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| Cayman To Target Reinsurance Business |
by Amanda Banks, Tax-News.com, London
Thursday, December 15, 2011
Cayman Islands Premier McKeeva Bush has outlined plans to introduce a streamlined
work permit regime to encourage reinsurance business to the islands.
Bush announced at the recent Cayman Captive Forum that the government would
introduce a number of incentives for reinsurance businesses, namely 10-year
work permits for senior executives of companies, and reduced work permit fees.
In response to the Cayman Islands' announcement, Bermuda's Premier Paula Cox
insisted that the decision would not be an immediate challenge to the territory's
industry-leading position. She underscored that Bermuda has a tried-and-tested,
acclaimed regime for reinsurance entities and said that simply offering attractive
immigration controls, such as the Bermuda government has recently introduced,
would not impact demand for the island's offerings.
In announcing the incoming regime, Bush pointed out that unlike some other
territories - including Bermuda, the Cayman Islands will not seek equivalency
with the European Union's stringent capital adequacy requirements under Solvency
II, providing appeal for reinsurers seeking to bypass the stringent capital
controls.
A comprehensive report in our Intelligence Report series
which studies the 20 main offshore jurisdictions which offer captive insurance
regimes is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp
and a description of the report can be seen at
http://www.lowtaxlibrary.com/asp/description_report11.asp
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