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Cayman Hikes Work Permit Fees

by Amanda Banks, Tax-News.com, London

19 September 2012


Following a revision to the Cayman Island budget, higher work permit fees entered into force on September 13, 2012, the government has confirmed.

The changes, introduced as part of the islands' revised budget, are contained in the Immigration (Amendment) (No. 2) Regulations, 2012. Increases to work permit fees were agreed as a more favourable alternative, during talks between the local financial services industry and the government, to a controversial tax on the remuneration of non-resident workers.

Under the changes, work permit fees for executive persons engaged in financial services businesses in Grand Cayman (such as a managing directors, chief executive officers, general managers, vice presidents) rise from KYD20,500 (USD25,000) to KYD30,375. Work permit fees for key non-executive roles, such as directors of marketing/trading, financial controllers etc. have increased to KYD20,925 from KYD15,500.

Work permits for highly-skilled financial services roles will generally now range from KYD13,650-KYD20,925, from KYD10,500 previously, affecting roles such as trust officers, senior business analysts/senior financial analysts, trust/fund administrators, and auditor/audit officers, among numerous others.

TAGS: tax | business | law | banking | financial services | insurance | trusts | international financial centres (IFC) | budget | audit | Cayman Islands | fees | offshore | offshore banking | offshore trusts | services

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