🏝️ Cayman Islands to keep offshore-related fees steady in upcoming budget

The Cayman Islands' Ministry of Financial Services has confirmed that there will be no increase in fees for firms operating in the financial services sector in the forthcoming budget. The budget is expected to be presented to parliament next week. The decision means that fees levied by the Cayman Islands Monetary Authority will remain unchanged in 2024, although they will be reviewed for potential increases in 2025. The Ministry plans to consult with industry members during the first half of 2024 regarding the possible fee increases. 📊

According to the government's third quarter report for 2023, 37% of its total revenue was collected from the financial services sector, with additional income from work permit fees for those employed by the legal and financial firms. Most categories of fees for the offshore sector have remained steady this year, with few revenue streams falling short of budget predictions. The government has been successful in accurately forecasting its revenue from the financial services sector. 📈

While the Cayman Islands government is planning a spending plan for 2024/25 of over one billion dollars, there has been no indication of any increases in other fees such as work-permit, development or duties on luxury goods. The government is also planning to fund several major capital projects, including two new high schools, the east-west arterial, a new waterfront attraction, and Regen, among others. 🏫