📉 Significant drop in work permit holders in Cayman Islands reported

The Workforce Opportunities and Residency Cayman (WORC) has reported a significant drop in the number of work permit holders in the Cayman Islands. The number has fallen by over 1,000 from a record-breaking 36,501 in September to 35,443 at the beginning of January. This is the first decline since the onset of the pandemic. Despite the tourism sector recruiting ahead of the busy winter season, the drop in numbers has surprised local immigration attorney, Nick Joseph. 📉

Joseph suggests the reduction could be due to a variety of factors, including a slowdown in the construction industry, the high cost of living, or Caymanians assuming positions that would have been filled by expatriate labour. Another factor could be that people are being granted permanent residence and therefore dropping out of the work permit figures. Anecdotal evidence also suggests that some permit holders have left due to the high cost of living and an increase in outsourcing work to other jurisdictions. 🏗️

The drop in permit numbers may lead to a slowdown in population growth, which could impact government revenue, as immigration accounts for 10% of core government earnings. Joseph warns that the government needs to monitor these trends closely. Despite the drop in permit holders, the pressure on local infrastructure continues, with roads, schools, hospitals and supermarkets under strain. Joseph emphasised the importance of interpreting these patterns and trends to understand changes in the population. 🏦