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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