New immigration policy directions for Cayman’s financial services sector were published in the Cayman Islands Gazette Friday.

Cabinet issued the directions in a meeting held 12 January to the Work Permit Board, the Business Staffing Plan Board and the chief immigration officer.

The directions make official changes in immigration policy for Cayman’s financial sector promised by Premier McKeeva Bush during a Cabinet press briefing on 5 November.

Immigration Review Team Chairperson, Sherri Bodden-Cowan said Friday she was very happy to see the directions finally take effect.

 “It gives greater certainty to the financial sector because they now know what directions the boards are supposed to follow,” she said.

The financial services sector directions apply to banking, insurance, the legal profession, estates and trusts, company management, fund administration, accountancy, and regulatory.

Mrs. Bodden-Cowan said that directions are often issued by Cabinet when there is no desire to change a law, but to have the law implemented in specific ways. 

She said the directions give the Work Permit Board and the Business Staffing Plan Board a clear understanding of the government’s policy on immigration matters and that the boards would be expected to follow those directions.

“We have to bear in mind that the boards are politically appointed,” she said. “I’m quite certain if the boards ignore the directions from Cabinet – which they are allowed to give by law – the government would have to make a decision.”

Premier McKeeva Bush also said he expected the board to abide by the directions.

“The boards have to carry our government policy,” he said. “That’s what they’re placed there to do.”

Mr. Bush said that the government was elected by the people to act in the country’s best interests.

“If someone on one of the boards feels that government is doing something wrong, they have an obligation to remove themselves from the government board,” he said. “But I have no doubt our board members will carry out our policies.”

Financial  Services Sector Committee

The directions instruct the chairman of the Business Staffing Plan Board to appoint a Financial Services Sector Committee.  The committee will include the chairman and deputy chairman of the Business Staffing Plan Board along with at least two other members with expertise in the financial services sector. 

The Financial Services Sector Committee would process and hear all applications for the designation of key employee and make recommendations to the Business Staffing Plan Board.

Foreign workers who are designated as key employees are not subject to a seven-year term limits, but can receive up to nine work permits.  After residing in the Cayman Islands for eight years, they can to apply for permanent residency, which is decided by a points system.

The directions instruct the Immigration Review Team to work in collaboration with the Financial Services Sector Committee to establish a list of accredited employers in the sector, based on various ‘good corporate citizenship’ criteria such as employment practices, talent development programmes and community involvement.

Mr. Bush emphasised that the new directions were a two-way street and that the financial sector had to do its part.

“All the things we’re doing [with the immigration policy] are to facilitate investment, but the financial sector has to ensure they are good corporate citizens,” he said. “They must work within the ambits of the law.

“We have to make sure that the proverbial glass ceiling is removed and that Caymanians are trained and that Caymanians are given opportunities.”

Key employees

When an employee in a defined category of positions is identified as key by an accredited employer, the directions instruct the relevant immigration board that there will be a presumption in favour of designating the worker key, as long as the employee fulfils one or more of four possible criteria that establish his importance to either the business or the Cayman Islands.

The direction applies to 20 different categories of positions, including: managing director, chief executive officer and  general manager; equity partner, partner, principal or president; senior vice president and several other senior managers; broker dealer; trader; investment banker; insurance/reinsurance manager; chief technology officer/IT director; captive insurance claims manager; and senior in-house counsel.

Three-year permits

The direction also instructs the relevant board or the chief immigration officer to issue three-year work permits, unless there are exceptional circumstances, to all workers who are not listed in a Business Staffing Plan and who fall in the position categories that would have the presumption of qualifying for key employee designation.

In addition, the direction calls for the issuance of three-to-five-year work permits for domestic helpers, teachers, doctors, nurses, ministers of religions and workers for positions authorised in a Business Staffing Plan certificate.

Opposition

Mr. Bush said he knew there would be opposition to the new policies.

“I recognise that immigration is a very emotive issue,” he said.

“People can say all they want, but when you got to come up with solutions, that’s a horse of a different colour.”

Mr. Bush said that immigration issue had already taken far too much of the government’s time and that it was time to move on to other issues.

“Immigration is a problem for the ages in developing countries,” he said, adding that Cayman had to change and adapt to a new way of thinking.

“The future of this country depends on a viable investment environment, and that is not so right now. We are losing business by the day,” he said.

“We cannot let the whole economy die because some people don’t have a job. We needed to give the financial sector the certainty it needs to survive so that Caymanians’ jobs can be saved in the future.”