Cayman’s ‘Special Economic Zone’ exempt from immigration law
The ‘Special Economic Zone’ Cayman Enterprise City which is planned for Grand Cayman will be exempt from the Islands’ immigration law in a move which is designed to attract foreign businesses. Specialists in land investments in the Cayman Islands Crown World (http://www.crownworld.com/) has been following news about the planning and realisation of the zone with interest, and is encouraged to learn of this latest development which will further the Cayman Islands’ appeal to a global market.
Cayman Enterprise City is an enterprise project which on completion will host companies from all over the world, attracted by zero taxation, a business-friendly environment led by a commerce-focused government, outstanding facilities spread across five distinct commercial campuses, and a highly prestigious offshore global address. Proving its commitment to the development of commercial projects such as Enterprise City, the Cayman government has announced plans to exempt the zone from many aspects of existing immigration laws.
The current immigration laws normally levy import duty tariffs on overseas companies carrying out business on the Islands, as well as stipulating strict criteria within work permits which seek to employ Caymanians where possible, such as advertising and training requirements aimed at the local population. New legislation will exempt companies trading within Cayman Enterprise City from these aspects of the immigration law, providing they carry out business overseas and not locally.
This ambitious Enterprise City is of great interest to those looking to buy land in the Cayman Islands due to the fact that its developers believe it will create as much as $500 million in revenue and further strengthen the Cayman Islands’ positioning on the world stage. Completion of the 500,000 square-foot zone will take place in phases over the next nine years – during which time land investments in Grand Cayman could well be in greater demand than ever.
For further information on investing in the Cayman Islands, visit the Crown World website at http://www.crownworld.com/.
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