CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Cayman To Target Reinsurance Business

Cayman To Target Reinsurance Business

by Amanda Banks,, London

15 December 2011

Cayman Islands Premier McKeeva Bush has outlined plans to introduce a streamlined work permit regime to encourage reinsurance business to the islands.

Bush announced at the recent Cayman Captive Forum that the government would introduce a number of incentives for reinsurance businesses, namely 10-year work permits for senior executives of companies, and reduced work permit fees.

In response to the Cayman Islands' announcement, Bermuda's Premier Paula Cox insisted that the decision would not be an immediate challenge to the territory's industry-leading position. She underscored that Bermuda has a tried-and-tested, acclaimed regime for reinsurance entities and said that simply offering attractive immigration controls, such as the Bermuda government has recently introduced, would not impact demand for the island's offerings.

In announcing the incoming regime, Bush pointed out that unlike some other territories - including Bermuda, the Cayman Islands will not seek equivalency with the European Union's stringent capital adequacy requirements under Solvency II, providing appeal for reinsurers seeking to bypass the stringent capital controls.

A comprehensive report in our Intelligence Report series which studies the 20 main offshore jurisdictions which offer captive insurance regimes is available in the Lowtax Library at and a description of the report can be seen at
TAGS: compliance | tax | business | insurance | international financial centres (IFC) | Bermuda | Cayman Islands | fees | offshore

To see today's news, click here.


Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »

Stay Updated

Please enter your email address to join the mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.

To manage your mailing list preferences, please click here »