Cayman Islands: Bermuda Press Makes Hay Quoting Error-Riddled Bloomberg Article

Last Updated: 24 June 2013

Article by Steve McIntosh, CEO, CML Recruitment

CML is a Cayman Islands recruitment firm specialising in executive, professional and administrative jobs in the Financial Services, Legal and IT sectors.  For more information, visit their website at  CEO Steve McIntosh is a chartered accountant (ICAEW) and HR professional (GPHR) with 12 years' experience in offshore financial services and recruitment.  Find him on LinkedIn at

Cayman's mid-Atlantic competitor has been making hay from a Bloomberg article about the as-yet-unknown fate of 2,000 T-LEP permit-holders.

Unfortunately both Bloomberg and the Gazette seem to have grasped the wrong end of the stick on several points.  Let's look at them before the nonsense traverses the echo chamber again.

Here's a point by point (Gazette quotes in bold italics):

"Cayman's new Premier Alden McLaughlin has made it "quite clear" to his immigration department that he wants to find a way to keep the expatriates while reducing a growing unemployment situation for Caymanians, according to Eric Bush, the nation's chief immigration officer, who Bloomberg interviewed for the story."

This would have been the most accurate statement in the entire article, had it not wrongly identified Eric Bush at the "chief immigration officer".  Mr. Bush is the Chief Officer of the Ministry of Home Affairs (previously the Portfolio of Internal and External Affairs).  Linda Evans is the Chief Immigration Officer.

"Mr McLaughlin's ruling party has also said they will now require foreigners to work on the island for 10 years before they can apply for citizenship."

They have?  When?  (In any case, foreign workers have been able to apply for citizenship – or naturalization – after ten years since the 2004 Immigration Law overhaul).

"Currently there is a seven-year requirement."

No there isn't.

"Bloomberg also reported that the government plans to scrap a provision that enables companies to pick "key" workers who could indefinitely extend their stay for two-year increments."

This makes it sound like an adverse development for foreign workers.  Yes, they will likely scrap the "key employee" provision allowing workers so designated to remain a further two years, but that wouldn't mean everyone gets sent home early, it would mean EVERYONE would get to stay an extra two years.  No bad thing.

And key workers could not "indefinitely extend their stay in two year increments" or any other increment; they could indefinitely extend their stay by applying for permanent residence, which they were eligible to do after eight years.

"... a two-year permit for a foreign auditor can cost $16,500...."

Wrong, it's worse than that.  A ONE year permit costs US$16,646.

"...while large firms may pay more than $21,000h3 for a visa for financial controllers."

Also worse than that, small firms pay this too!

"In Cayman with unemployment among local citizens exceeding ten percent, the offshore financial centre is reining in the number of staff that funds, accounting firms, construction companies and hotels hire from abroad."

No they aren't.  There has been no official announcement to that effect and no implication to that effect in the statements of officials quoted in the article.

" 'Limits on expatriates, who make up half the island's 39,000 workforce, will ensure more jobs for Caymanians,' reported Bloomberg, quoting Mr Bush."

Actually, if you read the original Bloomberg piece, this was not a direct quote from Mr. Bush.  It was a paraphrasing, indicated by the lack of quotation marks.  Are there limits on the hiring of expats?  Yes, naturally, in instances where suitably qualified Caymanians apply.  But the article, with some creative attribution on the part of the Gazette, makes it sound like some hard limit has been put on the number of expats – categorically not the case.

"While the Cayman Islands tightens conditions for expatriates, Bermuda has loosened them, ending a limit on how long foreigners can work there as it seeks to lure funds and reinsurance companies."

This is absolute bunk.  There is no evidence cited (and none that I'm aware of, and I watch these things closely!) of tightening in Cayman Islands immigration.  In fact, the T-LEP amounted to clemency for those threatened with rollover, so the policy has for all intents and purposes been shelved.  The only loosening in Bermuda has been the abolition of the same rollover policy (some 18 months after Cayman).  The only reason the new Bermuda government was able to act more decisively is that Bermuda's policy is just that – a policy, whereas in Cayman the policy is enshrined in law.  Bermuda's policy can be nixed with the stroke of a pen, whereas Cayman's requires legislative drafting, cabinet approval and a vote in the legislative assembly.

And in any case, Cayman's starting point was considerably more generous to expatriates, allowing them to apply for permanent residence after nine years, citizenship after ten and full Caymanian status after fifteen.  Expat counterparts in Bermuda enjoyed no such progressive rights.

Most egregious of all, both the Royal Gazette and Bloomberg failed to point out that nobody in the financial industry expects for one minute that the government will fail to act to remedy the situation before the first cohort would be affected in October.

Bloomberg + Gazette = Fail.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on

Click to Login as an existing user or Register so you can print this article.

Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Related Topics
Related Articles
Up-coming Events Search
Font Size:
Mondaq on Twitter
Mondaq Free Registration
Gain access to Mondaq global archive of over 375,000 articles covering 200 countries with a personalised News Alert and automatic login on this device.
Mondaq News Alert (some suggested topics and region)
Select Topics
Registration (please scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of

To Use you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.


The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.


Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions