Building societies fees due in 2010

Cayman Islands lawmakers have approved a new fee for local building societies.

Under the Building Societies (Amendment) Bill, 2009, any such organisation registering itself with Cayman’s Registrar of Companies will have to pay a $7,000 annual regulatory fee. The fee will be payable as of 15 January.

Premier McKeeva Bush said the new charge will cover the cost of regulating those societies.