Category: Blog

The Cayman Islands Ministry of Tourism and Ports (MOTP) has made an exciting announcement that is sure to bring smiles to the faces of those involved in the tourism industry. In a recent report, they revealed that revenue from Tourism Accommodation Taxes and Fees (TATP) for the first half of 2023 has surpassed annual projections, setting the stage for an extraordinary year in Cayman tourism.

Between January and June 2023, TATP revenue reached an impressive CI$28.8 million. This not only exceeded the mid-year projections but also outpaced the full-year target by CI$3 million.

Essentially, the Cayman Islands has already achieved its expected annual revenue within the first half of the year. This surge in revenue hints at a thriving tourism sector that is rebounding vigorously from recent challenges.

Another contributing factor to this remarkable growth is the revenue collected from cruise passenger departure tax, totaling CI$4.4 million, which exceeded the mid-year forecast by approximately 6 percent.

In terms of stayover arrivals, between January and June 2023, there were 235,370 visitors—a remarkable 84 percent of the corresponding period in 2019. This resurgence in visitors highlights the Cayman Islands’ enduring appeal as a premier travel destination.

Minister for Tourism and Ports, Hon. Kenneth Bryan, commented on these mid-year results, emphasizing the strong recovery of the tourism industry. He noted that the increase in the Average Daily Rate (ADR) of accommodations over the past year reflects a sustained interest in the Cayman Islands as a top travel destination.

The United States continued to be the largest source of visitors, accounting for 83.6% of total visitation, followed by Canada at 7.5%. European visitors made up 4.4% of arrivals, mirroring the figures recorded in 2019.

Cruise passenger arrivals for the first half of the year also displayed a robust performance, with 738,462 passengers, equivalent to 73 percent of the pre-pandemic visitation numbers seen in 2019.

What truly sets the Cayman Islands apart is its ability to attract travelers from both traditional source markets and emerging regions. This diversity showcases the destination’s universal appeal, catering to a wide range of travelers seeking varied experiences. Efforts to enhance air connectivity have further fueled this success, with additional new flights and direct connections providing visitors with more accessibility options, resulting in increased bookings and convenience for both business and leisure travelers.

Mrs. Rosa Harris, Director of Tourism, expressed her delight at the half-year tourism results. She praised the resilience and adaptability of the Cayman Islands’ tourism industry, noting that these outstanding revenue collections demonstrate its strength. Looking ahead to the rest of 2023, she expressed optimism about maintaining this growth trajectory and the Cayman Islands’ position as a premier travel destination in the Caribbean. She also highlighted the Department of Tourism’s commitment to implementing innovative strategies to continue attracting visitors to the islands.

In conclusion, the Cayman Islands’ tourism industry is not just bouncing back; it’s thriving and exceeding expectations. With a diverse array of attractions and proactive measures to enhance visitor experiences, the Cayman Islands is undoubtedly set to remain a leading travel destination for the rest of 2023 and beyond.

In a heated session of Parliament on September 19, 2023, the ongoing debate over the controversial $21 million beach renourishment project for Seven Mile Beach took center stage. The project, initially announced in December 2021, has faced scrutiny, primarily due to the shifting responsibilities and financial complexities surrounding it.

MP Joey Hew initiated the discussion by inquiring about the status of the project, which had been earmarked for a budget allocation of $21 million with an expected commencement in the first half of this year. However, the responses from two prominent figures in Parliament, Honourable Juliana O’Connor-Connolly and MP Sir Alden McLaughlin, unveiled a web of financial uncertainties.

Juliana O’Connor-Connolly, Deputy Premier and Minister responsible for District Administration and Lands, began by revealing that the Seven Mile Beach Renourishment Project had been transferred to her ministry. However, she emphasized a significant discrepancy – the budget allocation had not been transferred along with the project.

“Due to the estimated size of the project, the necessary business case work, including three-stage business cases, is currently in progress,” she explained. “Provided funding is approved in the 2024-2025 budget, the project will move forward accordingly.”

In essence, this statement clarified that despite the initial announcement of a $21 million budget, O’Connor-Connolly’s ministry did not currently possess the funds for the project, as the budget had never been officially transferred.

MP Sir Alden McLaughlin then raised concerns about a statement attributed to MP Kenneth Bryan, the Minister of Tourism and Ports, who allegedly opposed the expenditure of $21 million on the beach renourishment project.

McLaughlin argued, “Given that the Government announced the policy in relation to beach renourishment and indeed Finance Committee appropriated a budget of 21 million, therefore, I wonder if the Minister, a Deputy Premier who is in most unfortunate position, at this stage in relation to this matter, if she can explain or indicate if government’s policy in relation to this has changed.”

In response, O’Connor-Connolly referred to constitutional provisions, suggesting that if a Cabinet Minister wished to deviate from the government’s policy, there were options available. She also noted that she had not received any briefing from Minister Kenneth Bryan on the matter.

The discussion then shifted to whether the Beach Erosion Committee had consulted with properties from the Marriott Beach Resort north to Coral Beach. O’Connor-Connolly promised to gather this information, emphasizing the complexity of responsibilities surrounding the project’s transfer.

As the government prepares for discussions on the 2024-2025 budget, the public eagerly awaits to see if the budget allocation of $21 million for beach renourishment will eventually find its way to O’Connor-Connolly’s ministry.

Kingston Properties Limited (KPREIT), a prominent player in the real estate investment trust sector, has successfully closed a significant deal in the Cayman Islands, marking its fifth acquisition in this lucrative market. CEO Kevin Richards hails this acquisition as a major milestone for the company within the Cayman Islands.

This latest venture sees Kingston Properties acquiring 36 units within Grand Harbour Commercial Centre, along with an adjacent parking facility. While the exact financial details of the transaction remain undisclosed, it is worth noting that this marks the company’s fifth foray into the Cayman Islands, solidifying its presence in the region.

The Grand Harbour Commercial Centre was listed with an asking price of US$21.7 million on CIREBA’s real estate platform. However, CEO Kevin Richards was keen to clarify that the purchase did not encompass the entirety of the property, which is situated on the outskirts of Georgetown, the capital of the Cayman Islands. While specific figures remain undisclosed, Richards revealed that this transaction significantly surpasses the company’s previous investment of US$3.13 million in three commercial units within the Gum Tree 5 mixed-use industrial development. The newly acquired Grand Harbour units, spanning an impressive 37,276 square feet, are currently fully tenanted, a promising aspect of this investment according to Kingston Properties.

Kingston Properties has firmly established itself in the Cayman Islands, which stands as its second-largest market, strategically positioned between Jamaica and the United States. The company’s financial performance reflects this diversification, with revenues of US$982,595 from Jamaica, US$737,370 million from the Cayman Islands, and US$11,465 from the United States for the first half of the year ending in June.

In terms of assets, Kingston Properties boasts a substantial portfolio with US$51.5 million in Jamaica, US$24.7 million in the Cayman Islands, and US$5 million in the United States.

This Cayman Islands acquisition comes shortly after Kingston Properties reported a successful sale of its Dumfries Road property, located in the bustling New Kingston area, resulting in a gain of approximately US$400,000. The company has been actively engaged in acquisitions, primarily focused on Jamaica and the Cayman Islands, and now sets its sights on potential opportunities in the United Kingdom as its next strategic move in the real estate market.

Picture this: Pristine beaches, crystal-clear waters, and lush greenery—these are the images that come to mind when one thinks of the Cayman Islands. However, beneath this postcard-perfect exterior lies a growing menace: littering and illegal dumping. The Beautification Task Force (BTF), in partnership with the Ministry of Tourism and Ports (MOTP), has embarked on a mission to rescue this paradise from the clutches of litter and waste.

In the face of mounting littering and illegal dumping issues, the Cayman Islands find themselves at a crossroads. Not only is this behavior unsightly and detrimental to our health, but it also threatens the very essence of the Cayman Islands as a clean and well-preserved haven for tourists.

Taking a bold stance against this environmental degradation, the Beautification Task Force has launched a comprehensive public education campaign. This initiative aims to combat the escalating littering problem, instill a sense of accountability, and foster community responsibility.“

Littering is a grave concern, one that imposes increasing burdens on our society, both economically and environmentally,” emphasizes Hon. Kenneth Bryan, Minister for Tourism. He throws his full weight behind the campaign, which aims to tackle littering by preventing, detecting, and deterring this anti-social behavior. The message is clear: every resident, worker, and visitor to the Cayman Islands must take responsibility for keeping our islands clean.

The Nationwide Crusade

Running from August 1st to October 31st, 2023, this nationwide campaign deploys a diverse arsenal of media outlets, including radio, newspapers, digital advertising, social media platforms, bus shelter advertisements, and strategically positioned roadside signs. By harnessing the unique strengths of each medium, the campaign casts a wide net, driving home the message that littering is a crime. It calls upon all members of the community to unite and be a ‘part of the solution, not the pollution.’

Parliamentary Secretary Heather Bodden, entrusted with overseeing the Beautification Task Force, passionately echoes this sentiment. She stresses the need to rekindle pride in our islands and protect our beautiful country for present and future generations. Heather points out the rise in abandoned vehicles as a particular concern, but she also emphasizes that messy properties and illegally dumped household items send a message that such behavior is acceptable—a message that needs to change.

Theresa Pitcairn, Chair of the Beautification Task Force, elaborates on this point. “Through this campaign, the Ministry and the BTF are reminding citizens and residents of their collective responsibility in maintaining the cleanliness of the Cayman Islands.” She pairs awareness of the environmental consequences of littering with the legal repercussions under the Litter Act (1997 Revision). It’s a clear call to responsible behavior, backed by penalties for those who flout the rules.

A Collective Effort

The Ministry of Tourism & Ports and the Beautification Task Force extend an invitation to all residents and visitors to actively engage with the campaign. You can do your part by sharing messages discouraging littering, participating in community clean-up initiatives, and raising awareness about the campaign’s vital purpose.

“Together, let us stand as guardians of these breathtaking islands, working hand-in-hand to combat littering and illegal dumping, safeguarding the Cayman Islands’ natural beauty for generations to come,” urges PS Bodden.

Reporting littering, illegal dumping, or the whereabouts of derelict vehicles is a breeze. Simply contact the Department of Environmental Health (DEH) at 949-6696 or use the DEH’s online complaints portal.

Stay updated and join the movement on Facebook

In a recent development that has raised eyebrows across the Cayman Islands, tourism officials have come under fire for their involvement in a contentious sponsorship strategy. The controversy, which has been brewing for 20 months, reached a significant milestone when the Cayman ombudsman ruled against the government’s claim that the requested information was confidential due to commercial sensitivity or trade secrets. The ruling came after persistent efforts by The Cayman Compass, a prominent news organization.

Former Bermuda reporter James Whittaker penned an article shedding light on the Cayman government’s sponsorship of British sports teams, a move that raised questions about the allocation of taxpayer funds to promote tourism from the United Kingdom.

The Cayman Department of Tourism reportedly disbursed more than half a million dollars over a three-year period to sponsor various British sports teams. While some of these teams enjoyed considerable media attention, such as the London Irish Rugby Club, Portsmouth FC, and Gloucestershire County Cricket Club, others were relatively obscure, attracting minimal media coverage and fan support. Notably, the Old Cranleighan Hockey Club falls into the latter category.

Critics have questioned the government’s decision to sponsor a recreational field hockey team with no substantial fanbase, especially due to its ties to Adrian White, Cayman’s senior tourism official in the UK. The controversy came to light when TheCayman Compass submitted an open records request, which was initially filed a year earlier. The Department of Tourism’s response revealed the financial support given to the Old Cranleighan Hockey Club, amounting to £10,000 per year over the three-year period, but withheld crucial details about the contracts, the benefits received in return, and any business justifications or value-for-money analyses.

Adrian White’s connection to the Old Cranleighan Hockey Club, where he has played for the teams and coached in their junior program, has raised serious questions about the selection process for teams benefiting from Cayman Islands sponsorship funds. White’s affiliation with the Surrey-based hockey team has ignited concerns about potential conflicts of interest and the transparency of the decision-making process.

While the records provided in response to TheCayman Compass’s freedom of information request included annual payments made by the Department of Tourism to each club, they lacked comprehensive details regarding what the department and the country gained from these sponsorships.

In response to the growing scrutiny, a spokesperson for the Department of Tourism emphasized their commitment to addressing potential conflicts of interest and stated that they were actively reviewing the matter. The department now has 45 days to decide whether to appeal the ombudsman’s ruling, ensuring that this controversy continues to be a focal point of public interest and accountability in the Cayman Islands.

We’re finally starting to accept advertisers on our platform. There is a catch though, we are an invite-only advertisers platform and there are many reasons for that, but the main one is this: credibility.  Our platform will be able to increase your online presence so your business must already have a track record, so to speak.

Get ready to unlock the full potential of your brand with advertising on Cayman.com.ky, the ultimate guide to all things Cayman Islands. Our revamped website is ready to serve as the perfect canvas for your advertising needs. Here’s why your business should be front and center on our platform:

1. A Storied Legacy – Cayman.com.ky Since 1997

Cayman.com.ky is one of the oldest domains in the Cayman Islands and was registered in 1997 — its unfortunate that the domain transition to Uniregistry obscured the domain age of the .KY TLD but it is what it is.  We have tried to get in touch with the domain registry to find out if they are able correct this, but we have not heard back yet.

2. Domain Authority That Matters

We don’t just talk the talk; we walk the walk. Cayman.com.ky boasts a Domain Authority of 36, as rated by Moz. With 198 ranking keywords, 583 root domains in our network, and a minuscule 2% spam score, we stand tall in the realm of healthy domain metrics.

3. Backlinks that Command Respect

Our backlink portfolio reads like a digital hall of fame, featuring powerhouses like theguardian.com, huffpost.com, wikipedia.com, usatoday.com, tripadvisor.com, wikihow.com, and more. These aren’t just backlinks; they’re the pillars of online credibility.

Why Advertise Here?

• Increase Search Engine Rank: Boost your search engine ranking and online visibility. Advertising on Cayman.com.ky ensures your business is more likely to appear at the top of relevant search results, driving organic traffic to your website.
• Visibility: Shine a spotlight on your business. Advertising on Cayman.com.ky ensures you reach a diverse audience actively seeking Cayman Islands information.
• Credibility: Benefit from the aura of our trusted domain and robust backlinks, enhancing your business’s credibility.
• Engagement: Connect with an audience genuinely interested in the Cayman Islands, whether they’re tourists, locals, or investors.
• Market Presence: Position your business in front of a global audience. Reach those planning a trip, looking for local services, or simply admiring the Cayman Islands’ beauty.
• Conversion: Our platform is your stage to turn potential leads into loyal customers. Seize this unique opportunity for conversion success.

Apply to Advertising Today!

In an era where global expansion is the norm, companies are increasingly recognizing the pivotal role of Corporate Services, especially in jurisdictions like the Cayman Islands. The allure of the Cayman Islands lies in its tax-neutral environment and robust legal framework, making it a go-to destination for offshore company formation. However, thriving in this fiscal haven requires more than just establishing a presence; it mandates meticulous attention to economic substance and regulatory compliance on an international scale.

Here are five key points to consider when navigating corporate compliance:

1. Corporate Secretary Services: 
This encompasses the maintenance of corporate records, attendance at board meetings, and the drafting and review of meeting minutes.

2. Registered Office Services: 
Companies must establish a registered office address in adherence to Cayman Islands law.

3. Economic Substance Solutions: 
Demonstrating substantial presence within the jurisdiction of incorporation or registration is vital for compliance with international tax regulations. Economic substance plays a pivotal role in achieving this.

4. FATCA and CRS Compliance: 
The Foreign Account Tax Compliance Act (FATCA) necessitates foreign financial institutions to report U.S. account holder information to the IRS. Meanwhile, the Common Reporting Standard (CRS) is a global standard facilitating the automatic exchange of financial account information for tax purposes. Both aim to curb tax evasion and enhance transparency. The Cayman Islands actively participates in both, showcasing its commitment to international standards.

5. Beneficial Ownership Registry (BOR):
Maintaining accurate beneficial ownership information is imperative. This includes identifying individuals with significant control over the entity, those holding 25% or more of issued shares or voting rights, or those with the power to appoint or remove board members.

It is important to underscore the significance of corporate directors acting objectively and impartially, prioritizing the company’s and shareholders’ interests above all else. This objectivity proves especially crucial in scenarios with potential conflicts of interest, such as related-party transactions.

In the Cayman Islands, Corporate Services transcend mere compliance; they serve as the foundation upon which businesses can flourish. With a steadfast commitment to regulatory adherence and prudent governance, the Cayman Islands offers an environment where companies can not only thrive but also demonstrate their dedication to global best practices.

Want more information about Corporate Services?  Please complete the form below.

The landscape of wealth management is undergoing a transformative shift as high-net-worth families increasingly seek personalized approaches to safeguard and grow their fortunes. At the forefront of this change are family offices, comprehensive service providers catering to the unique needs of affluent families. In this evolving scenario, the Cayman Islands trusts have emerged as a vital component, creating a dynamic interplay between these two powerful wealth management instruments.

What makes Cayman trusts particularly appealing to family offices are the advantages they offer. The Cayman Islands boasts a robust legal framework, providing solid protection for trust assets. This jurisdiction allows for exceptional flexibility in trust creation and administration, which proves invaluable when managing diverse and complex asset portfolios.

Moreover, the discretion offered by Cayman trusts aligns seamlessly with the administrative needs of high-net-worth families. While there is a global push for financial transparency, the Cayman Islands maintain a balanced approach, respecting privacy without compromising compliance.

One crucial factor attracting family offices to Cayman trusts is the jurisdiction’s status as a tax-neutral haven. While it’s essential to emphasize that tax benefits should not be the sole motivator for establishing a trust, the absence of capital gains, inheritance, or income tax on trusts in the Cayman Islands offers effective wealth management solutions.

However, it’s important to acknowledge that utilizing Cayman trusts comes with its set of challenges. Navigating the legal intricacies requires specialized knowledge and experience, especially in light of recent regulatory changes demanding heightened compliance vigilance. Additionally, issues like succession planning and cross-border considerations can add layers of complexity.

The rise of family offices and their deepening engagement with Cayman trusts signify a dynamic shift in the wealth management sector. It underscores the growing need for tailor-made, flexible solutions to address the multifaceted requirements of high-net-worth families. As family offices continue to flourish and diversify their strategies, Cayman trusts are set to play an increasingly pivotal role in global wealth preservation and growth.

Please bear in mind that this article is intended for informational purposes only and should not be considered as providing immigration, tax, or legal advice.  If you need more information, please complete the form below.

The Cayman Islands are ready to welcome you back and we’re sure you’re itching to get back! (It is, however, understandable if you’re a bit concerned or timid about what you need to do to meet the travel requirements of our Caribbean nation so that you keep yourself and others safe (and have fun!). Have no fear; we’re about to spell out exactly what you need to do to get your toes back in our sugary white sands…

Newest Travel Regulatory Updates

As of early April 2022, the Cayman Islands Government has made the following amendments with respect to COVID and travel.

Any fully vaccinated person may travel to the Cayman Islands without being subject to quarantine on arrival if they: Complete the pre-arrival test, complete the mandatory medical and travel questionnaire and undergo a medical examination. Additionally, if a Customs and Border Control agent considers it necessary one must complete and submit a travel declaration to Travel Cayman in advance of your travel time. This must be done no later than 72 hours before your trip. You also must provide evidence of the travel declaration when requested to do so by a CBC Officer upon arrival in the Cayman Islands.

Other Important Notes – Cruise Ships

As of March 2022 any person disembarking must have completed an approved vaccine course at least two weeks prior to embarking a cruise ship. This applies for captains and crewmembers of the ship as well. Additionally, unvaccinated children under twelve years old can only disembark when accompanied by a fully vaccinated adult. Lastly, fully vaccinated travellers can enter the Cayman Islands via cruise ship without having to quarantine. The Cayman Islands government also encourages anyone planning to travel to the islands to check back frequently for further updates so they are up to date on the most current information.

More Important Information For Travellers

Take a breath, it will be okay. We have a few more bits of useful information for those of you readying yourself for arrival. Children the age of 11 and younger will take the vaccination status of their parents. This means that we’re allowing fully vaccinated visitors to travel with children aged eleven and younger. Unvaccinated travellers aged twelve and over are not able to travel to the Cayman Islands at this time unless the visitor has a “close tie” to the nation. A “close tie” is defined as any person who can demonstrate that they own a business or property in the Cayman Islands or has a close family tie. A family tie is anyone that is the spouse, civil partner, sibling, parent, stepparent, grandparent, grandchild, child or stepchild of a Caymanian or Resident. Visiting unaccompanied children under the age of 12 years, even if unvaccinated, will not be required to quarantine under certain conditions. If you are an unvaccinated Caymanian or returning person with resident status you will be required to quarantine for at least seven days. For more information about vaccine requirements, quarantine it is strongly suggested that you visit the official Cayman Islands Government website.

Now Let’s Make Those Travel Arrangements

Now that you’re ready to go, lets quickly review the next steps to getting here. First and foremost you must apply to the Travel Cayman portal for an official Certificate to Travel by requesting a Travel Declaration. You also must be fully vaccinated by an approved vaccine. Once you’ve fulfilled those obligations you must take a certified rapid antigen test, a PCR test or a NAAT test the day before departure. This test must display a negative result for any travellers the age of five and older. Additionally, this test can be taken at any time the day before your departure. To eliminate any confusion, the test is not limited to 24 hours before departure so you don’t have to worry about counting the minutes…

Approved Vaccines

Just so you know. These are the approved vaccines for entering the Cayman Islands. Also, it should be know that if a person is found to be producing a false vaccination document they will be liable, on conviction, to a fine of $10,000 and imprisonment for two years.

• Janssen COVID-19 vaccine (Johnson & Johnson) (single dose)
• Moderna COVID-19 vaccine (two doses)
• Oxford/AstraZeneca COVID-19 vaccine (two doses) European Version SK Bio Version Serum Institute of India version ‘Covishield
• Pfizer-BioNTech COVID-19 vaccine (two doses)
• Sinopharm (two doses)
• Sinovac (two doses)
• Novovax
• Covovax
• Covishield (Astrazeneca/India)
• Covaxin

“Mixed doses of approved vaccines taken at least eight weeks apart”

We know it sounds like a lot to digest but trust us, it is very doable and these measures are in place for your safety and the safety of the other travellers and airline staff accompanying you to the Cayman Islands. It is also important to note that these measures are very dynamic and always changing so its important to make sure you are checking back regularly to ensure that you are up to date on the most current information. Someday soon things will be back to normalcy but until then, we’re all in this together. We look forward to seeing you on the beach!