The Bahamas has moved quickly to provide disaster relief services to financial institutions in the Cayman Islands affected by Hurricane Ivan. Cayman licensed institutions are being allowed to establish operations on a temporary basis in The Bahamas.
"Government, regulators and the private sector have all played a part to facilitate businesses in the Cayman Islands," said the Hon Allyson Maynard- Gibson, Minister, Financial Services and Investments. "The Bahamas will continue to extend this assistance with the hope that these measures would assist the Cayman Islands in recovering as quickly as possible."
In allowing Cayman institutions to establish operations in The Bahamas until normalcy returns to the former, all necessary Bahamian government approvals, including immigration, are being facilitated. Firms licensed to operate in the Cayman Islands will not have to go through licensing procedures in The Bahamas.
Bahamas-based financial services institutions with affiliate offices in the Cayman Islands have also stepped forward with assistance. Back office administration and processing work for many of these firms are now being done in The Bahamas. Cayman-based employees from a number of institutions were also brought to Nassau to facilitate smooth business operations.
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