Cayman Islands To Launch Special Economic Zone

by Amanda Banks, Tax-News.com, London

21 July 2011

The Cayman Islands, in partnership with Cayman Enterprise City (CEC), is to launch a special economic zone, intended to attract global science, technology, commodities and derivatives, media, and educational entities to the country.

An agreement, signed on July 18, will allow CEC the exclusive right to construct, develop, operate and maintain the zone, and the Cayman government has announced that it will now begin to establish the legislative framework for CEC to operate. The investment is valued at more than USD327m over the next eight years.

CEC is to develop five "parks": Cayman Internet Park, Cayman Media Park, Cayman Biotech Park, Cayman Commodities Park, and Cayman International Academic Park. According to CEC's Director of Design and Construction, and local partner, Cindy O'Hara, the developer hopes to "break ground" early next year.

O'Hara also said that the firm's plans incorporate a state-of-the-art, low-rise campus covering 500,000 square feet to be built in three phases.

During phase one, while the project is being built, CEC will take up to 100,000 square feet of existing office space in George Town, so that international brands wishing to establish within the zone will not have to wait until phase one is completed.

Cayman Premier, McKeeva Bush, said of the deal: "CEC represents an opportunity for the Cayman Islands to diversify its economic base. It's also worth noting that this project requires no government investment, as it will be completely privately funded, and the developer also has not requested waivers for duties on materials or stamp duties."

Jason Blick, CEO of CEC, added: "The cooperation and inward-investment friendly attitude of the Cayman Islands government, and the civil service, has been outstanding. They truly understand the positive effect the zone will have on Cayman, and their support has been incredible."

Recommended