Expert: Robert Clark - 1/21/2011

Question
Hi there,

I am a qualified accountant who lives in the Caribbean and I am considering exploring job opportunities in the Cayman Islands.  I have five years of experience and have worked all five of these years at one of the Big Four Accounting Firms.  I know that Cayman is still recovering from the recession. What is the job market like currently in Cayman? Is there any likelihood of recovery in the near future? How likely is it for an employer to terminate a contract before the expiration date if the economy worsens? How have things progressed since November 2010? Thank you in advance for your assistance.

Answer
Sasha
Things are still very tough in Cayman.  Some smaller financial institutions have moved out of Cayman for a variety of reasons, including the need to declare income of EU depositers to EU governments, drop in demand for services, roll-over policy, etc.

I would think the fact you have experience of working in an off-shore environment would stand you in good stead.  Does your company have offices in Cayman?  Maybe you can see if there is a possibility of a transfer.  

Generally work permits have to be renewed yearly, up to a maximum of seven years.  I haven't heard of contracts being terminated mid-year, but I guess it may be possible if a company decides to close doors.

Good luck!
Robert