Answer ... The Cayman Islands government recognises the small pool of local candidates for specialist jobs and is accommodating in granting work permits (where necessary) to encourage the growth of the industry.
While there is no requirement for most types of fintech entrants to have a physical presence in the Cayman Islands, for those that do pursue this approach, the option of operating from within the special economic zone (SEZ) can help to streamline the process, given that it exempts the business from the local ownership requirements of the Local Companies (Control) Law and also allows for SEZ operators to source expedited work permits.
The SEZ certificates can be granted for a period of five years and are renewable. Such certificates do not require the employer to advertise the position locally and are generally granted within five business days. See further question 1.2 in this respect.
Answer ... The Cayman Islands lifestyle – which provides an ideal work/life balance while also providing challenging work opportunities – is attractive to many potential candidates. No direct taxation, a large expat community, English as the primary language, geographic proximity to the United States, direct air service to 25 cities in 21 metro areas, a well-established common law legal system and longstanding political stability also add to the broad appeal of the jurisdiction.