GEORGE TOWN, Cayman Islands — In a statement on Wednesday, the premier of the Cayman Islands, McKeeva Bush, outlined plans for what he referred to as a “Community Enhancement Fee” to be charged at 10 percent of the remuneration paid to foreign work permit holders in the Cayman Islands in respect of remuneration levels that exceed $20,000 (US$24,000) per year.
The government is also planning to introduce a fee to enhance the regulatory environment in respect of the funds industry in the Cayman Islands, along with requiring any newly recruited civil servants to contribute to both their pension and health-care costs, and existing civil servants to contribute to their health-care costs from their remuneration.
These proposals come amid ongoing discussion and delay in formulating a budget for the British Overseas Territory that is acceptable to the Foreign and Commonwealth Office (FCO) in London.
According to Taylor, an economic advisor sent to the Cayman Islands by the Minister for the Overseas Territories, Henry Bellingham, to work with the Cayman Islands government on the budget has returned to London but remains fully engaged in the process.
