Cayman to relax Work Permit Regulation
The representative of the Cayman Islands’ financial services industry, Cayman Finance, has welcomed the amendments that were proposed to immigration laws, announced by the jurisdiction’s Prime Minister McKeeva Bush. These were drafted to encourage foreign financial services companies to remain in Cayman.
This announcement was made to respond to changes to the Cayman regime in the recent budget that were necessary for tackling the jurisdiction’s budget deficit. There are concerns that the substantial hikes in company registration fees and annual charges may damage Cayman’s international competitiveness.
In a statement, Cayman Finance said that it “fully endorses the positive steps the government is taking to strengthen the Cayman economy and its financial services industry in these more challenging economic times.”