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Caymans To Relax Work Permit Regulation,
by Phillip Morton, Investors Offshore.com
Wednesday, February 03, 2010
Cayman Finance - the body that is representative of the islands' financial services industry -
has welcomed proposed amendments to immigration laws, announced by Cayman Prime
Minister McKeeva Bush last week, drafted to encourage foreign financial services companies to remain in the jurisdiction.
The announcement was made in response to various changes to the Cayman regime
in the recent budget to tackle the islands’ budget deficit, and it is feared
that the substantial hikes in company registration fees and annual charges will
damage the islands’ international competitiveness.
Making the announcement, Bush said that the government was fast tracking legislation
to ease immigration laws imposed on those employed in the financial services
sector. Under the proposed legislation, foreigners will be allowed to the island
for extended periods, and the amount of time that they are required to reside
outside of the territory after the expiry of their permit will be reduced.
In a statement welcoming the decision, 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."
Mr. Anthony Travers, the Chairman of Cayman Finance, said: "The Premier
clearly recognizes the shift in the competitive global environment and what
Cayman must now do to attract and retain business investment and support and
enhance its revenue base for the benefit of the Islands. The Premier’s
initiatives are appropriate and timely. The historical partnership between the
Cayman Islands government and financial services has allowed our jurisdiction
to build and grow into a respected global leader."
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