HSM LAW
HSM Response to Term Limits for Non-Caymanian Civil Servants
On 22 May 2025, the Government of the Cayman Islands published their intention to introduce term limits for non-Caymanian civil servants in the Cayman Islands. Civil servants have always been excluded from term limits. As such, these changes will require Read more +
Kerrie Cox Rejoins HSM Partnership, Bringing New Expertise
The HSM Group is pleased to announce that Kerrie Cox has rejoined HSM Chambers as a Partner to lead the firm’s Litigation and Insolvency practice. Kerrie practiced as a Barrister in the UK for over 12 years, before being admitted Read more +
HSM Recognised as a Chamber Champion for 2024 Sponsorship
HSM is proud to be recognised again as a Chamber Champion Advocate at the Cayman Islands Chamber of Commerce Annual General Meeting on 12 March 2025 at Hotel Indigo Grand Cayman. For the fifth year in a row, HSM’s recognition Read more +
UK Privy Council Considers a Declaration of Incompatibility Regarding the Cayman Islands’ Immigration Act
On 3 February 2025, the Privy Council in London considered a Declaration of Incompatibility made by the Cayman Islands Court of Appeal in respect to Section 37 (3) of the Immigration (Transition) Act (2021 Revision). This section of the Act 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
