded too many people.
‘More people will qualify [under the new regulations],’ Mr. McLaughlin said. ‘It’s less restrictive than it was before.’
Mr. Tibbetts said the new Regulations will weigh investments in Cayman against earnings. He explained that someone who earned $30,000 a year and made a $50,000 investment would earn more points than someone who made that same $50,000 investment but earned $500,000 a year.
Much of the old permanent residency point system will remain in place, Mr. Tibbetts said.
‘Speaking generally, it’s not that the entire point system has been done over and revamped,’ he said. ‘There were four or five areas that needed some tweaking and needed to be changed.’