Expert: Drew Wilmoth - 11/2/2009

Question
Hi, Myself and my partner are looking to relocate to GC in the new year we both work in the financial/legal area, I was just wondering what is the financial/job situation like over there now? Has the island started to pick up and recover from the turn down?
Also how easy and quick are the work visas to get? Are they strict on things like minor illnesses and weight/height requirements in the medical?
Many thanks for your help!

Answer
The Cayman Islands have suffered in the broader global economic downturn. While a rebound is beginning on the broader global stage, this has not quite reached Cayman.

The Cayman financial services arena has experienced additional pressures from the temporary grey listing by the Organization for Cooperation and Development. Both the UK and United States government have continued various policies to place added pressure on offshore financial services centers such as Cayman.

Still, Cayman has a constant flux of persons coming and going. The financial services sector is no exception. The sector may be a bit smaller than before but for qualified individuals there are still opportunities.

The current government is working to continue to streamline the work visa process for the financial services sector. Currently employers may apply for a work visa for up to three years for new hires. Work visas can then be renewed. The government is proposing to allow for five year work visas for professionals in the financial services sector. This is still up for consideration.

There is a required medical exam as a part of the work visa application. Most minor illnesses, and some chronic illnesses, are not a problem. In addition to a general health survey to be completed by a physician, specific tests for HIV, syphilis, and tuberculosis are required.

Once all paperwork is submitted a decision on a work visa normally comes within three weeks.