Bosses get 10 year permit
Posted on Thu, 10/25/2012 - 08:30 in Local Business
(CNS Business): Managing directors, vice presidents, chief executives, directors, managers, finance and insurances bosses can all now apply for ten year work permits following the publication in the government gazette of the regulations to accompany the recent amendments to the immigration law. Prior to the change in legislation employers had to reapply for permits for their top level employees after five years. The change is designed to give those in the financial sector in particular a level of certainty about their ability to remain in Cayman and it is hoped this will encourage more companies to set up shop here. The new regulations also set out a new list of business activity or jobs that do not require a work permit if the person is coming for ten days or less.
From people attending trade fairs conferences and seminars to athletes, journalists and charity volunteers, the list covers a significant number of scenarios, including lobbyists or expert witnesses at court.
In a bid to encourage business from the international insurance trade, new firms establishing offices here in this field can also be exempt from the usual work permit requirements for as much as five years.
The regulations have also changed for wealthy individuals looking for 25 year residency certificates. The annual earnings requirement for those who have independent means has been reduced to $120,000, which is $30,000 less than the old requirement, and to have invested a minimum of $500,000 – reduced from $750,000. Those wealthy enough to buy lifetime residency will need to invest at least $1.6 million and the one-off fee for the certificate which will allow them to live out their days in Cayman will cost $100,000.
Permanent residency can also be bought via a “substantial business presence”, which according to the new regulations covers a range of different businesses. The chief immigration officer will determine whether the necessary physical presence has been established in Cayman and the potential employment it will create locally. This provision is aimed at the financial services and covers a range of related businesses in an effort to encourage more companies and financial institutions to bring their operations here and create local jobs in local offices.
See Regulation amendments below.
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My British friend is to be
My British friend is to be rolled over soon. She is well-Caymanize and everyone in our district are very sad to see her go. Many of us were astounded to learn from her that the rollover even applied to the British. After all, aren't we a British Territory? No matter whether the arrangement was reciprocal or not when we were granted the right to British Citizenship, I think its rude and ignorant for Cayman not to extend a warm welcome to our brothers and sisters in the UK. After all, they are a very very small part of our population, whether expats on a work permit or resident, and with the
benefit of a British passport, we can travel and work anywhere in the UK or EU. If you ask me this is something that needs fixing. How can we treat people from our mother country so badly, like they were foreigners in what frankly speaking, is their own country?
It is called "Having your
It is called "Having your cake and eating it".
... You sorely need lessons
... You sorely need lessons in history, economics, nationality and immigration law. Ask yourself why several million Hong Kong Chinese lost the right ( before handover) to live in England. They were British citizens too.
I for one think it is a good
I for one think it is a good idea as someone who will benefit from a 10 year permit. This is just the certainty we needed. Over the next year we will be creating 3 new jobs in our small business here in Cayman that were originally slated for our Singapore office. Not much I grant you but it's a start and it's 3 administrative jobs for Cayman that otherwise would have gone elsewhere.
The whole WP system is ill
The whole WP system is ill-thought out and a mess. And they are just making it worse.
When it comes to treatment of
When it comes to treatment of the wealthy, Cayman continues to shoot itself in the head.
It is totally stupid to erect barriers against people who would live here all year around, and therefore spend here all year around, supporting the goods and services industries and creating jobs.
It's as though Caymanians do not want jobs if they are paid for by wealthy residents.
And I thought there was a job shortage.
Does this mean that McKeeva
Does this mean that McKeeva gets rolled over after 10 years?
how are Caymanians suppose to
how are Caymanians suppose to get into head positions now? not sure i like this.... i like expats, esp those at the op that spend locally but, i see a glass ceiling forming more and more...
we get ahead by being the
we get ahead by being the best we can be. there's no reason we can't compete with the best of them! If the position is not available after honest effort, then take a risk find another opportunity or even start your own business...what's wrong with that?
I know that, you know that,
I know that, you know that, but they refuse to believe that.
You want some cheese with
You want some cheese with that whine?
Talent? Merit? Hard work?
Talent? Merit? Hard work?
lets remember that persons on
lets remember that persons on a work permit were selected from amongst a pool of their own in the UK or elsewhere. They were not selected to come here on an expensive work permit because they were average perons with no experience etc to do the job. It is wrong to forget that work permit holders left others back home who may not have attended Cambridge and Oxford and who are not unlike our own local persons, and who are also looking for experience and looking for jobs. To simply suggest that all Caymanians in their own country must simply measure up to those that are imported because of their experience in a particular field or that they are not able to do so because they are some how genetically not able to rise up to the challenge, is completely foolish and shortsighted. Cayman was wonderful because of the social harmony here, lets not spoil that as we all try to make a living.
The top foreign candidates
The top foreign candidates would never come close to Cayman. However those that do come are still statisically likely to be better candidates than the local market can offer, not because of experience or "genetics" but just raw numbers. If there are 35,000 Caymanians then one just has to work out the bell curve numbers to realise that the local market will provide few top end candidates.
thank you for responding to
thank you for responding to my post. I think you raise a valid point. Having said that you do acknowledge that there are likely to be at least a few top end candidates from the local pool (given that this is not a race issue), even if it is a 'few'. It also does not mean that the others are not employable simply because they are not the cream of the crop skimmed from a foreign labour market or in this local market ( even if i take your point that although Maples and Walkers pride themselves on hiring Cambridge or Oxford grads that those that came here are not top foreign candidates) . I am sure you wouldnt think that those that are not at the top end range should not be employed in their field. That would not be the case in England or anywhere else in the world. I think it is for this reason that it is unacceptable for anyone to make broad brush statements about Caymanians given that Cayman is merely a reflection of any other small town anywhere else in the world. Give them a chance and train them, and if they fail, they fail. Ive travelled enough to appreciate that people really are fundamentally the same whereever you go.
That is pure nonsense. Simply
That is pure nonsense. Simply because you come from a larger country does not mean that you are automatically better than Caymanians at the job. Hard experience proves otherwise. There are poor and mediocre candidates everywhere and each individual must be taken on their own merits.
You obviously did not
You obviously did not understand a word in the post you tried to respond to, because post in question was practically assuming equality and was applying simple statistics, ie the bell curve, in respect of the most demanding occupations. So if things are out of your depth and you don't understand perhaps it is a good idea to shut up rather than embarrass yourself.
Consideration
What about the nannies? I am no lawyer ... but can they not stay but never apply for PR etc. Make the rule that if they apply for key employee/PR and get denied they will have to leave immediately. I think just with that they will not apply and then people will get to keep the nannies they have grown together with as a family if the nanny and family wants.
Do you know how hard it is to get someone that truely loves your child almost as their own? to trust someone with the care of your child for more time that you get to spend with your child on a daily basis? to trust someone to be in your house with your children alone the majority of the day? to have your child adjust from their loving nanny to a new person simply because the old nanny was roll-over? Do you know the abandonment issues children now have to deal with?
who can apply for these?
I think the article may be slightly misleading - The law states that this only applies to occupations in "reinsurance and fund administration" industries.
These are very distinct subsets of the broader Finance and Insurance industries. Your article suggests that this would apply to management in Finance or Insurance when the law is quite clear that this is not the case.
Do they get 10 year security
Do they get 10 year security or at they at risk of the "suitably qualified" coming along?
Yes, that is what a 10 year
Yes, that is what a 10 year permit means.
Still have to have a need...
Still have to have a need...
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