Cayman news: Financial industry concerned about high licensing and work permit fees

Via Compass Cayman, selected quotes below:

“The Cayman Islands has been blessed with a money tree, and it’s not the silver thatch. It’s the financial services industry.”

“Fees levied on the financial sector account for about 55 percent of all government revenue, Minister Wayne Panton said during the recent Campbells Fund Focus conference.”

“…since 2011/12, revenue from banks and trust license fees has increased by 46 percent to $34 million. Over the same two years, revenue from work permit fees has increased by 23 percent to nearly $59 million, again with the financial sector contributing disproportionately.”

“Astoundingly, the highest annual work permit fee in Cayman is $32,400 for an equity partner in an accounting or law firm. The fee for each rank-and-file certified accountant is $13,650. The sector appears to be reaching a breaking point.”

“Canover Watson, managing director of Admiral Administration, warned that the fee increases are not sustainable: “In the long term, it will price Cayman out of the competition.””

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