Cayman Islands to encourage investment
When speaking at a recent conference, Anthony Travers, Cayman Finance Chairman, called for the further relaxation of the highly restrictive immigration and rollover policies of the jurisdiction with a view to encourage professionals to the Cayman Islands and to maximise its offering as a leading international financial centre in light of recent fee hikes.
Tracers recalled that in October 2009 higher fees, including for work permits, were introduced. He noted that the regime is unsustainable and emphasized that it would lead to more competitive offshore jurisdictions taking business from Cayman. As the government is increasingly seeking greater revenues from fewer transactions, he suggested that the jurisdiction’s offering should be of a higher standard. For instance, Travers urged the government to introduce additional reforms in order to provide prospective investors with the chance to set up physical operations in the Cayman Islands that would allow them to further maximise the benefits of investing in the jurisdiction with its low tax regime.
In the conclusion, Travers said that while the Cayman Islands has been in compliance with international standards on transparency and tax information, new scrutiny surrounding the lack of physical operations in the jurisdictions could be the next hurdle for it. By means of encouraging foreign companies to set up operations in Cayman, the jurisdiction could further show its compliance with the changing requirements being placed on offshore territories.