Cayman Islands Premier McKeeva Bush presented a number of proposals to over 60 members of London’s financial services community to encourage investment in Cayman at a cocktail reception on Monday.
The Cayman Islands Financial Services briefing showcased new programmes and initiatives designed to make it easier for businesses and individuals to relocate to Cayman.
To increase the speed and efficiency of setting up business operations in Cayman, Mr Bush proposed new immigration policies.
‘From a policy standpoint, we have issued directives to our immigration team to structure three-to-five year work permits for the professional staff of accredited investors in the financial services industries,’ Mr. Bush said.
He also mentioned the existing key employee designation programme under which exemptions from standard term limitations are granted to senior officials, such as CEOs and managing directors, of financial services firms.
In addition the government plans to amend immigration legislation to offer a 25-year direct investment certificate to individuals who have a personal net worth of $6 million and who have invested at least $2.4 million in the Cayman Islands or a local business.
‘This certificate will entitle the holder to work within the business in which he has invested in and will entitle a spouse and minor children to reside in the Cayman Islands as residents,’ Mr Bush said.
The certificate can be renewed or extended at the end of the 25 years.
The government offers a guarantee not to increase fees for work permits granted under the programme for a period of four years.
The premier vowed to make additional resources available to the Cayman Islands Investment Bureau to support and advise investment management firms that are considering Cayman as a location.
The government also seeks to expedite application processes with the Cayman Islands Monetary Authority and the immigration department and aims to provide investor relations officers to support prospective investors in the relocation process for family members and by identifying potential staff and office space.
The event was supported by private sector partners such as Camana Bay and London-based professionals from Cayman firms.
Cayman Finance Chairman Anthony Travers, who also attended the briefing, commented: ‘A revised immigration policy is overdue and is needed now to revitalise the financial industry and a revitalised financial industry will secure many more job opportunities for young Caymanian professionals than exist currently.’
Similar events are scheduled in New York, Hong Kong and Singapore over the next two weeks.