Another company pulls out of the Cayman Islands

| 15/01/2010

Cayman Islands News, Cayman business news, LOM (Holdings) LTD(CNS): Following news earlier this week that insurance and re-insurance firm XL Capital Ltd is to change the parent holding company’s place of incorporation from the Cayman Islands to Ireland, LOM (Holdings) Limited announced yesterday that its Cayman office will close as of the 31 March 2010, and that the firm will make its office in the Bahamas its “new regional hub”, saying the move was part of a wider review of its strategy regarding overseas offices and “ultimately reflects the realignment of the offshore investment environment over the past few years.”

In a press release Thursday, LOM said that after an exhaustive review of its regional operations, it had decided that it was in the best interest of its clients and shareholders to support the entire Caribbean region from one office. Therefore, the firm had determined that Nassau, Bahamas would be its new regional hub. LOM has had an office in the Bahamas since 2001, and Nassau General Manager Craig Lines said, “Uniting our entire Caribbean sales team in one place will allow us to more efficiently manage clients throughout the Caribbean, Central America and South America.”

Existing customers of LOM Securities (Cayman) Limited will be given the choice of moving their accounts to either Bermuda or the Bahamas and LOM said it would do its utmost to make the transfer as seamless as possible.

LOM captive insurance and trust programs will be serviced from the firm’s headquarters in Bermuda. Portfolio Managers and Advisors will be making regular visits to the island to meet with the captive managers, lawyers and auditors that service our clients, the release said. In addition, LOM Asset Management will continue to support the Insurance Managers Association of Cayman (IMAC) and will be exhibiting for the eighth year in a row at the 2010 Cayman Captive Forum.

Beginning 1 April 2010, all communication will be redirected to Nassau and any remaining Cayman customers will be serviced out of the Bahamas office until they can be transferred as per client requests and LOM said that all of the staff and financial advisors in the Cayman office have been offered the opportunity to relocate to our Bahamas or Bermuda offices.

“While LOM regrets this move after 15 years of being in Grand Cayman, it is part of a wider review of our strategy regarding overseas offices, offshore costs and ultimately reflects the realignment of the offshore investment environment over the past few years,” the release said.

Related article: Ireland beats Cayman for XL

Category: Business

Comments (76)

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  1. Bobby Anonymous says:

    Not the first and not the last. When a company moves from Cayman I am pretty sure that it takes it’s workers with them (suprise, suprise. Expats can and will follow the jobs and security). Unless Cayman (immigration) becomes more friendly (affordable work permits) and accepts genuine bussinesses (eliminate the "permit of conveniance") into the Cayman Islands I suspect that everone left will be back to building boats. (oop’s sorry all the trees are gone!) Get the picture! 

    Finance companies do not trade here because of the Sunshine and Locals. Trust me!

     

  2. LOM’s decision to leave Cayman might have nothing whatsoever to do with the quality of the jurisdiction but, conversely, it might actually reflect positively on Cayman. I will explain.

    LOM Securities (Cayman) Limited, along with its parent company in Bermuda, sister companies in Bermuda and the Bahamas, is currently a defendant in a civil action alleging securities fraud that was brought by the United States Securities and Exchange Commission at federal court in Manhattan.

    The SEC has accused the defendants of receiving "illegal proceeds" of at least $5.8 million by manipulating the stock of two publicly-listed "shell" companies, SHEP Technologies Inc., a Canadian corporation based in Vancouver, and Sedona Software Solutions Inc., a Nevada corporation based in Vancouver, from 2002 to mid-2003. The LOM parties have denied the allegations.

    As reported by OffshoreAlert recently, in a scheduling order issued on December 30, the judge placed the case on the "February 15, 2010 trial ready calendar" and informed all parties that: "You must be ready to proceed on 24 hours notice."

    Shortly after this order from the judge,LOM announced the closure of its Cayman operation. Only LOM’s insiders know whether the two matters are connected.

    It is worth mentioning that, as part of the SEC’s investigation, there was legal action at the Grand Court of the Cayman Islands regarding an attempt by the SEC to obtain evidence for the case. It is not inconceivable that improved transparency in Cayman and the upcoming securities fraud trial against the LOM group played a role in its decision to leave Cayman.

    If this is indeed the case, LOM’s decision to leave Cayman could be considered as a positive reflection on the jurisdiction, particularly if the allegations against LOM are subsequently proven at trial.

    • anonymous says:

      Glad to hear your tiresome page 6 vendetta against these guys is coming to an end.

    • anonymous says:

      RBC is currently consolidating some of their non-retail departments to their Bahamas office.   

      Would you have us believe (as you imply) the dramatic tale that all of these longstanding Cayman shops are somehow fleeing the SEC’s access to Cayman records? 

      Or is it more plausible that this action is in response to the escalating overhead of running an additional office in the Cayman Islands during a period of waning global risk appetite, squeezed revenue lines, and exponential permitting costs? 

      Most businesses here would be negligent not to review their cost structures for 2010 and beyond and consider all viable alternatives.  It is simple economics.

  3. macancheez says:

    Stay where you are; 5 years ago, heck even 2 years ago, my advice would have been different.  Things have taken a turn for the worse and I’m afraid that this is only the beginning…  Don’t waste your time.

    • Bang on says:

      When the crunch came at the recession Cayman chose to make recruiting a quality workforce harder and more expensive and shoved up the price of doing business here.  That basically is a mixture to kill Cayman’s financial services industry dead.  I wish it was different.  But many are typing up our resumes for the when not the the if.

  4. Anonymous says:

    I work in the accounting/auditing industry and was recently offered a position with my firm in the Cayman Islands for a few years.  I have been seriously considering the offer and felt that it could be a great change of scenery for a few years (i love the outdoors and the ocean), I’d get some international experience, I don’t have to take a pay cut, and (more importantly) it was an international location that my family didn’t instantly reject the idea of moving to.  However, I’ve been surfing the news today and reading a lot of the comments and now I am rethinking my situation.  I recognize that news is, by nature, typically negative since negative news gets the most attention.  However, most of the posts, not just with respect to this article but with many others, appear to be extremely bitter and negative.  My question is are these just typical grumblings of people that have lived in a place for a long enough time to see and understand the problems and challenges of the place or is the Cayman Islands really a terrible place to be for a few years?  Obviously, my company wants me to come down and help out so I’m not sure that they are being completely honest with me but, from reading the posts, I’ve no doubt that you guys will be.

    • Islander for Life says:

      Having lived here for over 30 years, I can say the rhetoric and b-s on these pages is not as prevalent as it is made out to be, the situation is not as dire, and the people are, on the whole, far more welcoming than you will read here.  These forums are for cowardly comments.  And there will always be a sector of antagonists and trouble-makers in any society.  Just in a small society, the rantings will be far more visible.

      If it really is as bad as some say – look on the bright side – the rents will be cheaper, there will be more used cars for sale by desperate people fleeing in droves (not) and those that are left will value what they have even more.

      Come on down, meet some new friends, and experience the Cayman life…

    • Anonymous says:

      No its a GREAT place to be. Please come on down and enjoy and dont listing to the few grumbing people, they have nothing more to do

    • Anonymous says:

      life is good here as long as you try and ignore the hypocrisy, stupidity, laziness, racism, ignorance of some locals.

      the good thing is that expats are now in the majority so you will have a huge educated, hardworking expat community to make you feel very welcome

      • Twyla Vargas says:

        There are only expats here to feel threatened by you commng and getting a job.   Dont be fooled it is not Caymanians making these nasty comments.  It is being written to look that way.  Use your head.

    • Anonymous says:

      Look at the "thumbs up" to the post below re the hassle of living here.   Unless you are a fundamentalist Christian or a dive fanatic, then I would ask a big pay rise or say "no thank you".  Pride at homophobia, rampant discrimination, an economy falling apart and the 4th highest rate of deaths from gun crime in the world  . . . welcome to "paradise".

      • Anonymous says:

         Where are you getting your statistics from? Some drunk at a pub? "4th highest rate of deaths from gun crime in the world"…… thanks for the big belly laugh. From Jan – June 2009 there were 3 murders…. oh, my Lord…. the Gaza!

        • He's right says:

          9 murders out of 55,000 people.  That puts us just ahead of Russia and behind Venezuela.  That would rank us 5th in the world and four times the murder rate of America.

          Evenyour 3 in 6 months would put us 7th or 8th as an annualised murder rate.

          If you limited the figures to the murder rate amongst Caymanians it gets even worse.

          • Anonymous says:

            Actually the murder rate in Russia is higher. I don’t know what reference you are using, but per 1000 the murder rate for Cayman is 0.16, Russia is 0.20 – making Cayman #6. Furthermore, none of the resources I have found are complete. For example, the site http://www.nationmaster.com/graph/cri_mur_percap-crime-murders-per-capita is where I got Russia’s rate, however, countries such as Guyana are not listed. Another problem is that in many of these larger countries, the total # of murders may not even be accurate.

            Looking at numbers alone people can be mislead. You need to take into account the context in which these murders are happening – who is being murdered, what is the motive? No one is walking into a courtroom, bar, restaurant, social gathering with AK-47’s spraying up innocent bystanders. People are being targeted; these deaths aren’t random. Yes, we need to nip the problem in the bud, but not exaggerate it.

             

            • Anonymous says:

              "Come to Cayman, we have a slightly lower murder rate than Russia"  I can see the advertising campaign now.

              • Anonymous says:

                Read the rest of the post, particularly the part about context, & then try again. Do visitors to the island associate dangers of being murdered with visiting Cayman? *crickets chirping* 

        • Anonymous says:

          go take a lesson in statistics….

    • P Davis says:

      Dear possible Cayman newbie.

      You can add to the list of (hypocrisy, stupidity, laziness, racism, ignorance of some locals) corruption, rude nasty local people, absolute terrible cruelty to pets, very high cost of living, greed, serious crime, drugs and guns, one set of rules for Caymans another set of rules for all others and serious car accidents every day that you may get caught up in. But thankfully there is plenty of churches where all the good people can go and pray for all the gay people to leave the Caymans.

       

      • Anonymous says:

        Cruelty to pets? Have you been anywhere in the rest of the Caribbean? I am of the opinion that you have absolutely no idea what you’re talking about. According to RCIPS statistics, there was a total of 2 traffic fatalities in 2009. Hardly what you would call an everyday occurrence there, mate.

        Alas, perhaps you are just one of those people who will find something to complain about regardless of where you are. Anyhoot, at the end of the day, you’re still pumping money into the economy, improving my standard of living. 

      • Anonymous says:

        Follow up to my previous reply… ooops… I meant those are the traffic fatalities until June. No stats posted for the full year yet. Regardless, the number is low.

    • Jingo Jango says:

      Provided that you are earning at least $150k plus schooling for your kids this place is great

    • Anonymous says:

      I moved here with my family 5 years ago.  We have made this place our home and have tried to integrate as much as possible into the local society.  The Cayman Islands are a beautiful place, no doubt.  We never doubted that this would be our home for many years to come.  This has changed over the past 12 months.  There will always be prejudice against others in all countries of the world, particularly in countries where there is such a mix of cultures (just look at the US and the UK).  I have found the majority of people in Cayman to have values, manners and respect.  There are unfortunately a handful that are downright racist, rude and would love to see every ex-pat kicked off the island today.  I witnessed racism first hand this weekend and whilst I was not shocked, I was disappointed in the comments aimed at me by a complete stranger.  Add this to the crime rate (which seems to be rising at an alarming rate without much intervention), the very high cost of living and the inordinate amount of red tape associated to anything that needs to be done (particularly at immigration – what is all that about!) and you start to question whether this is the ideal place to live.  Do I uproot my family again?  I don’t know the answer to that right now.  Perhaps the people of Cayman will wake up and smell the coffee at some stage.  The things that made this a really attractive place to live, raise kids and enjoy life are rapidly disappearing.  I have lots of Caymanian friends and associates (it’s a small place) and many of them feel the same way – the people need to send out a message otherwise this jewel will become a piece of buried treasure for sure.

       

       
      • Twyla Vargas says:

        I moved here with my family.

        I have read your comments and I believe you would add to the good citizenship of the Cayman Islands.   I am sorry you have experienced some racial behavior. 

        However, before making judgement on the people of Cayman, I would conside three things. 

        (1)  why was this racial behavior expelled after living here for five years?    Please be very honest now,  and are you absolutely certain without a doubt that this complete stranger was a Caymanian.?    Be honest>. 

        (2)  Honestly giving it some thought, would you really say that the peope of Cayman is prejudice against all foreign people.

        (3)   Since living in the Cayman Islands, how many times you have witnessed ths behavior?

        believe you enjoy the Cayman Islands, and to continue this enjoyment with your family I will give you a few pointers.

        (a)  Cayman is an Island where you will hear dogs barking in the night, chickens crowing, and donkeys breying in the morning to  wake you up.   95% of Camanians will still tell you good morning maam, or good morning sir.  We continue to say thank you,  and please. But we are not going to bow.   So after you have  lived here for five years, what has caused a change  of heart?   Becareful, your own lice will bite you the hardest, and cause you not to enjoy the peace and tranquilty you have been enjoying.

        Caymanian to the bone.

         

        • Anonymous says:

          Oh Jesus, Twyla, not your best post by a million light years.

        • Anonymous says:

          Twyla, I will respond.  Yes it was a Caymanian – he made it very clear to me that he was a Caymanian and that I was a mere "white boy" (I have toned down the language) several times.  I reiterate "a handful" are showing this attitude – the vast majority of Caymanians I have met have always been courteous and friendly.  My point is that a few years ago there was not even this handful around and you should be aware of it.  It is happening more often than you think and like the guns, drugs, gangs, ridiculous amounts of burglaries, drink driving, etc. etc. it IS happening and you cannot bury your heads in the sand. 

    • Twyla Vargas says:

      I work in h auditing industry.

      I will begin with these words. Your own lice will bite you the hardest.  That is for sure.

      Now, about your position of comming and working in the Cayan Islands.  Here is some good advice from a commenter on CNS, who does not write anonymous. I am honest, and will tell youth truth if that is what you want to hear,

      75% of foreign people who come to cayman display an attitude of hipocricry.   They come with open arms, new place new face.   After the are here for a year, you can see the changing in their behavor.   After they have found a few of their own colour or class, they become arogant, selfish, rude andwant to take over the Island and run it their way. Do not want th natives to walk on the beach or fish in the sea.  They complain about or dogs and cats, they complain about our chickens crowing,ordonkeys brying, our cows mooing, our children playing in the streets.  They complain about every thing under the sun.  Seclude themselves to private pubs and restarants and a million more things to say.

      You will enjoy cayman Islands to the fullest once you do not fall into the 75% you have read above.   Becareful of your own lice, whom ever they may be.!

      You will be commig here to o a job.  Do it well, and when you have time, ake your family tothe beach.   Hang out with the natives, enjoy their sunday barbecue on the beach, stay away from your own lice, or you will spend all of your money, be miserable and wasted time with them poising your minds about some of the best people on this planet.  Good Luck.   See you in the Cayman  Islands.   One more thing majoriy of those  comments are being made by expat. so be careful of the anonymous writers

      • O'Really says:

        If you want to understand what you might face, read this post carefully. It is written by a true born and very proud Caymanian, who, I am sure, is absolutely convinced she is not prejudiced.

        I am equally convinced that she has never met anywhere near 75% of the expats who live here now, yet read how she feels about them. If you have never met someone and call them " arrogant, selfish and rude " and chose to refer to them as lice, believe me, you are prejudiced.

        My experience tells me that people are inclined to project onto others their own values and standards. If you accept this analysis, then you will have some insight into what you will face from at least part of the true born community. 

         

         

        • Twyla Vargas says:

          O,REALLY,!!!!  14:10,, obviously, it is expatriates like you who is ruining this beautiful Island.

          What I would like to say, is that all Expatriates who plan to come here, or  already here, need to be aware and careful of badminded, grudgeful minded expatriates like you, because you are so mean minded and self centered you do not want to see any other epatriates come here and cut in on your tax free dollar.  

          Readers, and commenters, it is entirely up to you what you want to believe, but all the rediculous blackguard, hipocricy, bull %^$ is witten by anonymous expatrates who live here or was rolled over.

          These people are fooling you, that is why they are staying  anonymous.   They are here for one or two reasons.   They do not want to share their job with you. WHY SHOULD THEY LOOSE ALL OF THAT MONEY TO ANOTHER  EXPAT.  " you really dont see the picture yet"  

          They are making thousands and millions of dollars here.   They do not want you to come here and get a job, because they will get rolled over very soon, and you will be in their jobs, you will be cutting in on their paycheck.   CAYMANIANS ARE NOT IN THESE POSITIONS.   If you do not believe me, check  it out for yourself and you will see that what I am saying is true.  Caymanins are not prejudice, believe me, but if they have to they will tell you about your ass.   Trust me.

           

          • O'Really says:

            Thanks Twyla for one of the best laughs I’ve had in a long time. Still chuckling at your post as I type this. I rest my case.

          • Ram Goat says:

            Truman Bodden, sorry – not making a penny…  Theo Bodden’s family – dead broke.  Sonny Boy – wow, ‘im a starvin’.  Dem Pantons – who’d have tunk dem a sunk so low…  Dem Chrightons nah dun nuttin’ ya.  Bless dem loss famlies.

            Come on, folks – there is GOOD MONEY and POWER in the hands of the Caymanians who’s forefathers worked for it. 

            In some cases, they have come to h’expec’ it, in others, they know it comes from a good hard honest day’s work.  I put myself in the latter category – I hope da Foster family will allow me the space to join them!!!

            Talk unna want – put half da h’energy into doing, and you will find out we Caymanians are really a driving force – we jus’driving inna de wrong directshun!!!

          • Anonymous says:

            Twyla, you seem to speak for a nation yet get so many things wrong.  Prejudice is rife on this island – please stop trying to convince yourself that is isn’t.

          • Anonymous says:

             Twyla, it would seem the "badminded, grudgeful minded" person in these posts is you.

            And now you would argue, apparently, that ex-pats are bad because they are keeping jobs from other ex-pats.  Is there gravity in the world you come from?

            I was raised in the southern US in the 60’s, duringa time when southern blacks had police dogs and fire hoses turned on them by police chiefs and others in authority.  I have seen and experienced prejudice of the worst sort and, "believe me", there seems to be a small but very vocal percentage of Caymanians who are the most prejudiced people I have ever known.

            HOWEVER, the vast majority of Caymanians are lovely, open, friendly, talented, industrious, generous people, a truly remarkable community and a wonderful place to live.  Twyla is not part of that group.

      • Ralph says:

        Would be Expat:

        Twyla is a relatively moderate Caymanian though notably expats are, to her, the equivalent of lice.  Others feel expats are akin to rapists, thieves and various other forms of criminal scum and will tell you so every chance they get. 

        If you can ignore the fact that Cayman contains such hatred, and if you can take steps to deal with the rampant crime here, then come on down.  Don’t, however, plan on staying here.  They won’t let you, and you won’t want to.  Come, earn a few bucks, go home.

        An Ex-expat

      • Anonymous says:

         I’ve only been here seven years.  However, one might say I’ve seen the good times and the bad.  I have many friends and acquaintances, both ex-pat and Caymanian.

        While I often read or hear that ex-pats are "arogant, selfish, rude and want to take over the island and run it their way", I have never met anyone who fit that description.  While I often read or hear that ex-pats "do not want th natives to walk on the beach or fish in the sea", I have never heard that sentiment uttered or implied.

        While I often read or hear that ex-pats "complain about every thing under the sun", I cannot say that I know of more than a handful of ex-pats like that and I sense that is their nature and not a result of their moving to the Cayman Islands.

        There is an odd habit here of blaming the ex-pat for everything bad, real or imagined, even when the ex-pats themselves may have nothing to do with whatever is perceived to be bad.  Bad weather – blame the ex-pats.  Bad economy – blame the ex-pats.  Bad traffic – blame the ex-pats.  Bad hair day – blame the ex-pats.

        Not everyone plays this blame game, but the numbers seem to be growing.  Either that or everyone playing the game spends their days calling into Rooster or posting on CNS.

        What seems to be growing on the island is an attitude of hatred that is not justified by circumstance.  Which is nothing new.  The Jews in Germany were victims of such an attitude.  The African-Americans in the southern United States were victims of such an attitude.  And so on and so forth.

        Hopefully the hatred will wane and the community of the Cayman Islands can go back to what it was when I got here… a loving, peaceful, exciting, vibrant island full of people of the same sort.

    • Thankful says:

      Many expats contribute to the negatives in our beautiful country?  Their attitude reflected in their condesending responses indicates the pillage of pirates’ mindset.  Rape, rape, rape and then wonder why I am not smiling and saying thank you for helping me to a free medical as a result of your acts.  You think about that for a moment.

      No the Cayman Islands and the Caymanian people are still beautiful, vibarant, strong, warm and welcoming.  This is home for us and we guard and view this place, as all others would with their own, with strong inner convictions.  The new expat is expecting, demanding, insensitive, narcissistic and has increasingly become the epitomy of  false.  This has caused many Caymanians to be incredulous at your show of good faith.

      The companies and expats who have truly made the CI their home and continue to genuinely integrate on all levels will and continue to reap the benefits of the CI and its people (those expats know who they are).  They love the CI and its people and understands the contributions they make does not equate a people selling their soul.  The work hand-in-hand in the community and does not participate with the lies, distortions, selfish pillaging mindset and conversations that happensat the bars, restaurants and apartments of the nomad expats. 

      • Anonymous says:

        It would be interesting to know the picture people see in their mind when the word ex-pat is mentioned in these posts.  Do you see a white person, a black person, an Asian person or just anyone who chooses (yes chooses) to come and live in the Cayman Islands.  It seems a lot of the anti-expat rhetoric is aimed at a segment of ex-pats that form probably 10% of the ex-pats on the island. 

    • Joe Average says:

      What you are witnessing although it may not be apparent at first is a island which has peaceful and productive people undergoing a transition if you will.  The things that in a larger place are taken for granted such as crime, etc. we take personally.  Overall, I would say that is a positive.  There is a struggle going on to maintain and preserve a way of life.  This sometimes takes on an unsavory appearance in some comments by those who truly do remember a gentler way of life. Cayman has one foot in the sand and one on the pavement.  But there is still a balance if you look for it.  Don’t be dismayed by some of what you read.  Instead be heartened that people here can at least see the path they want go on.  It will be an education.  I’ve been here for four years and it certainly has been an education for me. One that I willnever forget and never regret.

    • Anonymous says:

      After a year or any year after that when your work permit it comes up for renewal you could be jobless and kicked off the island on two weeks notice if someone local applies for your job.  And that is happening to lots of people at the moment.  If you do come here get a guarantee you will get a job in a place you can live if the Cayman system does that to you.

      • Twyla Vargas says:

        Dont listen to this crap.  obviously this is one of those greedy expats. who do not want to leav when their time is up.

        If you are a good worker, have a good spirit, and your boss knows that, you will be with your company for at least seven years.

        Imagine the nerve of the above writer to suggest that if a local person applies, you would be kicked off the Island.   For Pete’s sake why are you such a badminded person.    Obviously  you do not want to see any other expatriate get a chance to live here and make money  

          If honest expatriates come here and want to make money and be nice, I am telling you all, becarefull of your own people, they will full up your head with shit, to make you loose you job and set you up against the natives..   If a Caymanian was doing the job you came to do, you would not have gotten a work permit.  If you ave sense you will take my advice.

        • O'Really says:

          "Imagine the nerve of the above writer to suggest that if a local person applies, you would be kicked off the Island."

          Maybe that writer was remembering Ezzard Miller’s solution for finding jobs for ICCI and UCCI students when he wrote this to CNS on November 12th: " … all that is necessary for the Minister of Labour to do is cancel 600 permits …."

          Or maybe the poster was remembering that, quite rightly, the Immigration law requires preference to be given to qualified Caymanians over work permit holders when a job comes vacant. 

          One of your favourite words is hypocrisy ( although you spell it far more exotically ) and your posts are displaying more and more of it.  

           

           

           

    • Anonymous says:

      I came out to Grand Cayman mid 2009 and frankly it was the best thing I have done. My family love the place. If you like the sea and any sort of sport you are spoilt for choice here.

      As for work it depends on your work colleagues. Yes there are people here who dont pull their weight but look around your own office and consider whether everything is rosy there. The Government departments can be difficult and frustrating but so can they everywhere. The clincher for me was reading emails from my colleagues back in the UK commenting about their commute home on a Friday evening in packed trains, I had to reply that during the summer I could leave work at 5pm and be swimming in the sea with the family at 5:20pm đŸ™‚

      I work hard and enjoy my time here.

      • Twyla Vargas says:

        07:16  Comments:    I came out to Grand Cayman.

        Whom ever you are, I hope that you and your family are well blessed while being in the Cayman Islands.   Thanks for being honest,  and thead softly.  Meaing you have not been here long enough to be seasoned.  Get to know the real Caymanians, treat them with respect, and you will wish you had came to Cayman sooner. 

        It seem that you like it here.   You came to do a job, do it well an at 5:20 enjoy the white sand and cool waters with your family, when its Easter, Christmas and Pirates Week,hang with the locals and  you wont want toleave this place..

    • If you love the ocean and the outdoors, as you stated, the Cayman Islands is an ideal choice. I live in Miami but I have visited Cayman several times and I strongly recommend it as a place to live (and I state that as someone whose job necessitates being critical).

      Of all the islands I cover, Cayman is probably the one that I would be most attracted to should I want to return to an island lifestyle (I previously lived in Bermuda for six and a half years).

  5. Anonymous says:

    Too much hassle.  That’s sums up my experience of moving here. 

    Back in England my take home pay was around $110k a year.  Here I get about $30k more.  Is it worth that pay to come live here?  Increasingly I am coming to the view it is not.  I know many expats here need a sizeable uplift on wages to make up for all the drawbacks of having to live in a place like this, but the drawbacks are increasing all the time.  The geographical isolation, complete lack of culture and attitudes of many the local population are wearing.  Now that the local poplutation are turning a blind eye to crime it is getting worse.  I sense that there is a distinct feeling of many workers that Cayman is on the way down and it is going to be time to move on.

    • Twyla Vargas says:

      TOO MUCH HASEL, you will soon be rolled over, Please, pease, please give another expatriate a chance to make a dollar too.

      Have you not made enough money?  Dont you think there are others from your country who want a chance to help with their family too.  Good gracious dont be so craven.

    • Anonymous says:

       Hearing people piss and moan while they are making $140K is what’s "wearing".

  6. Ex Pat Left says:

    I’m not surprised.  I left Cayman due to the increased fees, taxes and high cost of doing business and living.  This is not to mention the anti ex-pat and anti-white crap that I had to put up with every day.

    You will continue to see more of this while all of those factors are in place.  Sure, sun and sand is nice, but good luck fighting other jurisdictions where the business environment is brighter and warmer.

    • Twyla Vargas says:

      Expat left, I totally agree with most of what you had to say.  But did you ever stop to wonder where, when and why this anti-white, Expat. crap begun.

      If you are an honest person, (which I do believe you are)  then please give it some thought, because I for one would like to know if you played any part that would have caused you to feel that way.    Be totally honest now and think about it.

      You may not believe me, but Caymanians, only became miserable with Expats. since about five years ago.  If you do not have a clue as to why, I would suggest you find out.   Then be totally honest with ourself.   Apparently you have left the Island already, but like I said If you are ahonest person you will give it some thought.  Waiting to hear your comments.

  7. Twyla Vargas says:

    Do you know that Caymans Junk can become Bahamas treasure?

  8. Whiter shade of pale says:

    "sign here"

    X

    "ok"

    "and here"

    X

    "ok" (this is fun)

    "and here and here and here"

    X   X   X

    "now you are officially off the grey list we created"

    "is that good???"

    "oh yeah"

     

  9. Hmmmph says:

    Where are all the "Don’t let the door hit you on the way out" comments?

    • Anonymous says:

      Those kind of comments do nothing for us. Then again, I don’t think having LOM here did that much for our image either.

      http://www.sec.gov/litigation/complaints/2007/comp20407-lines.pdf

       

    • Anonymous says:

      Well what else do we expect?

      The Premier publicly & loudly proclaimed to the world that the Cayman Islands is bankrupt! Not only did he scare away potential foreign investors he also scared those investors already here, & it is no surprise that they are running! Who in their right mind wants to invest in a bankrupt country?

      In his quest to try and embarrass the previous government & make them look bad, he has hurt his country more than the PPM ever did. McKeeva Bush’s claim that Cayman is bankrupt has backfired on him & hurt our financial industry more than the overspending on schools by the PPM.

      Because of his claim of banruptcy, foreign investors who considered moving to Cayman changed their minds, & as we have unfortunately witnessed, those already here are running like crazy! Because of McKeeva Bush it is only going to get worse! What an intelegent man he is????? Doesn’t he even have common sense?

      • Twyla Vargas says:

        I m sorry for those who think that Cayman Islands is going broke.  Have you ever thought we need to get rid of some unwanted people who were here for the wrong reasons.?  Those who jump off a sinking ship without thinking about the captain,is surely singing the tune.    "Every man for himself and God for us all"

        Those persons who are constantly picking on the Premier, are those who are darn spoil, and because he slaps their hand when they wont keep out the cookie jar.   Stop being craven.

        Intelligent people will critize my comments, but Cowards critize me.

        • Anonymous says:

          Twyla,

          Your posts on the joys of Cayman traditions and the wide range of activities available in the unheralded tourist trap of Bodden Town are interesting.  However it is obvious that you know nothing about most of the topics you post on, from financial services to the structure of the legal profession.  I don’t think it is cowardly to cricitise your views when it is obvious that they are based upon nothing more than the gut feeling of an ignorant outsider.

          Someone who is getting very bored of these types of post

          • Twyla Vargas says:

            Keep thinking that I am  an ignorant   outsider,  I love that.!!!!!!! 

            Believe me you are enjoyng my comments, that is the reason you continue to search for the name  and respond.  I just love it.  Keep going.

          • Twyla Vargas says:

            You are not telling the truth.   You love my post, and you know it too, that is why you keep looking for them to respond, and I love it too.   It is a free world.

    • Twyla Vargas says:

      Believe me when I say, some peple will come into your home, like the old people say "They will take they tongue and lick out ye pot bottom and leave.

      Just one of those things, and just another day.   I still say Cayman Islands is among the best places on earth.  I have been to many.   So If only every one who live here would try to live good with eacher, do we ever stop to realize what is happening every day.

  10. U aint foolin me says:

    This is just a natural adjustment, some will come and some will go as we adjust our policies and prices, but the industry will remain !!! have a little faith please. We are still more attractive than onshore business so we will just have to compete with other offshore jurisdictions for a lerger piece of the pie. I wonder if there is not some innovative piece of legislation that is now needed to give us an edge over other jurisdictions.

    Or perhaps this is already in the works.

    • Lachlan MacTavish says:

       I respectfully disagree. It does not seem to be a "natural adjustment". FEES and DUTY based CIG income will drive business away because it will continue to increase every year because the CIG will not face reality and tackle CIG costs.

    • Anonymous says:

      "…some will come and some will go as we adjust our policies and prices, but the industry will remain…"

      Wrong, they are leaving and the industry is doomed.

      "…so we will just have to compete with other offshore jurisdictions for a lerger piece of the pie."

      Except Cayman can’t compete because the civil service has bled the financial sector dry.  The costs in Cayman are unfathomably huge compared to the competing jurisdictions, and must be that way to support the people on the public dole.

      "I wonder if there is not some innovative piece of legislation that is now needed to give us an edge over other jurisdictions."

      Yes, it’s called the "Cutting the Civil Service Down to a Functional Level Act", but it will never be enacted since the Cayman people can’t see that they are committing economic suicide by having everyone get on the public payroll.  It’s over.  Move your money to BVI where corporations cost less than a meal in Cayman.

    • lompush says:

      You are missing a point here. LOM is one of fourstockbrokers on the island so we have just lost 25%. That is not good. Also contrary to what Mr Bush might think there will be no sudden influx of new companies to Cayman. Quite the converse the numbers of companies is likely to diminish each year. As to LOM were they pushed? Maybe if you see all the problems they have encountered over the years by running foul of the SEC. That is ironic as none other than Mr Marchant has featured them many times in Offshore Alert.

  11. Thankful says:

    Well we see are truly seeing clearer now.  It is never about the Cayman Islands and its development as some would have us to believe.  Don’t despair Cayman, the dusk will settle and I wonder what new firm is on its way in? 

    So the proof is in the pudding.  Let’s see its impact:  How many Caymanians will loose jobs at this firm with a 15 YEARS presence in the CI? 

    The CI is repositioning itself as well.  While we gather our footing, we will consider to be a strong force for insititutional business and its players and those in the know…knows this. 

    The best to XL as they seek their own footing.

    • Anonymous says:

      Do you honestly for one moment think that any international business has an office here, just because it is Cayman, the jewel of the caribbean etc? Don’t be so idiotic, they are here purely for the tax benefits and lax regulations.

      These two factors are what brought business here and is struggling to try and keep business here. The downsides are obviously the corrupt and greedy governement, ever increasing fees, pathetic immigration policies making it difficult to employ comeptent staff, plus an anti expat attitude which puts off the best employees.

      Some Caymanians keepkidding themselves that no matter what businesses leave, more will always come and replace them. That is not happening though as the negatives are outweighing the positives and companies are moving overseas to take better opportunities in more developed countries.

      10 years and the bigots will have what they wanted. The expats will all have left and Caymanians will be in charge of every industry on their island. Unfortunately those industries will be rope making and fishing, so some of you guys need to start thinking about downsizing your houuses and cars.

      • Thankful says:

        you my frind have just proven my point.  No more said.

        Can’t help but think, just based on your comments: if it’s not expats like yourself, who contribute to the negatives in our beautiful country?  Your attitude reflected in your response indicates the pillage of pirates’ mindset.  Rape, rape, rape and then wonder why I am not smiling and saying thank you for helping me to a free medical as a result of your acts.  You think about that for a moment.

        No the Cayman Islands and the Caymanian people are still beautiful, vibarant, strong, warm and welcoming.  This is home for us and we guard and view this place, as all others would with their own, with strong inner convictions.  The new expat is expecting, demanding, insensitive, narcissistic and has increasingly become the epitomy of  false.  This has caused many Caymanians to be incredulous at your show of good faith.

        The companies and expats who have truly made the CI their home and continue to genuinely integrate on all levels will and continue to reap the benefits of the CI and its people (those expats know who they are).  They love the CI and its people and understands the contributions they make does not equate a people selling their soul.  The work hand-in-hand in the community and does not participate with the lies, distortions, selfish pillaging mindset and conversations that happens at the bars, restaurants and apartmentsof the nomad expats. 

         

      • Twyla Vargas says:

        16:30  Your comments……….THAT COMPANIES ARE MOVING oveseas to take better opportunities in more developed countries.  There is absolutely nothing wrong with a person or company looking to better themselves.  and there is absolutely nothing wrong with change, but gosh if you got to be changing "Depend" that often  someone must get bare behind.

        How can you lick our pot bottom and be so cold.   However,  words do not frighten us no matter how you suggest that we will have to go back to rope making and fishing……

        I have not yet picked  up the paper and read that an Expatriate was shot during the night.  Dose’nt  that tell  you something my friend that Cayman is still a good place to live.  

           Do you realize that we know how to make up fire wood outside under grape tree and roast breadfruit and a saltfish head?….

        Do you know that we still have water wells in our backyards with packy to dip up water?…….

        Do you know we can sleep outside on coconut tree leaf and look up at the stars and still make babies.?….. 

        Do you know that if there is a catastrophie in Cayman the poor Caymaians will have to be showing the Expats. how to survive.? 

        So what is the problem anyway?  

        I wonder how many of us have stopped, take a few minutes and remember that tomorow is promised to no man,    So,  What are we really fighting for anyway?

  12. Ignatius Reilly says:

    It is ironic that they are going to the Bahamas.  One of the driving forces behind Cayman’s boom in the late 1960s and 1970s was when the Bahamas went independent. Many expats left, particularly those in the financial industry. Many cameto Cayman.

    With cayman becoming increasingly anti-expat and more expensive and difficult to conduct business, will there now be a Cayman – Bahamas move I  wonder? 

    • Anonymous says:

      Bahamas is apparently gaining a lot of business from Cayman and the other Overseas Territories as it did not adopt the "sign anything the OECD says" attitude that Cayman did. In fact Bahamas is still on the bogey-man OECD’s "grey list" and is benefitting greatly from being there.

       
      • Anonymous says:

        and your evidence is what?

        The French have made all their banks pull out of "Grey" jurisdictions already. The British and Germans are currently reviewing doing the same.

        All of them inlcuding the Americans are looking at santions for non compliant countries.

        Doesn’t sound too good for the Bahamas

        • Capitalism- A Love Story says:

          You are neglecting one thing here:  After these same countries the U.S. being the biggest offender, removed many forms of oversight and controls for the banking industry. The banks were insistent they knew how to handle things. Then they proceeded to plunder their own countrymen and economies. Resulting in obscenely extravagant profits. For a time.  But when some of their wacky investment vehicles de-railed (shucks we lost it) they turned to the same governments (countrymen) to bail them out. Saying they’d just made a mistake.  An accounting error.  And after having given them all the public’s money those governments were desperate for more funds. In a panic they cooked up a grey list of places that may still have some of their countrymen’s money. Because they were very nearly broke. Want to really retrieve some money?? Stop financing bleeding wars.

          The bottom line is will the grey list re-instigate ethics in banking?  Of course not! It’s sham. It never had any.

          ps.  the money which is now being paid back by B. of A., etc?  it is indeed.

                but on the condition excess profits from their self-created crisis will not be taxed for nearly twelve years.  clever huh?  the joke’s on us.