With IMAC’s annual Captive Forum in full swing, McKeeva Bush took the opportunity to detail a plan to attract reinsurance companies at an unscheduled speech at Wednesday night’s Camana Bay reception.
Though the potential significance seemed lost on many, offshore industry insiders were left carefully parsing the speech and prognosticating on its impact for a good part of the night and ever since.
The incentive package apparently includes:
- Flat work permit fees (level TBA but expected to be in the low four figure range)
- Waiver of normal immigration restrictions on the hiring of foreigners.
- Administrative work permit processing (meaning no Immigration board nor attendant delay, bureaucracy and arbitrariness)
- Ten year work permits for anyone VP or above (meaning PR virtually assured)
The bottom line is that the cost and bureaucracy that has bedeviled the Bermuda industry in recent years appear to have been taken off the table for Cayman-based counterparts.
Though it remains unclear precisely when or how the incentives will come into effect, the Premier’s comments strongly suggested the incentive package has the support of his Cabinet, all that is required since none of the proposals so far revealed would require legislative amendment.
Watch this space. I would imagine many in Bermuda will with apprehension.