HSM LAW
Moving Matters: Wills and The Domicile Trap
The concept of ‘domicile’ is an ancient but highly relevant set of legal rules which, in a nutshell, seeks to determine where an individual’s true home is during the course of their lifetime. As a broad statement of principal, if Read more +
10 Interns Join HSM’s 2025-26 Internship Programme
The HSM Group is proud to announce the launch of its 2025/26 internship programme in collaboration with the Cayman Islands Further Education Centre (CIFEC). HSM recently welcomed 10 ambitious interns to its team: Mia-Ariel Torres Gordon, Dimitri Seymour, Jureimi Monotero, Read more +
HSM in The Legal 500 Caribbean 2026 Rankings
The HSM Group was featured recently in the Legal 500 2026 Caribbean rankings. HSM Chambers, a full-service law firm, received rankings across multiple practice areas for their expertise in the Cayman Islands and are highlighted below with some of Legal Read more +
Keep Calm and Carry On – Proposed Changes to Cayman’s Immigration Act
With the publishing on Friday (17 October 2025) of the proposed new Immigration Bill, numerous clients have sought advice/reassurance that they will not be adversely affected by any proposed changes. Like with any change in legislation, there will be those Read more +
Cayman Financial Services Assistance Act, 2022 Offers Assistance with Mortgage Payments
Pursuant to the Financial Assistance Act, 2022 (the “Act”) passed by Parliament in October 2022, the Needs Assessment Unit “NAU”) became the Department of Finance (the “DFA”). The corresponding Financial Assistance Regulations, 2023 (the “Regulations”) and the Financial Assistance (Appeals) Regulations, 2023 (the “Appeal Regulations”) were approved by Cabinet on 10 October 2023. HSM Partner Sarah Allison covers the key updates and criteria.
The Act repeals the Poor Persons (Relief) Act (1997 Revision) and introduces a new procedure for issuing financial assistance to households which meet the eligibility criteria. The Act also establishes an Appeals Tribunal for incidental and connected purposes.
According to the Ministry of Investment, Innovation & Social Development: “the legislation forms one part of an overall reform and modernisation agenda to create meaningful and measurable changes in Government’s involvement in social development in the Cayman Islands, and more broadly to work collaboratively with community partners in overcoming existing barriers and hurdles .” [1]
Of note, the Regulations introduce a new and welcomed category of financial assistance enabling the DFA to cover up to CI$3,000 per month of a successful applicant’s accommodation costs, which now include mortgage payments. Prior to the Act, the provision of accommodation costs was limited to rental payments.
To be eligible for financial assistance, household members must be Caymanian, a spouse or civil partner of a Caymanian living with the Caymanian at the time of the application and for five years or more immediately preceding the application, or a guardian of a dependent who is Caymanian. Depending on the number of people in the household, the aggregate household income and savings must not exceed certain thresholds and the Director must be satisfied that the household’s expenses exceed the household income.
Upon receipt of an application for financial assistance, the Director of the DFA has 10 working days in which to evaluate the application and determine whether the application should be granted or refused.
The amount of financial assistance granted for accommodation shall be determined by the Director in accordance with the size and composition of the household. The duration of financial assistance for which a household will be approved to receive financial assistance will be for a period of 1 – 3 months or up to 3 years depending on whether the applicant is temporarily unemployed, has dependents, is temporarily or permanently disabled, or has an emergency. The provisions seek to align with the Cayman Islands Older Persons Policy and Disability Policy
For those eligible to apply for assistance under the Act, this legislative change will come as a welcome one in the current financial climate.
[1] https://www.gov.ky/iisd/financial-assistance-bill-2022
