Cabinet begins work revising offshore legislation
(CNS): At its first Cabinet meeting held on 21 May, the new coalition government approved drafting instructions for a long list of amendments to laws and regulations, according to a summary of the meeting released by government officials on Wednesday. The bulk of the changes relate to financial services, though amendments were also approved for mortgage and foreclosure reform as well as for the Public Service Management Act, paving the way for term limits for non-Caymanian civil servants.
According to the very brief summary, Cabinet approved confirmation of previously given drafting instructions and issued further instructions to allow for around eight bills to be amended on a wide range of issues, from virtual assets to directors, trademarks and tax information.
At the meeting, the new National Coalition for Caymanians Cabinet confirmed the National Conservation Council appointments that had been made administratively prior to its first meeting. The summary also records that the ministers recommended that the governor approve the Public Service Pensions (Ex-Gratia Pensions) (Amendment) Regulations, 2025, though there were no details of what those were.
They also approved, under the Public Management and Finance Act, a $300,000 decrease in the budget for Pension Uplift and a corresponding $300,000 increase in Ex Gratia Recipients Plan Payments.
- Fascinated
- Happy
- Sad
- Angry
- Bored
- Afraid
Category: Business, Financial Services, Laws, Politics
The Job Market vs Jobs Created
As the strong American influenced World Bank publishes its findings of 1.2b young people entering the Job Market and only 400m Jobs being created leaves a slew of un-skilled and young people projected to be un-employed over the next 10 years
https://live.worldbank.org/en/event/2025/spring-meetings-jobs-the-path-to-prosperity
Which means that as the world Bank continue to assist and evolve by embracing technology, we must plan to create un-skilled jobs because most of the jobs offered now a days, are Skilled Work from Home Jobs.
https://www.flexjobs.com/homevariant/t2
According to the World Bank, we have to find ways to create 250 to 300 Un-Skilled Jobs by creating institutions like an unskilled Government Garment or Uniform Clothing Manufacture Department to make Uniforms, Backpacts, Legal Note Portfolios with the Cayman Islads Coat of Arms and Computer Bags for our School Kids like Government Employees did in India to manufacture uniforms for there Military
https://www.worldbank.org/en/news/feature/2024/11/12/benin-a-win-win-partnership-for-the-inclusion-of-young-people-with-little-or-no-education
How to Expand Your Revenue Sources
https://www.business.com/articles/opening-the-flood-gates-the-steps-to-expanding-your-revenue-sources/
The best businesses have multiple sources of revenue and expanding those sources doesn’t have to be a monumental task.
When you have only one source of revenue, your business is at serious risk for failure and credit default. as the cost of inflation increase
Multiple revenue sources like changing our National Insurance Company and our Turtle Center to a For-Profit Operation instead of just providing a service, CINCO Home, Life and Auto Insurance, a Garment Government Manufacturing Department and expanding our Turtle Center could start farming Lobster, Shrimp, Snappers and Parrot Fish could diversify our government business services and reduce the danger of only relying on revenue earned by fees on Work Permits, Company Registration, License and Land Tranfer Fees
Think about what even 10 percent more revenue would do for our government business revenue and job creation.
Fish Farming in the USVI, Whats wrong with us over here???
https://www.virginislandsnewsonline.com/en/news/fish-farming-in-usvi-what-is-wrong-with-us-over-here-violet-thomas-gaul
Use this as the motivation to seek out new ways to expand services and increase revenues.
Doing so may require you to think outside the box, but you’ll soon see the rewards as you increase your bottom line and increase unskilled job opportunities while making our government stronger.
In other words we need to grow and expand our government services and revenue along with the private sector to keep pace and control our un-planned rapid population growth by creating un-skilled jobs while finding ways to increase our government revenue
Cayman Captive Insurance Sector Sees Record Growth in 2024
https://www.captive.com/news/cayman-captive-insurance-sector-sees-record-growth-in-2024#:~:text=The%20Cayman%20Islands%20Monetary%20Authority,Class%20D%20open%2Dmarket%20reinsurer
As of December 31, 2024, the Cayman Islands was home to 697 Class B, C, and D insurers, collectively writing $41 billion in premiums and holding $153 billion in total assets. Traditional single-parent captives licensed as Class B(i)s saw 13 new licenses issued in 2024, while third-party reinsurers licensed as Class B(iii)s experienced notable growth, with 24 new licenses issued.
Why not issue Cayman Islands Treasury Bonds and tap into these insurance companies to keep that money circulating in our economy by investing in 10, 20, 30 & 40 year bonds
Still only 18 comments on the CNS article about significant increase in the number of sex crimes reported in the Cayman Islands in 2024.
Neither from members of the public nor from the numerous child protection organisations, CIG and its leaders.
Cayman Islands Registered Land Law
The Section 64 and Section 72 of the Cayman Islanda Registered Land Law was designed to protect home and property owners from losing there home or property to Foreclosurer
The Registered Land Law provides financing institutions who loan home and property owners money with a total of nine months to work out there credit default differences before foreclosurer
Financial Institution Credit Defaults are usually worked out with consumers by providing customers with the following lending or credit options:
• Re-financing
• Reduced Interest Rates
• Lower Monthly Payments
• Extended Mortgage Time
• Loan or Credit Consolidation
One can only hope that with our Ministers of Parliment Foreclosurer Amendments, that they consider the fact that we no longer have a National Bank with local major Share Holders who followed the law and did not have Collection Agencies operating outside the Cayman Islands operating with different lending and property laws criteria
In other words, our Section 64 and Section 72 Cayman Islands Registered Land Laws need to be up-helded and remain in tact with a very strong CIMA Enforcement and Heafty Fines for Banking Institutions who do not comply with and ignore our local laws
Note that we never have had a National Bank. Just because a bank had that in their name did not make it “national”, as in belonging to the country.
Artificial intelligence could eliminate half of all entry-level white-collar jobs within the next five years, the CEO of American AI research company Anthropic, Dario Amodei has warned.
In a statement to Axios published on Wednesday, Amodei, who co-founded Anthropic and is a former OpenAI executive, said he hopes to jolt governments and fellow developers into preparing for the consequences of rapid automation. AI could spike unemployment to 10-20% in the next one to five years, he warned.
AI development companies are already working on systems that could soon replace workers in technology, finance, law, consulting and other white-collar professions, particularly entry-level positions, Amodei claimed.
The public and politicians are still “unaware” that a major shift is about to happen and insisted that companies and officials needed to stop “sugar-coating” what lies ahead, particularly for younger workers.
Earlier this month, a report by the Linux Foundation, commissioned by Meta, found that open source AI is already transforming world’s economies by boosting efficiency, innovation, cost savings, and revenue gains.
However, Amodei has expressed concern that people could continue to stay ignorant of the threat of being replaced by AI, especially if governments choose to stay silent on the issue out of fear of spooking workers.
Since Cabinet has given drafting instructions, in May 2025, to amend the Registered Land Act (2018 Revision) concerning mortgage and foreclosure reform, this is important to set things straight moving forward.
This relates, technically, to legal charges, that are secured against land for debt obligations for loans (predominantly with Class A licensed banks issued under the Banks and Trust Companies Act or, in some instances, licensed secured moneylenders issued under the Trade and Business Licensing Act).
For example, the commercial arms-length loan between a former Premier and a former Cabinet Minister for $1.6 million was a perfect example of illegal-unlicensed secured moneylending business activities (section 17(1), 18(1) Trade and Business Licensing Act), which is a criminal offence (section 17(2) Trade and Business Licensing Act).
Compound this scenario with “criminal conduct” and “criminal property” (as defined under section 144 of the Proceeds of Crime Act) and then paired with sections 133-135 of the Proceeds of Crime Act, and now you have all the ingredients of a potentially serious money laundering offence or offences, which the prosecutors (whether in the Office of the Director of Public Prosecutions or the Attorney General’s Chambers) appeared to ignore or to which they may have turned a blind eye of connivance.
This does not look good with the 5th Round Mutual Evaluation Review right around the corner. The Financial Action Task Force are (or certainly should be) watching the Cayman Islands.
The above example, where a former Premier, who is also a experienced and seasoned attorney, engaged in such type of activity, which prima facie appears to involve criminality, and appears to have exposure to money laundering offences, with no consequences, will not be beneficial to the Cayman Islands when the Caribbean Financial Action Task Force come to Cayman and discovers of this.
Common law usury is still in existence in the Cayman Islands, therefore, with respect to interest rates of commercial banks and with secured moneylenders, it is vital to ensure that there are no unconscionable, unscrupulous and illegal business activities (such as, for example, charging compound interest at extremely high at rates). Predatory lending is what almost destroyed US economy in 2008.
🎯
One secured loan between individuals does not sound like a trade or business.
In Ebanks v Symmes 1980-83 CILR 110 at pages 118 to 119, where Grand Court viewed a “one-off” transaction by an unlicensed real estate agent as illegal, Chief Justice Summerfield stated:-
“Some argument was also directed to the question of whether the plaintiff could, in any event, sue for commission because of his contravention of the Trade and Business Licensing Law (Revised) in carrying on business as a real estate agent within the meaning of the Law…
Although only one piece of land was involved,…I am inclined to the view that this activity amounted to engaging in the business of a real estate agent. As this is made an offence by…the Trade and Business Licensing Law (Revised) I do not see how one can accept that the plaintiff can claim commission for what was an illegal activity…”
There is no rule against a private loan being secured. If you are operating as a business, this applies, but one person who knows another is not operating as a business. It is a pretty easy distinction to make.
Arms lengths commercial transaction between the parties. Both parties were represented by lawyers.
I encourage the Governor to please overhaul the Public Service Management Law. Because of it, it is easier to transfer poor performers than to let them go, which costs us money in mistakes, time and low morale. As Caymanians, we must strive to shape a lean, efficient and results-oriented civil and public service.
Can someone explain the pension part? That is very confusing.
Assess a 0.1% commission on all non-domicile bank accounts, for a start. Especially those ‘overnight’ accounts used for shifting funds and non-domicile escrow accounts.
That would collect a pretty penny for CIG coffers.
It would collect precisely zero… as they would move immediately.
I don’t think I am understanding re the Pension aspect of it, can it be more straightforward. Also I note nothing said about Cinico coverage for seniors and under 18s ,so I would presume maybe till Jan 2026. Please can this be given top priority as some of us Seniors are in dire need and can’t possibly afford to pay Health Insurance. You canvassed that you will be the Govt for the well being of Caymanians. Once again, please help us we pray.
Are you the same person that begs every time that this comes up? If so, drop your internet. That’s a big savings right there.
Yes I am I have a democratic right and I gave almost 20yrs of service so I need to get Cinico coverage as I did not retire within service, in other wards I resigned. I am not begging it’s an entitlement that should be bestowed on us Senior Citizens. Just imagine if you were in the same position as us you would do the same thing.
Not the poster you are referring to – ‘Begs’??? You insulting POS, would keep the internet just to address a rude, ignoramus like yourself! Why don’t you drop off the face of the earth if you are even on it, big saving right there!
Are you the same heartless prick that always objects when people state the inequity of senior citizen health care and insurance?
Imagine: the very people that fund the government, for the sole purpose of supporting said people, would request that the government support them. What a crazy world we live in, right?
Agree. Our life savings are going to soon be gone, having to pay exorbitant costs for our health insurance. Is this what we worked 45 years for? To end our lives in abject poverty?
If only one of us had gotten a government job, we’d have been set for life. Too bad for us and all those forgotten folk like us.
Bush bringing motion to have banks reduce interest rates immediately
https://www.loopnews.com/content/bush-bringing-motion-to-have-banks-reduce-interest-rates-immediately/
Cayman Islands Bankers Association explains interest rate setting
https://www.loopnews.com/content/cayman-islands-bankers-association-explains-interest-rate-setting/
Thank you Ministers for acting so swiftly on implimenting and approving amendments for mortgage and Home Foreclosure Reform
The surprising factor that’s driving up Home-Foreclosure rates
https://www.marketwatch.com/story/the-surprising-factor-thats-driving-up-home-foreclosure-rates-ffa7ff85
An increase in homeowners-insurance premiums is associated with a higher risk of Home Foreclosure, group says
TAX FREE Cayman Islands Treasury Bonds
https://caymannewsservice.com/2024/09/two-more-questions-to-be-added-to-2025-referendum/
With the Cayman Islands Moodys Triple A Rating, why doesn’t the Cayman Islands issue an IPO Initial Public Offering TAX FREE Cayman Islands Digital Treasury Infrastructure Development Bond Certificates on the Cayman Islands Stock Exchange and deposit the money invested from investors in the Cayman Islands Treasury Bonds in the Cayman Islands Development Bank to encourage cheaper long term debt or mortgages with lower interest rates for locals to be able to afford an Affordable Home,
These TAX FREE Cayman Islands Treasury Bonds could pay Quarterly Interest or Dividends at 5% and attract Quarterly Interest Earned at 8%
CI Treasury Bonds Interest/Dividends Paid
10 Yeay Treasury Certificates 2.00%
20 Year Treasury Certificates 3.00%
30 Year Treasury Certificates 4.00%
40 Year Treasury Certificates 5.00%
Cayman Development Bank Auto & Home Mortgage APR Interest Earned
10 Yeay Mortgage 8.00%
20 Year Mortgage 8.00%
30 Year Mortgage 8.00%
40 Year Mortgage 8.00%
And use the funds invested in our Cayman Islands Treasury Bonds or loaned to our government over a longer term to build a proper Coast Guard, Cadet Core and Regiment Stations.
Add bigger and better new Police Stations in each district, expand the Turtle Center to start farming Lobster, Shrimp, Snappers and Parrott Fish and pay our Cadet Core, Coast Guard and Regiment Members a decent wage
Purchase larger and better Ocean Patrol Coast Guard Boats for our Coast Guard to properly patrol our oceans and purchase smaller Patrol Vessels for Customs & Border Control to patrol our shorelines
This would certainly create lots of long term law enforcement employment and long term sustainable Aquatic Fishery Farming employment at our Turtle Center
If you spoke to every local mortgage lender to recount tales of customers being quoted astonishingly low rates by their bank.
You wouldn’t guess there’s a rate war based on what’s being advertised.
For example,
The local banks are only paying Interest Rates on Savings Accounts around 1.25% to 1.75% per annum the last time i checked and if you survey every local lender at the moment, the average conventional published mortgage rate charged on a twenty five-year fixed mortgage is 12%.
At Barclays Bank, someone securing this five-year fix interest rate on a £200,000 mortgage could expect to pay £1,024 a month for the first five years if they are repaying a mortgage over a 25-year term.
However, the Barclays Bank Fixed Mortgage 3.71% per cent interest rate comes with a £899 banking product fee.
https://www.thisismoney.co.uk/money/mortgageshome/article-13889833/Barclays-cuts-mortgage-rates-Lender-cheapest-five-year-fix.html
And the reason our local Home Mortgage Interest Rates are so high, at 12%, is because our Bankers Association allows our local banks to charge 8% above the Prime Interest Rates or the Interest Rates that the UK, the US and Canada charge, to cover a guaranteed Operational Cost like Rent, Wages, Pensions and Health Insurance etc….. as well as to earn a gurantee Corporate Profit
Prime Interest Rate 3.71 %
Local Banks Interest Mark-up + 8.00%
Local Mortgage Interest Rate = 12.71%
US Treasury Secretary Janet Yellen sees Housing Cost Coming down
https://www.businesstimes.com.sg/international/yellen-sees-us-housing-costs-coming-down-enabling-2-inflation
So why aren’t our leaders being financially prudent and responsible to introduce a Long Term Cayman Islands Treasury Bond to encourage our locals to build and purchase more affordable homes with a Lower Fixed Mortgage Rates
https://www.google.com/search?q=google+mortgage+calculator&oq=google+mortgage+calculator&gs_lcrp=EgZjaHJvbWUyBggAEEUYOdIBCTE0OTQwajBqN6gCALACAA&client=ms-android-samsung-gj-rev1&sourceid=chrome-mobile&ie=UTF-8
You can do the math for yourself
In early January, Mexico, Indonesia, and several other developing economies easily raised more than $50 billion from bond investors.
https://blogs.worldbank.org/en/voices/silent-debt-crisis-engulfing-developing-economies-weak-credit-ratings
Bush bringing motion to have banks reduce interest rates immediately
https://www.loopnews.com/content/bush-bringing-motion-to-have-banks-reduce-interest-rates-immediately/
Cayman Islands Bankers Association explains interest rate setting
https://www.loopnews.com/content/cayman-islands-bankers-association-explains-interest-rate-setting/
Bless your heart.
And do that via a new class A bank that isn’t tied down by legacy banking operations. Bonus: negotiate an agreement between CIMA, Government, and local reinsurance operators to provide deposit insurance (up to $100,000) backed by the CI Gov. credit rating.
Thanks Chat GPT.