Cayman Economic Substance Bill will Trigger Influx of Work Permit Applications

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An opposition party of the Cayman Islands substance bill have cautioned that acceptance of the International Tax Co-operation (Economic Substance) Bill before the Cayman Legislative Assembly, will result in huge population expansion, as the finance industry will have to acquire substantial quantities of professionals and specialists requiring work permits in order to satisfy local operation and management functions now required by law.

The representative for the opposition financial services bill has stated that the Cayman Islands should be prepared for a populace of over 100,000 if the Bill is passed. Other critics have been quick to question the Bills worth; given that many organisations are anticipated to leave the country in search of pastures greener; and further requests from international organisations will follow.