Cayman Finance has welcomed
government proposals made in a speech by Premier McKeeva Bush at the Cayman
Business Outlook last week.
Mr. Bush announced a revamp of the
rollover policy and outlined the directions that had been issued by Cabinet for
the granting of work permits.
Cayman Finance said in a statement
that it fully endorses the steps taken by the government to strengthen the Cayman
economy and financial services industry in challenging economic times.
Anthony Travers, chairman of Cayman
Finance, acknowledged that “the Premier clearly recognises the shift in the competitive
global environment and what Cayman must now do to attract and retain business
investment and support and enhance its revenue base for the benefit of the
“The Premier’s initiatives are
appropriate and timely,” Mr. Travers added.
The historic partnership between
the Cayman Islands government and the financial services firms “that allowed
our jurisdiction to build and grow into a respected global leader has been
renewed under this Premier’s leadership,” Mr. Travers said.
He echoed Mr. Bush’s remarks that
financial services firms contribute, directly and indirectly, almost 20 per
cent of all government revenues and employ over 3,000 residents.
Mr. Bush said in his speech that
the finance industry is bearing the brunt of the fee increases.
He also promised business leaders
that if they supported the government in its efforts, fee increases would be
rolled back, as soon as the financial situation allows for it.
“Because I recognise that the fees
are steep,” Mr. Bush said.
Mr. Travers also underlined the Premier’s
concerns over certain jurisdictions that are aggressively marketing to Cayman
firms in order to attract their physical operations by displaying a willingness
to accommodate the firms’ staffing needs.
Cayman Finance believes that the
immigration proposals introduced by the government will help to attract new physical
operations and should also be well received by existing firms.
Mr. Travers, who has been an
outspoken critic of the application of the rollover policy in relation to the
financial services industry, said that he is particularly pleased about the
Premier’s announcement that the rollover policy will be revised by the government