📜 Cayman Islands MP proposes 100% local ownership in several business sectors

McKeeva Bush, a Member of Parliament in the Cayman Islands, is proposing a motion to limit the number of Local Companies (Control) Licences (LCCLs) - businesses in the Cayman Islands that are not majority-owned by a local person. The motion, which is set to be discussed in a parliamentary meeting on July 5, suggests a list of businesses that should be fully owned by Caymanians. These include real estate and property firms, construction companies valued up to $1.5 million, car rentals, light-technology businesses valued up to $2.5 million, and watersports operators. 🏗️

The motion also calls for the government to arrange for the Cayman Development Bank to provide loans to local people to establish businesses. It proposes a fee for foreign developers of condo complexes and hotels, with the money going into a fund used to buy land to sell to Caymanians at a subsidised rate. The motion is seconded by Chris Saunders, who expressed concern about the disappearing middle class in Cayman and the marginalisation of Caymanians in business. Both Bush and Saunders stated that the goal of the motion is to allow more Caymanians to benefit from the development of the Cayman Islands. 🏦

While the motion is not binding on the government, it requires the Cabinet to consider the proposal to determine its viability. Bush, an influential figure in the UPM government, has not indicated whether he expects support from his front bench colleagues to ensure the motion's passage. However, the government can accept the motion without necessarily implementing it. 🗳️