New York – Senior members of the Cayman Islands Government, led by the Premier, the Honourable W. McKeeva Bush, met with several leaders in York’s financial services industry at a briefing held in New York on 16 November 2009.
The event was a follow-up to a similar briefing held a week earlier in London and focused on encouraging more financial services firms in areas such as fund management and reinsurance to locate operations in the Cayman Islands.
“We are keen to create the most attractive environment possible to encourage more financial services firms to locate operations in the Cayman Islands,” said the Premier in his remarks. “Just as we built our reputation in our current lines of business such as funds, insurance and banking, we know that we need to do the same ” even more so ” to extend our leadership position in other areas of international financial services.”
Similar to London, the Cayman Islands delegation highlighted the new programmes and incentives identified to facilitate the domiciling and relocation process, including specific immigration policies for new investors, and boosting departments’ capacity to service investor relocation in the Cayman Islands (see Notes to Editors section).
Camana Bay, one of the private sector partners supporting the initiative, was represented at the briefing by Mr Rick Severance. During his remarks, Mr Severance highlighted Camana Bay’s special incentives and a dedicated lifestyle concierge for a select group of potential investors considering relocating to the Cayman Islands.
Several private sector representatives from Cayman Islands firms were also on hand to support the Government’s position, many accompanied by clients and other stakeholders with an interest in Cayman’s financial services industry. The ‘Cayman Islands Financial Services’ event marketing programme continues next week with events planned in Singapore and Hong Kong.
Front row L-R: George McCarthy, CIMA Chair; the Hon. Sam Bulgin, Attorney General; Paul Byles; Premier the Hon. McKeeva Bush; Kenneth Jefferson, Financial Secretary; Canover Watson, Managing Director, Admiral Administration; Back row L-R: Mark McIntyre, Head of Corporate Banking, HSBC Bank (Cayman) Ltd; Chris Saunders, Chief Financial Officer, HSBC Bank (Cayman) Ltd.
Notes to Editors
Previously announced programmes, policies and incentives targeted to potential financial services investors include:
- Devoting resources to existing departments such as the Cayman Islands Investment Bureau to support, advise and act on behalf of potential investment management firms considering Cayman;
- Securing a commitment from the Cayman Islands Monetary Authority to look at expedited turnaround for time-sensitive applications;
- Providing dedicated people within the Immigration Department to expedite work permit applications and providing investor relations officers who will help prospective investors secure office accommodation, identify staff or support the relocation process for families;
- Issuing directives to the Immigration Department to structure three to five-year work permits for professional staff of accredited investors in the financial services industries;
- Offering exemptions from standard term limits for work permits of senior leaders of financial services firms such as CEOs, Managing Directors or other senior staff under the existing ‘key employee designation’ programme;
- Considering a proposed amendment to immigration legislation that will offer a 25-year direct investment certificate for investors with a net-worth of CI$5 million dollars and who have invested at least CI$2 million dollars in the Cayman Islands or in a local business. The certificate will entitle the holder to work within the business which he/she has invested in and will entitle a spouse and minor children to reside in the Cayman Islands as residents. This certificate will be renewable or extendable at the end of 25-years, and;
- Offering a guarantee to not increase work permit fees for a period of four years for permits granted under this programme.
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