CAYPass Launched For Business Visitors To The Cayman Islands

by Philip Morton, Investors Offshore.com

04 November 2002

The government of the Cayman Islands last week announced the launch of the CAYPass card, a new scheme designed to enhance the experience of doing financial services business in the jurisdiction for expatriate professionals.

According to the Cayman authorities: 'CAYPass will entitle business visitors in financial services to dedicated immigration and customs lines, [and] a 15% discount on Cayman Airways tickets...The card will also serve as proof upon entry into Cayman that the holder does not require a temporary work permit when travelling to Cayman for business meetings.'

Applications for CAYPass cards are currently being accepted from business visitors to the Islands who are also directors or senior officers with Cayman financial services entities or registered companies. However, professional service providers to these bodies, such as lawyers and accountants, are also permitted to join the scheme. Sponsorship by a Cayman Islands financial services firm is a prerequisite for eligibility, according to the Cayman authorities.

Commenting last week on the launch of the new initiative, Assistant Financial Secretary, Deborah Drummond revealed that:

'Initial response from the industry has been very positive, and we look forward to assisting our international financial services partners in experiencing 'business at its best' in the Cayman Islands.'

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