We must applaud Premier McKeeva Bush for his recent public
efforts to woo the Bermudian reinsurance industry to the Cayman Islands, even
if the premier’s office may have little to do in the end with whether these
companies come to our shores.
It never hurts to let the international community know the
Cayman Islands is open for business and that we maintain significant advantages
over competitors in many areas.
What has been particularly telling is the response of
Bermuda Premier Paula Cox to criticisms within her own country; that it has not
been as welcoming or business-friendly as perhaps it should have been. This
has, in turn, led to some companies shoving off, the critics say.
Premier Cox, rather than taking constructive criticism in
stride and seeking to implement competitive solutions, has instead blasted
those making such statements. She claims they have shown a “lack of patriotism”
and have sided “with the leader of a competitor jurisdiction”.
We apologise for being blunt on this point, but nobody in
the international business community cares a whit how “patriotic” somebody is
when they are looking for a jurisdiction in which to operate. If Bermuda’s core
business really is on the line, we hope Premier Cox has a stronger point to
argue.
The Cayman Islands needs to take note of what is happening
in Bermuda and what has occurred there over the last several years; a point
this newspaper has raised many times within the past few years. Rules that make
it impossible for most foreign-born residents to purchase property, immigration
regulations that might generously be described as extremely strict, and a
prevailing attitude that the IB community owes Bermuda something for the
privilege of operating there. As Premier Bush is fond of saying, Cayman is no longer
the only girl at the ball, but we’re still a beautiful option for would-be
suitors. The same might not be said of present-day Bermuda. Take heed, Cayman
Islands, of the situation now facing our neighbours to the northeast. Our
country truly is at a ‘crossroad’. Will we choose the same path that Bermuda
has chosen, already knowing where it has led?
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Let me preface my letter by saying that I am a Bermudian who has the utmost respect for the Cayman Islands and its people. However, it is never a good thing to throw stones if you live in a glass house. Reading Bermuda’s Royal Gazette newspaper every day and then picking out all the negative issues we have experienced over the last couple of years and lumping them into your Premier’s speech does not constitute a strategy for international business. Stop obsessing over Bermuda and focus on your own issues.
Cayman has more than enough problems of its own. How many murders did Cayman have last year? How many armed robberies did you have including robbery of banks and other financial institutions? How long did it take for the police to respond (Fidelity comes to mind)? How many people, including expats, have been robbed or have just gone missing mysteriously without a trace over the last 3 years? How many Caymanians are actually participating in international business? How many Caymanians go off to top universities abroad? How many go to any university for that matter? What about allegations of mismanagement of government funds and political corruption? You see, if we were to play this game we could put a lot in our Premier’s speech as well about Cayman. But what would be the point? We all have our issues.
As regards international business I’m not sure how much knowledge the author of the above article actually has on the subject. Relaxing work permits will not attract big reinsurance. Your policies in Cayman give everythng away to the foreigner and do nothing to develop local Caymanians. So I’m not exactly sure what you mean by the situation now facing our neighbours to the northeast. I would hope your Premier’s strategy has more substance than what he has articulated.
Competition is healthy and both Cayman and Bermuda should keep one another on their respective toes. But let’s not be blind to the realities of our own short-comings by focusing on those that exist elsewhere. The word hypocrisy comes to mind.