Cayman immigration plan
to curb professional exodus
BY SIMON DANAHER
The Government of the
Cayman Islands has confirmed
it is considering
implementing a number of
immigration incentives to
avoid an exodus of foreign
investment professionals
based on the island.
The British overseas territory
is legal home to most
of the world’s hedge funds
but has recently witnessed
a drop in the number of
companies located there.
This had been blamed
in part on the global
recession, although some
businesses claim inflexible
immigration rules are
also hindering Caymandomiciled
firms.
Cayman Premier
McKeeva Bush, who recently
visited the US, the UK,
Bush: luring investors back
Hong Kong and Singapore
in a bid to lure investors to
the island, said he is keen
to create the most attractive
environment possible
to encourage financial services
firms to locate to the
Cayman Islands.
“Just as we built our
reputation in our current
lines of business such as
funds, insurance and banking,
we know we need to
do the same – even more
so – to extend our leadership
position in other areas
of international financial
services,” said Bush.
“Our overall message is
not just that we are open
for business but are committing
time and resources
to attract a greater share of
the global financial services
market to locate in
the Cayman Islands, along
with their families.”
Measures being considered
include expediting
work permit applications,
issuing three- to five-year
work permits for accredited
investors in financial services,
offering exemptions
from standard term limits
for work permits of senior
employees and a guarantee
to not increase work permit
fees for four years.
The Dubai International
Financial Centre (DIFC)
and Luxembourg for
Finance (LfF) have signed
a Memorandum of Understanding
to promote industry
development and regulatory
co-operation between the
two jurisdictions.
Senior delegates from
LfF were in Dubai as part
of a visit led by the Crown
Prince of Luxembourg to
encourage greater investment
from UAE fund managers
into Luxembourgdomiciled
funds.
Delegates from both
Luxembourg for Finance
and DIFC held a seminar
entitled ‘Luxembourg, a
Global Financial Services
Centre’, to explore ways
of building greater partnerships
between businesses
in both jurisdictions.
The memorandum,
signed in January, is aimed
NEWS
Dubai, Luxembourg reach
co-operation agreement
at promoting co-operation
and industry development
across a broad range of
areas and will include promoting
the exchange of
information on banking,
financial services and securities
legislation.
Speaking at the seminar,
Fernand Grulms, chief
executive of LfL, said:
“Between Luxembourg and
Dubai we see huge potential
for bilateral business.
But in the complex world
of finance, this can only
be achieved by building
partnerships among foreign
financial centres, so we are
pleased to be here today
and to have signed this
memorandum with DIFC.
“Luxembourg has enormous
expertise to offer
clients in the region and
opportunities for collaboration
with firms based in
the MENA region.”
To view a Ceros magazine you need to have JavaScript enabled in your browser and have the flash player 8 or higher installed. To install the latest flash player, click the icon above, install the flash plugin and then click here to refresh this page.