Archive for the ‘Cayman News’ Category

Cayman imports fall by 2% in 1st quarter 2017

Thursday, August 10th, 2017

The total value of all goods imported into Cayman in the 1st quarter of 2017 was CI$ 207.8 million, which is a drop of some CI$ 4.3 million as compared with the same period last year.

According to officials from the Economics and Statistics office, the decrease was due to a 6.1% reduction in the total value of non-petroleum products, which make up almost 89% of all imports into the country. The fall in imports of machinery and road vehicles, chemical and related products, and other commodities fell significantly.

The quarterly trade statistics bulletin reported a 4% increase in food imports and a massive 50% increase in petroleum and related-products, due in part to another increase in the price of oil on the global market.

However, this was not enough to offset the decline in other goods. With import duty a significant source of government revenue, the fall in the value of goods could have an impact on the public purse for those first three months of the year to the tune of more than $1 million.

Cayman Hedge Fund conference attracts 530 delegates

Wednesday, April 26th, 2017

GAIM Ops Cayman, one of the largest financial conferences on Cayman’s events calendar, opened on April 24 at The Ritz-Carlton, Grand Cayman.

The leading 3-day conference for hedge fund operations and compliance is bringing 530 delegates from the industry to Cayman for presentations, workshops and networking sessions. The delegates are mostly senior executives, managers and investors in the hedge fund industry by more than 120 speakers.

Sheelah Kolhatkar, author of the newly released book “Black Edge,” on the largest insider trading investigation surrounding hedge fund manager Steven A. Cohen and his fund SAC Capital, will discuss what can be learned from government’s focus on insider trading cases over the last eight years.

Cayman Islands not eligible for 10 Island Challenge funding

Tuesday, April 25th, 2017

The Cayman Islands could still be involved in entrepreneur Richard Branson’s Ten Island Challenge, though the jurisdiction is not eligible for grant funding from the renewable energy initiative.

According to Kurt Tibbetts, Infrastructure Minister, the government of the Cayman Islands has been holding regular talks with experts from Mr. Branson’s program, which provides guidance and financial support to island nations that commit to converting to green energy. There is no financing available to Cayman through the initiative, he said. One of the benefits of being associated with the Ten Island Challenge is that several of the countries that are part of that receive grants.” Mr. Tibbetts said: “The Cayman Islands is not considered to be a part of that, so anything we need then to do we have to ask how much it costs.”

Tourism Minister Moses Kirkconnell first revealed ambitions for the Sister Islands to be part of the challenge in June last year, highlighting the possibility that they could eventually transition to 100% reliance on renewable energy sources. “The vision for Little Cayman and the Brac is that they would be branded as part of the Ten Island Challenge,” he said at the time.

When announcing the Caribbean Transitional Energy Conference to be held in Cayman in May, Mr. Tibbetts said that there is still the ambition for the Sister Islands.

The Dart group, now one of the major landowners in Little Cayman after purchasing Point of Sand, The Paradise Villas hotel, Hungry Iguana restaurant and another 600-acre property in the last few years, is also interested in helping bring renewable energy to the island.

Sir Richard Charles Nicholas Branson is an English business magnate, investor and philanthropist.

CIMA stars creating online payment system

Wednesday, April 12th, 2017

The Cayman Islands Monetary Authority (CIMA) has announced the launch of a fee payment section of the Regulatory Enhanced Electronic Forms Submission (REEFS) system for authorised financial services industry users.

The payment section is being rolled out in 2 phases:

– Phase 1, now underway, allows authorised users to view all applicable due and overdue fees and historical payments. Users can also track relevant fees and sort by groups, such as fee category, due date and covered entity.

– Phase 2, which is expected to take place during the third quarter of 2017, will allow all authorised users to make online payments. To guarantee a smooth transition, users will be provided with the necessary training and guidance on the new fee payment module. This will include instructions on assigning fee payment roles and work flows.

CIMA Managing Director Cindy Scotland said :“Although there is still work to be done before its final stages, I trust that this new service will allow the Cayman Islands to maintain its position as a leading jurisdiction within the global financial services industry”.

LA to tackle a dozen offshore laws

Wednesday, February 22nd, 2017

The financial services minister will be dominating the legislative agenda of the Legislative Assembly with almost a dozen offshore laws set to be debated by legislators ahead of evaluation by the Caribbean Financial Action Task Force (CFATF) later in 2017. The Government of the Cayman Islands is expected to deal with a significant amount of business over the next few weeks before the LA is prorogued ahead of Nomination Day next month and the formal launch of the campaign for the General Election.

Wayne Panton’s ministry has prepared eleven bills, mostly relating to the regulatory framework surrounding new financial services vehicles, and to improve the business environment. Laws such as the Companies Management (Amendment) (No. 2) Bill, 2017; the Companies Amendment (No. 2) Bill, 2017; and the Limited Liability Companies (Amendment) Bill, 2017 are related to creating the framework for the internal beneficial ownership registers in line with Cayman’s beneficial ownership information exchange agreement with the United Kingdom.

Laws such as the Cayman Islands Limited Liability Partnership (LLP) Bill, 2017, which introduces a new business structure designed to increase the attractiveness of the Cayman Islands to professional service providers, are designed to support new financial services vehicles. The Foundation Companies Bill, 2016 is designed to introduce a new type of company that that offers trust and estate planners to what was described as a more satisfactory structure.

The Limited Liability Companies (Amendment) (No. 2) Bill, 2016; the Trusts (Amendment) Bill, 2016; the Exempted Limited Partnership (Amendment) Bill, 2016; and the Tax Concessions (Amendment) Bill, 2016 are designed to delegate the authority of Cabinet to the Cabinet Office for processing tax concession certificates.

Also, the minister is bringing an amendment to the Trade and Business Licensing Law to clarify and extend the Trade and Business Licensing Board’s functions and exemptions for the agricultural sector and to remove the requirement for police clearance certificates for those with an interest in listed or regulated companies, provide proper classification for pay day loans, and allow utility bills to be substituted for bank references.

Last, but not least, and certainly the most controversial, is the Legal Practitioners Bill, 2016, which was deferred for further public consultation from the last meeting. Intended to modernise the regulation of the practice of law, it will also address the Financial Action Task Force (FATF) recommendations ahead of the assessment.

The bills, which can all be found on the government gazette’s website, are as follows:

– the Companies Management (Amendment) (No.2) Bill, 2017;
– the Companies Amendment (No. 2) Bill, 2017;
– the Limited Liability Companies (Amendment) Bill, 2017;
– the Cayman Islands Limited Liability Partnership Bill, 2017;
– the Foundation Companies Bill, 2016;
– the Limited Liability Companies (Amendment) (No. 2) Bill, 2016;
– the Trusts (Amendment) Bill, 2016;
– the Exempted Limited Partnership (Amendment) Bill, 2016;
– the Tax Concessions (Amendment) Bill, 2016;
– the Legal Practitioners Bill, 2016;
– the Trade and Business Licensing Amendment Bill, 2017.

Switzerland to implement AEOI Agreement with Cayman

Tuesday, January 3rd, 2017

The Swiss Federal Department of Finance (FDF) has launched a consultation on the introduction of the automatic exchange of information (AEOI) in tax matters with a series of countries including the Cayman Islands.

Besides the Cayman Islands, the countries to implement AEOI agreements include such jurisdictions as the Seychelles, the British Virgin Islands, Bermuda, the Faroe Islands, Mexico , etc.

The consultation will run until March 15, 2017. The AEOI with these countries is to enter into force on January 1, 2018, with the first exchanges to take place in 2019.

Switzerland expects that extending the network of AEOI partner states will help strengthen the competitiveness, credibility, and integrity of Switzerland’s financial center.
Switzerland to implement AEOI Agreement with Cayman

The Swiss Federal Department of Finance (FDF) has launched a consultation on the introduction of the automatic exchange of information (AEOI) in tax matters with a series of countries including the Cayman Islands.

Besides the Cayman Islands, the countries to implement AEOI agreements include such jurisdictions as the Seychelles, the British Virgin Islands, Bermuda, the Faroe Islands, Mexico , etc.

The consultation will run until March 15, 2017. The AEOI with these countries is to enter into force on January 1, 2018, with the first exchanges to take place in 2019.

Switzerland expects that extending the network of AEOI partner states will help strengthen the competitiveness, credibility, and integrity of Switzerland’s financial center.

Schwarzenegger to star at Cayman investment conference

Wednesday, November 23rd, 2016

Arnold Schwarzenegger will be visiting the Cayman Islands in February 2017 as the keynote speaker for the Cayman Alternative Investment Summit (CAIS).

The American-Austrian action movie star and former California governor, Schwarzenegger left politics in 2011 but he continues to be an advocate of sustainable energy and was a leading voice at the Paris climate conference last year.

When he comes to Cayman, Schwarzenegger will join what organisers of the CAIS”.

Other special guest speakers are Mark and Scott Kelly, twin astronauts who are helping NASA study the impact of long-duration space flight; George Whitesides, the CEO of Virgin Galactic, the world’s first commercial spaceline; Mike Abrashoff, a former Navy general famed for transforming the worst-performing ship in the Navy’s Pacific Fleet into the best-performing ship; and David McWilliams, a renowned Irish economist, writer, broadcaster and journalist.

Cayman to have another great year for tourists

Sunday, November 20th, 2016

At the end of September almost 300,000 overnight guests had already visited Cayman this year, setting the tourism sector on track for another great year.

2015 was the best year since the Department of Tourism began keeping official records and this year is likely to come very close to those numbers. Speaking at the Cayman Islands Tourism Showcase 2016, Tourism Minister Moses Kirkconnell said that he believed the numbers in 2016 will exceed the 385,378 guests that came to Cayman Islands in 2015.

There were breaking arrivals for June and July, so Kirkconnell said the “tremendous growth” in the sector is continuing despite fierce competition. According to him, the government of the Cayman Islands had to keep the tourism momentum going as the economy is still heavily dependent on the sector, which provides some 12,000 jobs, or a quarter of the labour force.

The minister also spoke about the progress on the enhancement of the airport, which, in contrast to the cruise port, has much broader support across the entire community.

CIIPO promotes intellectual rights in US

Monday, November 14th, 2016

Officials from the Cayman Islands Intellectual Property Office (CIIPO) are heading to Florida, US, in order to promote the country’s new regime.

According to Deputy Registrar General Donnell Dixon, the invitation to the International Trade mark Association (INTA) Leadership Meeting emphasized how important Cayman is in this market, despite only just having passed a slate of new laws. More than 1,200 intellectual property (IP) experts will take part in the meeting “to promote Cayman’s IP framework to some of the leading minds in the industry”.

He said: “The timing of this gathering is phenomenal as the Legislative Assembly just passed a new trade marks law, revised patents law, and new design rights legislation in October that will encourage more international companies to do business in Cayman”.

CIIPO announced Cayman’s IP protections at INTA’s Annual Meeting in Orlando, Florida, only in May, so receiving the invitation less than 6 months later “speaks volumes to CIIPO’s significance in the minds of brand owners from major corporations”, he added.

Tibbetts begins process to create utilities regulator

Tuesday, October 25th, 2016

The minister responsible for planning and public works began the process of dealing with a bundle of legislation in order to pave the way for the much-anticipated utilities commission.

The government hopes that this commission will not only act as the umbrella regulator for the technology, power, fuel and water sectors but also serve as a watchdog for consumer protection. The new commission had its genesis in broad public concerns, which were adopted by the government that the two bulk fuel suppliers in the Cayman Islands have not been transparent about their prices and that consumers are getting a bad deal. Now, the idea has broadened to create a new regulatory and competitive regime for all local utilities providers.

Planning, Lands, Agriculture, Housing and Infrastructure Minister Kurt Tibbetts, who has responsibility for all the utilities, presented three other bills alongside the Utilities Regulation and Competition Bill, which will begin the process. He stated that several more pieces of legislation regarding the water sector would be brought in January 2017.