Premier and Minister for Financial Services André Ebanks told the audience at the STEP Cayman Islands Conference 2026 that government plans to pass legislation for enduring powers of attorney.
The draft enduring powers of attorney legislation is currently being developed by the Financial Services Legislative Committee. That will be subject to informal industry consultation before a final draft is submitted to cabinet by the end of the first quarter 2026.
At present the Powers of Attorney Law (1996 Revision) allows individuals in Cayman to nominate a power of attorney to sign legal documents. But when the person making the power, the donor, loses mental capacity – for example through dementia – then the powers of attorney lapse.
That creates a problem because it means there is nobody to manage the financial affairs of the donor while they are alive but with reduced mental capacity.
“The legislation is particularly needed at a time when regrettably there is an increasing trend for dementia and related diseases in the population as a whole, which sadly invariably results in individuals being unable to manage their financial affairs during their lifetime,” said Carlos de Serpa Pimentel, a partner and group head for private client and trusts at Appleby.
If the legislation is passed it will provide “meaningful and practical protections for individuals, families and the wider community,” said the premier at the conference, which was held in Hotel Indigo, Grand Cayman.
Steady improvements to Cayman’s financial offering
The reason the premier announced the proposal at the STEP Cayman Islands Conference, which is a Society of Trust and Estate Practitioners event, is because it will also have a positive impact on Cayman’s financial centre.
De Serpa Pimentel believes it could potentially help Cayman win more business from international wealth planners. “In my experience clients who are based overseas and who own assets in Cayman, such as real estate or shares in Cayman companies, have often expressed surprise at the absence of enduring powers of attorney legislation in Cayman.”
The premier agreed, noting that “enduring powers of attorney will be an important enhancement to Cayman’s trust and estate framework.”
Experts told the Compass that passing an Enduring Powers of Attorney Act wouldn’t be a major change for Cayman’s financial centre, but rather a simple improvement that brings it into line with best practices elsewhere.
“The introduction of an Enduring Powers of Attorney Act will be another sign that Cayman is a modern international financial centre which caters to clients globally as well as those in Cayman,” said de Serpa Pimentel.
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The major reason to appoint a Power of Attorney is to allow that trusted person to manage your affairs if you can’t do so yourself.