Big investors get residency

| 29/04/2010

Cayman Islands News, Grand Cayman Island headline news(CNS): Government has now introduced a new category of a twenty-five year residency right in Cayman for wealthy individuals who invest $2.4 million in a business that employs at least 50% Caymanians. The amendment to the Immigration law to introduce a Certificate of Direct Investment was brought to the Legislative Assembly on Wednesday (28 April) by the premier, who said it was aimed at attracting more inward investment to the country with an incentive for wealthy individuals. McKeeva Bush told members that the certificate was part of the original 2003 Immigration Law but it was removed by the previous administration.

He said his government was firmly of the view that the economy and therefore the people of the Cayman Islands benefited from the money brought by foreign investors and it was the UDP policy to offer them more incentives to attract more investment.
Bush explained the changes and said that the regulations with the law would provide for those worth some $6 million or more who invested in excess of $2.4 million to buy this certificate for $20,000, which would give them and their dependants the right to reside in the Cayman Islands and work in their business without a work permit.
The individuals in question would need to have a clean police record and a clean bill of health with insurance coverage for themselves and their dependants living here. The investors would need to be employed by their own business or the business in which the investor was a partner and demonstrate the expertise to manage or operate that business.
Bush said it must be the sort of business that would have a positive impact on the Cayman economy and, above all, half the workforce would need to be Caymanian. Bush said it was not an automatic Trade and Business Licence and the person would still have to apply for that or a Local Companies Licence if the investor did not have a Caymanian partner.
Following the premier’s presentation of the amendment the opposition questioned the need and asked for the motive behind the introduction of such a certificate. They also asked why the regulations had not been presented with the law as it referred to them extensively. Having only received a copy of the amendment to the Immigration Law that morning and without the regulations, the opposition said they were unable to say with any certainty whether they would be able to support the amendment.
The third elected member for George Town, Alden McLaughlin, raised his concerns when he queried the real purpose of the proposal as he suggested the same end could be achieved already through a less complex route.
He said the premier had not offered any explanations for the net worth value of $6million or the calculation of $2.4 million as an investment. “Why is this necessary?” McLaughlin asked. “Why do we need this complex set of provisions in order to allow someone who has made a substantial investment to live and work here? What is the benefit? Unless there are some reasons for why this is being brought which are not being divulged I cannot see why it is necessary.”
McLaughlin said residency was already attainable under the present law and all the recipient would get under this amendment was the right to live here and work in his own business.
“Some thought must have gone into this I am sure, but it doesn’t seem to be being revealed,” he stated. “I may come round to supporting it but I can’t say as I don’t understand what is trying to be achieved, but as it came out of the blue it must have some degree of urgency.”
The PPM’s East End representative, Arden McLean, suggested it may open the floodgates for foreign investors and lead to some Caymanians being put out of business. Ezzard Miller also raised some questions about the issue of management control and the risky proposition of being refused an LCC or T&B, which he felt was not making the certificate particularly attractive. He also wondered why people would want to apply for it.
Backing the amendment, Education Minister Rolston Anglin accused the opposition benches of pursuing a continual theme of trying to smear government by suggesting that it had something to hide. The minister said the provision was in the law in the past and the PPM had removed it because they said no one had applied but, Anglin said, all over the world countries offered such residency incentives to major investors.
“For the life of me I cannot see why it is so necessary … to have … them … try to spread doubt about our motives,” he added.                 
Rolston asked if the opposition had any idea how they were viewed by the business community because of their anti-foreign and anti-business rhetoric. He said it was important to give investors incentives. “We are not going to get sidelined by rumour and innuendo,” Anglin added.
Any alleged parliamentary camaraderie that had existed between the members on Wednesday morning at the Legislative Assembly prayer breakfast had already been dispensed with during the exchanges about the amendment to the PMFL and as the politicians debated long into the night.
Responding to the opposition as he closed the debate on the Immigration Law Amendment, Bush appeared to be outraged by the PPM’s suggestion there was an ulterior motive. And following the earlier heated exchanges things became even more acrimonious when he accused the opposition of using the same old bag of tricks.
“Why try to create the impression of wrong doing?” he asked, suggesting they were trying to portray themselves as lily white before he accused them of "atrocities" during their term. He asked rhetorically if the PPM’s accusations were the language of co-operation before he said they were throwing cold water on everything. He said they should be tarred and feathered for the atrocities they had committed on small Caymanian businesses during their administration instead of coming to the LA to make trouble.
He said all they ever did was tear down what he was tying to do for the country and also accused the opposition, the media and, of course, the ‘bloggers’ of having no love for the country. “Those people who write on blogs have no love for this country,” Bush added. “They are helping to tear it down, they are tearing it apart they are not helping this country.”
The bill was passed after committee stage and a third reading at around midnight and the House was adjourned sine die.

Category: Headline News

Comments (68)

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  1. Anonymous says:
    There is no doubt that Cayman needs more income, so the
    idea of inviting in wealthy residents is a good one.

    Wealthy residents are like stay over tourists who continue to bring
    money into Cayman year after year, which they spend on goods and
    services.

    However, this proposed legislation will do nothing to achieve that goal.

    The requirements placed on new applicants are so severe, and the rewards so meagre, that few or any will apply. It reads like a welfare program for
    Caymanians.

    Apparently the government thinks that the right to live in Cayman for 25 years is sufficient.

    Normal countries provide citizenship in return for large investments, as Cayman is reported to have done for Dart.

    If Cayman is serious about this, then that is exactly what is should continue
    doing.

    Humans need to be reminded constantly that there is no free lunch.

     

  2. georgette says:

    Good Job UDP!

    You keep going strong, and baffle your accusers online

  3. Anonymous says:

    Dear 9:30 can you  please advise us as to what the UDP has accomplish since taking office beside this he say she say who done what ???

    • Anonymous says:

      Well for starters they’re not borrowing money like mad (other than is necessary to get the country out of the hole dug by the incompetents) and spending money like mad, instead they appear to be trying to actually generate income, something the PPM seemed entirely incapable of doing. Is there a problem with this approach? Yes? So, okay, like you’re still in denial. When are you jokers going to get real and join the rest of us floating voters?

  4. sandel says:

    Many people are ungrateful. But at least, there is one thing I can commend the UDP on – THEY ARE DOING SOMETHING!

    Let’s give them our support

    • Beachboi says:

      Since you are obvioulsy in the "know" would you be so kind as to enlighten the rest of us as to WHAT the UDP are doing and WHY they deserve our support!! 

      I’ve just got to know!!!

      • sandel says:

        hmmm… I hope your not asking me to compare them with the PPM and their four years of spending

        • Beachboi says:

          I didn’t ask for a comparison.  I asked you to give examples of what the UDP is "doing"  to lead Cayman out of this financial mess and help me to understand why I, or anyone else, should support them.

          BTW, you  must be a member of the UDP as your first reaction was to immediately place blame!!!!  Thank you for that but I have seen enough of the blame game which seems to be the only strategy of the UDP.

        • Anonymous says:

          And what a comparison it would be. The UDP accused the PPM and in particular Tibbetts of indecisiveness but there has been no more indecisive govt. than this one. Flip-flops galore. At least the PPM did not make statements that were damaging to the country to the world in order to score political points against the opposition. At least there was a great more transparency. At least there was none of the fear and intimidation. At least they looked out for the interest of Caymanians. Not to mention the hypocrisy of accusing the PPM of cooking the books before the election because the FS had projected a surplus, only to find that the the UDP’s projection of a $5m surplus in October, 2009 which turned to a $62m deficit by March, 2010. The hypocrisy of saying that the PPM had bakrupted the country by building roads and other capital projects only to embark more road building to the tune of $1m once they were in office. XXXXXX

          • Anonymous says:

            Ummm…

            so what you are saying is

            PPM had nothing to do with our Debt???

            lol… yeah… they did nothing alright! 

            They sat back and watched the country sank into debt. Then when Mac came into power, they were speechless for months at his factual allegations.

            Speechless – not ONE Headline to defend themselves, because Kirk, Alden, Chuckie, all of them were guilty as charged. There sin was to focus on all the projects and people’s wishes to the detriment of safeguarding the economy. There biggest mistake!

  5. Anonymous says:

    Please, quit with the "grade 9" thing for heaven’s sake. It’s demeaning towards those who never had the opportunity to obtain a more comprehensive education, and (ironically) sounds more ignorant on the writer’s part than anything else! To those writers I would say, study history, friends, and acquaint yourselves with a knowledge of those who have achieved great things in the absence of a formal education, and in contrast those who have been a monumental disaster despite the finest of educations. And well all said and done, if you are so superior brains-wise, how come McKeeva’s the country’s first premier and not you? Kind of reminds me of what Bush senior (no, this is the US branch of the family, friend)  reportedly had a habit of saying whilst dealing with some arrogant types : " If you’re so smart, how come you’re doing what you’re doing, and I’m doing what I’m doing?" Please, quit trying to drag people down using malicious references to their educational levels, in fact malice in general. Don’t you realize that but for circumstance there’s many a potential university professor, engineer, teacher, lawyer, brain-surgeon etc looking after people’s kids and doing the laundry here in Cayman and around the world? Think about it. By all means criticize, but have some respect at the same time for those who have not had the educational opportunities afforded to many of us, but who have neverthelessprevailed against the odds and achieved (in this instance) high office. Thank you.

     
    • anonymous says:

       oh pleaseeeeee anon @ 8.28. Call it like it is. Big Mac only needs 1000 votes to be Premier of the country- that’s 1000 fridges, stoves, or washers- all of which he can afford. If it walks like a duck…

       

    • Reality Check says:

      "It’s demeaning towards those who never had the opportunity to obtain a more comprehensive education…"

      BS.  Everyone has an opportunity to educate themselves.  Cayman has a college, there is distance remedial education for drop-outs available from a number of countries, and most leading universities offer advanced degrees through remote-learning.  His Greatness is uneducated by choice.  It’s not like he can’t afford the courses.

      "…acquaint yourselves with a knowledge of those who have achieved great things in the absence of a formal education, and in contrast those who have been a monumental disaster despite the finest of educations."

      Why?  Will this distract us from the monumental disaster being caused by a certain someone lacking a formal education?

      "..how come McKeeva’s the country’s first premier and not you"

      (a) Because I’m not positioned properly to give away fridges and stoves to enough of the locals to buy the job.  (b) Because the good people of West Bay don’t want a smart and educated leader, they want (and got) the person they voted for.

      "…have some respect at the same time for those who have not had the educational opportunities afforded to many of us, but who have nevertheless prevailed against the odds and achieved (in this instance) high office."

      Why?  Achieving high office is not of itself a "respectable" event.  Serving the people well once in high office is.  Any hillbilly can get elected (thinking of George Bush Jr), but it takes a special person to deliver the goods once in office.  McBush ain’t that.  George wasn’t either.

      Grade 9…. what a shambles.

      • Anonymous says:

        Thank you for your most comprehensive and zesty reply. Interesting that my rather heartfelt (on behalf of those who weren’t able to avail themselves of an education above "grade nine") reaction should obtain an even number of thumbs up/down. Might I make a suggestion that I believe could benefit you as you develop? Never use a profanity to preface a comment you might wish to make. It does nothing whatsoever to strengthen your argument, in fact quite the contrary, and is disrespectful towards others, and ultimately yourself. Clearly you are unaware of many of life’s realities (your first paragraph) and I wish you all good fortune as you journey forward. (Re-read my comments in 20 years time!)   

         
  6. Anonymous says:

    Quote: "He [Bush] said his government was firmly of the view that the economy and therefore the people of the Cayman Islands benefited from the money brought by foreign investors and it was the UDP policy to offer them more incentives to attract more investment."

    No!  The economy, and therefore the people of the Cayman Islands, would benefit from the money earned and the revenue raised by local businesses and entrepreneurs, and it should be the UDPs policy to create an economic environment for the businesses already here in Cayman to boom and flourish — like lowering taxes and duties in a recession, not raising them, which in a deep recession is economic suicide.
    Cayman’s economic woes will not be solved by the "quick fix" of one or two big investors.  If that were so, the Camana Bay and the Ritz Carton projects (still very young) would have kept the country from sinking into the dire finanacial state it’s in now.  Where’s the revenue from these major projects?  Given away in concessions?
    Rather than work to rebuild the economy; support the industries that have been the hub of the Cayman economy for so many years, the UDP are coming up with all sorts of harebrained schemes they hope will turn up (with the least amount of effort) a few rich people who will fill the government coffers directly with duties and taxes.  It doesn’t seem to matter to them how the scheme looks to outside world, or how it will impact the country in the medium to long term, they just want the money now.  They’ll do anything for cash to plug the budget deficit.  They’ll even sell out Cayman’s birthright.
    It’s clear the UDP is a party devoid of ideas, and devoid of the skills necessary to steer the good ship Cayman through the troubled waters of recession.  The question is:  Does Cayman have a leader with the CV and the experience to lead this country back to politcial integrity, social stability, and economic prosperity?  One thing’s for sure: the Bush/Tibbetts era of politics must come to an end before this can truely happen.
  7. Limey says:

    This basically to aid in the sale of some of the Government assets to overseas investors.

    Most of these bodies have a work force of over 50% Caymanian and they hope will sell for over $2.4million.

    So buy the sewage works and get 25 years of residency

  8. Boddon says:

    Good work UDP!

    Many enemies, but many commending you for the work you have done.

  9. Culture Vulture says:

    It is a lot of money to spend on a very risky investment with serious labor restrictions.  I am not sure anyone in their right minds would spend that to only get a restricted right to live so far from civilization.

  10. Bobby Anonymous says:

    Hey, I have a bussiness you can invest in for 2,5 million, Hell, I’ll even buy the 20.000 dollar cetificate for ya.

    Oop’s, wait a minute, where am I going to get my 50% Caymanian workers from???

    Get real.

    • Anonymous says:

      Since there are numerous very sophisticated large businesses operating very well with a 60, 70, 80, or even 90+% Caymanian workforce (incluingmajor Banks and International Law Firms) I suggest you either educate yourself or (as a last resord) take your prejudiced backside elsewhere.

  11. The Soup says:

    Hi all! Where the hell is Linford Pierson?

    Linford, Ezzard, Frank, Steve, Wally & Bo will form the team for 2013!

    Moses will take over the lead for the PPM!  & the UDP????????? 

    • Anonymous says:

      Looks like you seasoned "The soup" with a little of our local Parsley.

  12. Beachboi says:

    1)   The Wizard Has Spoken!!!!!!  You all remember the omnipotent Wizard of Oz dont you.  Well McKeeva would be the wizard / oracle and Rolston would be the little man behind the curtain.  The way I see it is they both get so confrontational when challlenged or questioned by the opposition because McKeeva wishes that Rolston was a vantriloquist and that he could open his mouth and have Rolston speak for him in an intellegent and composed manner.  Rolston I guess is pissed because he has to ride an idiots coat tails if he wants to go  anywhere.  What an international joke.  I can only imagine what Dr. Shetty has been promised to open his hospital here.  I dont care what Mckeeva says we will never profit from so called "medical tourism"!!!  Who would want to come here for a serious medical procedure such as a heart transplant when our own legislators fly to Miami for even a headache or anxiet attack!!!   

    2)   If I had 6 million I would have to ask myself, as someone commented earlier, why I would invest 2.4 million to be able to operate my own business with a guarantee of "only" a 25 year residency ($96,000 per year).  Where did McKeeva pull this one out from?  I have an idea but I cannot state it here.  I have to wonder every day at what point XXXXXX and he is forcefully removed from his position.  I also have to wonder how such an obviously astronomical degree of corruption could have taken place in our recent election.  I have to believe that it existed as I will not believe that there were enough votes to raise this XXXXX to the position of not only Premier, but FIRST Premier of the Cayman Islands.  Maybe his constituents did not realize how truly dangerous he was. XXXXX

    3)  I read online today that McKeeva is now ready to institute a 5% wage / salary / income tax to increase revenue.  I wonder if he has given any thought to the fact that we cannot pay this 5% in addition to the 5% that we pay for pension plus 50% of our useless health care policies plus 22%+ duty not to mention all the other percentages of our already shrinking salaries on utilities etc.  He would have to drop some points off the duties and at least let us keep the 5% that we contribute to pension.  I think that everyone, but McKeeva and the wealthy, know that there is no chance that the middle and lower class will ever be able to survive retirement on what little is left after the pension administrator deducts their fees!  By the way McKeeva what is the status of the 10% pay cut that  you were going to take???  Hmm, I guess that you have been so busy that you forgot.  XXXXX (What) IS GOING ON IN THIS COUNTRY?????????????????  IT SEEMS TO ME THAT WE "THE PEOPLE" ARE BEING HELD HOSTAGE!!!!!!!!!!!!!!!!!

    4)   Finally I think that McKeeva should go on national tv and address the nation and tell us what his plans are and when we should expect to start building refugee rafts to flee his dictatorship.  No seriously though he needs to go on tv and try to explain what is going on "in his own words".  That is if he has any of his own.  Try being honest with us and if YOU cant be then for our sake stay behind that wall in West Bay and live out YOUR days in shame OR exile!!!  You can even have your choice, but dont worry we will get Mike to make regular deliveries of turtle meat.

    Thank you CNS for allowing me the space to voice my view as a Caymanian that is deeply concerned for my future and that of other Caymanians that are being held hostage in McKeeva’s "Nightmare on 7 Mile Beach"!!!!!!!!!!!!!!!!!!!!!!!!!!

  13. West Bayer says:

    Yup……he real has lost his mind!!

    Next up, Chavez and company will be parking weapons here for a "small" fee.

    Get him out NOW!!! BY-ELECTION!!!!!!!!!!!!!

     

    PS: Glad to see Mckeeva got time to read blogs, CRYBABY!!

  14. Anonymous says:

    Might be too early to ask for clarity on how this law will work. For example how is the qualifying investment defined? Can it be a home or rental property or does it need to be only invested in the operating business that the investor wants a the T&B for?

    Depending on the structure of the investment there may be little Caymanian employment or a lot. On the other hand there are some existing Caymanian business that are mature and would like to sell out and others that would like attract a bigger equity partner then 40% allows. At the moment they don’t have very many potential buyers or investors, which is one of the reason why a few well financed companies are the only potential buyers. Since they get to pick and choice with little competition many business either can’t sell out or are finally sold too cheaply.

    One of the ways to increase diversity, expand the economy and discourage monopolies is to encourage more participation.

    This potentially expands the scope for equity investors in local operating business and removes a lot of the concerns that makes direct foreign private equity investment capital skittish about investing in Caymanian enterprises.

    A lot of Caymanian businesses are loaded with debt and short on equity capital, this would enable them to form partnerships with outside investors and shift their dependence from bank financing and borrowing to new working capital from investors both local and foreign. Now the local investor will know if the business is successful he can sell out to anyone who qualifies, local or foreign. The lack of a profitable and liquid exit strategy has always been one of the big discouragement to equity investing in Cayman. How do you sell your investment when you want to get out?

    Selling controlling interest to a smart investor in exchange for an opportunity to expand and profit is also a much better option than liquidating assets and firing staff to pay off a loan. Many Caymanian entrepreneurs with great ideas and no money would jump at this chance to realize their dreams. Almost every business in the world is fueled by investment capital. Look at your pension plan, even the biggest most successful companies in the world need you to buy their shares so that they can bring new ideas to market. Maybe it time for Caymanian business to have more options. Remember expanding and growing business hire and train more people, which is a lotbetter than asking government to increase hiring.

    Overall this may be attract to foreign investors and beneficial to Cayman or it may not, as they say the devil is in the details.

  15. Anonymous says:

    Politics & Big Biz have won – just got word from the emergency civil service mtg tonite – not enough members attended to get a quorum, so the 10%cut in salaries & staff goes ahead next month!  Goodbye Cayman

    • Anonymous says:

      Ha!  CS employees are so concerned about their pay cuts, they couldn’t be bothered to show up for a meeting.

  16. Anonymous says:

    Looks like another case of the drowning man reaching for the straw but deciding what size straw he will latch on to. Hmmmmmmmmmmmmmmmm,

  17. Anonymous says:

    Ok CNS…..time for another poll : If elections were held now how would you vote – PPM, UDP or Independents and which person in the country would you like to be your political leader or Premier ?

    Let the name emerge from your bloggers.

    CNS: Check the polls that are already there.

    • Anonymous says:

      They are there, but they are not current CNS. They include many ‘votes’ cast months ago.   

      CNS: You can always change your vote.

    • OMG says:

      OMG, Cayman is not Cayman anymore!

      Please lets do something about this man before its too late, as he has given away, sorry sold, most of Cayman and given away, sorry sold, our birthright.

      Caymanians are outnumbered in their own country thanks to this man, and it is going to get worse, especially when the new hospital starts.

      • Cayman Concern says:

         Dear OMG,

        Please tell us a way that we can afford not to have more expats.  Someone has to pay for the bloated civil service and all the political spending, spending, spending.  If money don’t grow on trees my dear, then you need to pay for it with more people…. Every Caymanian not in the private sector has asked for this problem. Start with education and maybe the next generation will be smarter. (and smaller govt)

      • Anonymous says:

        I’m in total sympathy with you, but Cayman is not Cayman any more.

        Look at all the news about crime, budget deficits, declining businesses, empty buildings and unrented apartments. If we are going to have an influx of new people it’s better for Cayman and less intrusive on our culture if they are substantial investors instead of people living 4 to a bedroom.

        Remember when we had this type of people coming here in the 1980’s. They contributed a lot to Cayman’s success and everyone had good jobs and opportunities. Now wages are lower and jobs are less interesting.

        Those days are also gone and this might not change anything but it won’t hurt as much as the other things that are happening now.

      • Anonymous says:

        what a sorrowful bunch.  Before yall speak engage your brains, do some research on immigration incentives in the caribbean and then make an informed comment otherwise all ya sound like cackling hens and/or bleeting sheep.  Come on Bloggers lets see some intelligent comments

      • Jack McBush says:

        If you all want to work for the civil service then the government needs to generate revenues from the foreigners and expats. 

        Let’s say you want a $45,000 a year job in the civil service.  That takes 3 professional expats to pay permit fees, or 15 mid-level workers. 

        Next time you’re taking about the expats being here, ask yourself if you will give up your civil service job to run 3 of them off.  Alternatively, if you are looking for a job in the civil service, make sure you explain to your neighbours that you are trying to import between 3 and 15 expats.  Make sure you are making a contribution that is worth it.

    • Anonymous says:

      The only MLA that could or should be leader is Moses Kirkconnell with Rolston Anglin as the deputy. It would be a pleasant change to have a premier and a deputy premier with enough intelligence to hold a conversation or to be able to understand Cayman’s position.

  18. Anonymous says:

    Oh my looks like Mr. Bush has found another way of saying i’m giving away more status but this time to the WEALTHY  will i guess there will be more Drug Lords and every Tom Dick and Harry that have a couple of dollars be coming here mine what you ask for Mr. Bush becasue if you think that Cayman have problems wait till the United States move in about money laundering  remember all those like documents that you sign to get this country off of this list and that list mine it dont come back and bite you where it hurts.

    • Tom Dick and Harry says:

      Tom and I are wealthy gays, and our transvestite friend Harry would like to open a world class sex change clinic.  Where can we apply?

      • frank rizzo says:

        Rock Hole Chamber of Commerce

      • Jack Ohfinda Bush says:

        Dick!!! I’ll come to your clinic for a sex change.  I’m not getting any, and I’d like to change that as soon as possible!  How much would that cost? 

        I can come to the Cayman Islands right away. Can I bring my pet Norwegian Blue parrot?  It’s a little stunned and could use some sunshine.

      • Anonymous says:

        Whilst I acknowledge your sarcasm, I believe that if you spoke to the DCI or any lawyer with a solid local practise you would find yourself advised that such a venture would be entirely possible.

         

        Which part of Cayman is Open for Business do you not get?

        • Sar Casm says:

          "Open for business".  That’s hilarious!  The religious mafia has the island closed for business ever Sunday (except for liquor, prostitution and gambling, of course), their grasp is so tight, so how would a sex-change business survive the wrath of the local priests?

  19. Anonymous says:

    Wa happon Mac de bloggars rilein ya so bad!

    Me won blogga too, an no tell me dat me no love de Cayman Islands, OK do not do dat man.

    Cayman lovin Blogga

  20. Anonymous says:

    How will it be monitored over the 25 years period that the investment and 50% Caymanian employment will be maintained?

    • Pending says:

      Good point, it won’t be. There will be some sort of intial supervision and then they will be left to their own device, GUARANTEED.

      And then you hear all the hypocrites calling out "paper Caymanian" this and that while staunchly supporting His Majesty The Big Mac.

  21. Anonymous says:

    All I see is more multi-millionaires and their millionaire "buddies" trying to come in and take my job.

    • Sarah says:

      LOL – I am willing to bet that not one of these millionaires or their millionaire buddies will want your job. I expect they have already done quite well with businesses like the one they are putting 2.4mill into (and creating jobs for you in the process).

      • Anonymous says:

        Creating jobs doesn’t inherently mean creating jobs for caymanians.  As for money circulating on the island, unless its taken up by government through duties, it is likely to leave the island as fast as it gets here depending on the portion of the economy its invested in. 

    • Anonymous says:

      If you don’t mind me asking, what kind of job do you have?

    • Anonymous says:

      If they are multi-millionaires they don’t need your job.  They will have you working for them.

      • Anonymous says:

        I only make $50,000 but the millionaires will get like $500,000 for the same job.

        • Pray tell us says:

          Oh do expand this lovely analysis.  I don’t want anyone to think that you are bitter and have a chip on your shoulder.  Please tell us the job you do that other will be paid $500,000 for.  I look forward to reading the renewal adverts for their post so I can apply.

    • Anonymous says:

      With the financial backing of their parents, and business connections, their children will be.  The parents will just work about starting their own large businesses and altogether possibly own a large portion of the local economy.  Like Dart but on a smaller scale.  Good luck competing.

    • Anonymous says:

      Another Caymanian minimum wager worrying aboutforeign millionaires taking his job.  Ha. Ha. Ha.  This world DOES NOT revolve around you.  You are considered to be in the WEAK group upon which the RICH group feeds.  Grow up.  Get a clue. 

    • Anonymous says:

      I love how my serious, well-thought out comments never get replies except from nutty xenophobes, but silly and sarcastic quips get a whole chain of comments.

  22. Twyla Vargas says:

    Good move Mr Premier, I support this.

  23. Anonymous says:

    Someone need to seriously do a study to determin if the walls of the legislative assembly halls are coated with gannja paint.

    So if I understand this correctly, some one worht 6 million, must invest 2.5 million, buy a certificate for CI$20,000, apply normally for a trade and business license, and employ 50% caymanainas, in order to qualify for this “”Lucrative”” oppertunity

    #1, I dont think someone worth over 6 million is interested in working in such a "Stable" place cayman has become

    #2, is it not way cheaper for them to do it the traditional way where If they want to do business, get a local Caymanian partner along with trade and business license and hire who ever they want to work for them, without ever setting foot in Cayman and start making money from the business for a couple millions cheaper?

  24. Anonymous says:

    Super!, now all that is missing here is a Dumb rich guy that wants to buy this certificate for CI20,000, who is worth 6 million or more with 2.5 million or more to invest in a business that benefits the Cayman who’s current Government and financial system is in shambles at best.

    Problem solved….

  25. Skeptic Al. says:

    Can’t wait to see who this was specifically meant for. Dr. Shetty for starters perhaps?

  26. anonymous says:

    After reading this I quite agree with the opposition that this is an unnecessary law, as a similiar law already exists.  I also do not understand why Rolston and McKeeva gets so animated and angry all the time, when the opposition asks simple questions and draw reference to something perhaps that the UDP is overlooking.  What is the reason behind their anger?  They are always asking for the Opposition to produce some solutions, but how in the world can they do that, when every suggestion or reference to, draws an arguement from the UDP.  Why can’t they pool all their ideas, solutions and expertise together for the better of the Country.  Why is it that Rolston, McKeeva and the rest of the UDP don’t submit theirselves to some of the suggestions of Alden, Kurt and the PPM? They are very intelligent men. Why?  Why does it have to be McKeeva’s ideas ONLY that are being fortcoming, we already knows he lack the qualifications.  The other elected members are just as Important as them, even the oppositions.  McKeeva WHAT is your ulterior motive?  We the voting public needs to know.

    BTW – I am from West Bay and I represents no party.

    • Anonymous says:

      Mac gets defensive because he knows he is over his head and when someone asks questions provides a different view he doesn’t have the mental capacity to think critfically on the spot.  If he allows people ask questions and he tries and responds in an intelligent way, his lack of knowledge might become evident.  We’ve all ran into people like this in our lives, I have for sure. 

      Honestly, despite the fact that Big Mac has been in this position before; one can certainly understand how he might feel out of place dealing with accountants, lawyers and the like with him only having a grade nine education.  Not hating, just stating.

      • Anonymous says:

        What about the childere spouses and grand children of those who residence is given to, will they also get residence? If so, God help us. I keep repeating, IT TAKES BUSINESS PEOPLE TO RUN A GOOD COUNTRY.This country should not be run by little fly by night people.