Tag Archives: hsm group
HSM’s Immigration team explain why the population numbers don’t add up in the Cayman Islands.
Much has been stated in the press of Cayman’s growing population. The Economics and Statistics Office’s Compendium of Vital Statistics estimates the year-end population (as at December 2018) as being 65,813 persons. Of those, an estimated 29,108 are expatriates, and 36,705 Caymanian.
Notwithstanding the statistics (which relate to population), the actual total number of persons physically resident in Cayman may in fact be substantially higher. As reported in the Cayman Compass on 16 May, 2019 (using actual numbers provided by the Department of Immigration) there were 27,263 expatriates holding valid work permits or under government contract as at 6 February 2019 (some 5 weeks after the date of the ESO estimate).
That 27,263 does not include any Permanent Residents or the holders of RERC’s as the spouses of Caymanians, nor the dependents of work permit holders and government contracted workers.
Information received from the Department of Immigration and reviewed by us indicates that there were, last year, approximately 3,000 approved dependents of work permit holders and government contracted workers, and of the order of 5,000 other persons resident by virtue of some form or other of a certificate of residence (whether in their own right, as a dependant, or as the spouse of a Caymanian).
If we allow for some expatriates who are institutionalized (whether in prison, seeking asylum, or in hospital), throw in persons with student visas (there were 300 in that category alone last year), Cabinet permissions, Snow Birds spending more than 6 months a year in their beachfront condos, and some over stayers), it appears clear that there are more than 36,000 non-Caymanians “living” in Cayman.
If we add back in the reported 36,705 Caymanians, the number of residents may have already passed 72,000 in the last year. It is perhaps helpful to note that ICTA has reported there being 103,274 local cell phones in 2018. Certainly, some persons have more than one cell phone, but thousands (including young children) have none.
Informal indications (ranging from traffic to the availability of rental properties and the increasing height of Mount Trashmore) are that the population (and number of residents) has continued to grow this year.
Part of the reason for the disparity in numbers provided by the ESO, and those provided by The Department of Immigration (now WORC), is the methodology used by each. Persons who intend to leave the Cayman Islands within 6 months are simply not counted by the ESO, but are counted by WORC.
Accordingly, although persons are in fact resident for immigration purposes, they do not necessarily form part of the population for statistical purposes. That is understood to be entirely consistent with international standards. Those standards may not always be relevant to our domestic considerations, in particular given the very large transient workforce and the reality that (at least historically) when work permit holders leave, they tend to be replaced immediately by another work permit holder.
The result is that whilst statistically we had a population of 65,813 at the end of last year, the number of people living here was greater. We may now already have as many as 75,000 residents using our roads, sewerage systems, garbage facilities and other infrastructure.
If true, we have no need to wait 10 years to find out 100,000 people physically in Cayman looks (and feels) like.
This winter, a good cruise ship day, coupled with high hotel and condo occupancy (we had 6,720 rooms available at the end of last year) will (at least momentarily) push the total number of people physically present in the Islands above 100,000.
Even then, the number of residents will of course be less, and the population smaller still. The detail will depend on who is asked, on what day and why, and the statistics.
The HSM Group is proud to sponsor the 2nd Annual Society of Trust and Estate Practitioners (STEP) Cayman Conference, taking place at Kimpton Seafire Resort + Spa in Grand Cayman from January 31 – February 1.
Visit our booth during the conference to learn more about our legal and corporate services, and be entered to win one of our 5-in-1 BBQ tools – a useful memento to remind you of our law firm in the Cayman Islands.
Robert Mack, HSM’s Head of Private Client and Trusts, will be speaking during one of the breakout panel sessions on February 1 at 12pm and will be exploring wealth structuring for PEPs (politically exposed persons) – the impact of politics, conflict and sanctions on PEPs.
Since 2010, Robert has been a council member of the local branch of STEP, where he currently holds the position of Vice Secretary.
Robert also sits on the STEP legislative review sub-committee and the Global Transparency sub-committee, which works in partnership with the Cayman Islands Government to implement and improve legislation connected to the trusts and private client industry. Robert is also the Cayman Islands representative of the STEP Mental Capacity Special Interest Group.
We look forward to connecting with you at this conference.
(L-R): Samantha Bartley and Robert Mack
Several charities in the Cayman Islands have received secondhand office furniture provided by local law firm HSM.
The Family Resource Centre recently moved to a new location in George Town and were thrilled to receive a full desk set complete with joining desks, a filing cabinet and bookshelf.
One Dog at a Time collected two large filing cabinets, which volunteer Paula Wythe says is ideal for storing away pet products such as shampoos, brushes, medications and more.
The Frances Bodden Children’s Home selected a large desk for their facility in West Bay.
This is not the first time HSM has donated office furniture. A few years ago, HSM donated desks to Her Majesty’s Northward Prison for their F-wing, an enhanced living space for selected inmates.
“We are always looking for opportunities to support our community and what better way to start the New Year than helping these charities improve their daily operations,” shares HSM Managing Partner, Huw Moses OBE.
HSM still has desks, cabinets, keyboards, blinds and commercial UPS switches available to a worthy home. Email Alyson Hay at ahay@hsmoffice.com to register your charity for these items.
Photo R-L: Huw Moses (HSM Managing Partner) overseas the departure of this furniture set to Racquel Duhaney (Programme Facilitator at the Family Resource Centre).
Corey Neysmith and Gabriel Morla of HSM IP Ltd. presented International Trademark Association’s (INTA) Unreal Campaign to over 40 students at the Cayman Islands Further Education Centre (CIFEC) on Thursday, 29 November 2018.
INTA’s Unreal Campaign is a consumer awareness programme aimed at educating teenagers about the importance of trade marks, intellectual property and the dangers of counterfeit products.
Corey, a Senior IP Assistant, started the presentation by explaining the role and importance of registering a trade mark. Corey explains, “A trade mark can be a word, design, service mark and can even be the shape of a building. If a company doesn’t register their distinct features, then a competitor can rightfully take ownership of their ideas and with it, their customer base.”
Since 1 August 2017, it has become possible to register a trade mark in the Cayman Islands without having to go through the United Kingdom or European Union first, thanks to the implementation of The Trade Marks Law, 2016.
Gabriel, an IP Assistant and past CIFEC student, delivered the second part of the presentation which focused on counterfeiting. Gabriel shares, “We stressed the economic impact created when people purchase knockoffs. Counterfeits not only pose a threat to your health and safety, but they directly hurt businesses in the form of job losses and their reputation.”
The students then enjoyed a game of “spot a fake”, where they had to guess between two similar looking products and identify the reasons as to why one of them was the fake. Afterwards, there was a lively discussion for Q&A.
This is the fourth time that HSM IP has presented to students in the Cayman Islands as part of the Unreal Campaign initiative and encourages all consumers to be vigilant when shopping.
Studies show that counterfeiting is rising at an alarming rate. It is estimated that by 2022, the global total value of counterfeit goods could reach US $2.8 trillion, according to a 2017 impact study, The Economic Impacts of Counterfeiting and Piracy, released by Frontier Economics and commissioned by INTA and the International Chamber of Commerce’s Business Action to Stop Counterfeiting and Piracy.
“It is rewarding for our team to be able to share their expertise with our local community and to bring awareness of the negative impacts caused by purchasing counterfeit products,” shares HSM IP Managing Partner, Huw Moses. “Consumers of all ages need to be alert to the risks of purchasing counterfeits, which may expose them not just to financial loss but physical harm.”
Gabriel Morla (left) and Corey Neysmith (right) Share the Importance of Trade Marks
HSM is thrilled to have once again participated in the annual Cayman Islands Further Education Centre (CIFEC) Career Fair, which took place on 21 September 2018.
The fair allows the opportunity for students to present their résumé and learn more about the different industries in the Cayman Islands. Over 200 students attended this year’s fair.
HSM set up a booth at the CIFEC Library to introduce themselves as Cayman’s fastest growing law firm and seeks to recruit at least 13 students to their 2018/19 internship programme.
Managing Partner, Huw Moses and IP Head Paralegal, Natasha Whitelocke were on hand to speak with students about a career in the legal profession, especially in the fields of Intellectual Property, Immigration, Debt Collection and Corporate Services.
Gabriel Morla and Shantel Ritch, two HSM IP staff members and prior CIFEC students were also there to speak with the potential student recruits. They shared their experiences in the programme and what it is like to be employed full-time.
HSM has worked with the CIFEC progamme since 2012. The firm’s continued involvement in the CIFEC internship showcases their unwavering commitment to the local community by providing work experience opportunities to ambitious young professionals.
The HSM Group is now promoting the addition of Family Law to its suite of legal services. Led by Senior Associate Kerrie Cox, the matrimonial team will cover all aspects of divorce and finance, in addition to private/public child law.
The move is regarded as a complementary service to HSM’s established private client practice, in which the firm is a leading provider for family trusts, wills and estate administration, and property transactions.
Kerrie practiced as a Barrister and family mediator in the UK for 12 years before being first admitted as an attorney in the Cayman Islands in 2010. He was appointed in-house Counsel to a niche firm of family solicitors in Gibraltar in 2013, where he undertook a variety of family related disputes, including cross border litigation, before returning to Grand Cayman in 2015.
In his role at HSM, Kerrie also undertakes a wide spectrum of general dispute work in commercial and civil litigation, employment, and personal injury. Whether you are looking for a divorce lawyer in the Cayman Islands or need assistance in separation agreements – HSM has got you covered.
Suneeta Lee is well on her way to become a qualified attorney in the Cayman Islands and has been employed by the HSM Group for one year now.
As part of her articles, Suneeta has been undergoing a rigorous training rotation through the firm’s key practice areas. To date she has supported intellectual property, debt collection, litigation, property and has recently moved over to corporate services. The next areas for her on-the-job work experience include immigration and employment.
Here’s what she has been up to:
Day-to-Day
You’re likely to catch Suneeta with a coffee in hand every morning and whizzing through her inbox. She also meets briefly with her supervisor to get the rundown of activities and it also gives her the opportunity to ask any questions. Each day brings a new set of challenges and experiences due to the nature of the role, but Suneeta notes that the year has gone by quickly because of this.
Practice Areas
HSM is a full-service law firm that provides a wealth of opportunities for those looking for a career in law. “All areas have been interesting,” says Suneeta. “In particular, litigation involves a lot of research and requires you to be industrious. On the other hand, property law is very personal and I like the customer service aspect of this practice.”
Frequent Feedback
One of the reasons Suneeta chose HSM for her clerkship was due to its size. With just under 60 employees, Suneeta shares, “I am able to have more personal interactions, which makes it conducive to learning and I appreciate how approachable everyone is, including the partners.” Regular meetings are scheduled to review and discuss work happenings. “My colleagues take this programme very seriously and for that, I am grateful and validated.”
Advice to Upcoming Articled Clerks
Suneeta was surprised to learn that the subject she thought would be most interesting at the outset of her articles is no longer her favourite and encourages people to “keep an open mind, practical experience will help make that decision for you.” Also, don’t be afraid to ask questions – you’re there to learn. “Take advantage of the qualified people around you and make connections.”
HSM Clerkship Programme
Since HSM opened their doors in 2012, Suneeta is the second person to participate in their clerkship programme and will complete her stint in April 2019. Majdi Beji was the first, having been called to the Cayman Islands Bar in 2017 and is employed with HSM in their property law division.
If you are interested in being part of this programme, contact hsmhr@hsmoffice.com.
Deere & Company has successfully affirmed its ownership of the John Deere trade mark in a judgment handed down in May 2018 by Cuba’s Oficina Cubana de la Propiedad Industrial (‘OCPI’). Deere was represented by the HSM Intellectual Property team.
Deere is a world leading manufacturer of equipment for agriculture, construction, forestry and turf care. The company opposed a Cuban trade mark application by Gustavo Alejandro Fuentes Ledo that was made in 2014. The judgment determined Mr. Ledo’s application infringed on Deere’s ownership of the well-known John Deere trade mark.
OCPI stated Mr. Ledo filed 66 applications between June 2014 and January 2015 for trade marks that were already registered or used outside of Cuba for a broad range of products and services. The John Deere application was among 39 that were challenged.
Deere rigorously protects use of its trade marks around the world to ensure that customers can trust the quality and commitment that it represents.
The Cayman Islands has welcomed more than 1.3 million tourists by air and sea in the first six months of 2018, according to the Cayman Islands Department of Tourism.
This number is on track to beat last year’s record-breaking statistic and is met with rising numbers for real estate transactions. According to a recent Cayman Islands property report by Charterland, the value of sales hit an all-time best of CI$679 million in 2017.
It isn’t far-fetched to draw the conclusion that visitors are falling in love with these Islands and want to call this territory home.
There are opportunities for persons to gain residency in the Cayman Islands through investment in real estate.
These options include a Certificate of Permanent Residency for Persons of Independent Means and a Residency Certificate for Persons of Independent Means (a permission ideal for retirees).
Certificate of Permanent Residency for Persons of Independent Means
In order to qualify for a Certificate of Permanent Residency for Persons of Independent Means, applicants must invest a minimum of CI$2 million in developed real estate in the Cayman Islands and be able to support themselves and their dependants. This certificate allows the right to reside in Cayman and the opportunity of naturalisation as a British Overseas Territories Citizen and thereafter, the right to be Caymanian.
Residency Certificate for Persons of Independent Means
For people who wish to reside in the Cayman Islands without the right to work may qualify for a Residency Certificate for Persons of Independent Means. The qualifications vary depending on which island they plan to reside, Grand Cayman vs. Cayman Brac or Little Cayman. Applicants must be at least 18-years-old, have a continuous annual income of no less than CI$120,000 for Grand Cayman and CI$75,000 for Cayman Brac or Little Cayman, or instead of an annual income, they must have a deposit in a local account of at least CI$400,000.
The required investment for Grand Cayman residency is CI$1 million (of which CI$500,000 must be developed real estate in Grand Cayman). For residency in Cayman Brac or Little Cayman, the required investment is CI$500,000 (of which CI$250,000 must be in developed real estate in Cayman Brac or Little Cayman). Therefore, half of the required investment can be used in something other than developed real estate, such as raw land or shares in local businesses. A successful applicant for a Residency Certificate for Persons of Independent Means will be granted permission to reside in the Islands for a period of 25 years (renewable).
In any instance, both types of certificates will need to demonstrate that the applicant is of good character and conduct, and possesses local health insurance.
Why Cayman?
The Cayman Islands are and remain a wonderful place for individuals to invest with mechanisms continuing to exist for international persons and their families to obtain residency in the Cayman Islands and join a warm Caribbean community with a high standard of living.
There are an array of luxury residences to choose from, including these available and upcoming properties: The Residences at Seafire and Grand Hyatt Grand Cayman Residences located on West Bay Road – home to the famous Seven Mile Beach and Fin Grand Cayman located in the heart of Grand Cayman in South Sound.
For more legal insight on property and immigration laws in the Cayman Islands or for assistance in obtaining residency in the Cayman Islands, contact Alastair David at adavid@hsmoffice.com.
The Cayman Islands Ministry of Financial Services on 18 July 2018 released a draft Bill for discussion purposes relating to amendments to the Securities Investment Business Law (“SIBL”).
The proposed Bill seeks to address:
- Deficiencies in the Cayman Islands regulatory framework of Excluded Persons;
- Gaps highlighted in respect of the risks posed to the reputation of the Cayman Islands Monetary Authority (“CIMA”) and the country’s securities and investment business sector; and
- Areas for clarification in the SIBL that relate to Excluded Persons.
Here are five main items to be aware of:
- This Bill replaces the concept of an Excluded Person with two new classes of “Exempt Person” and a “Registered Person”.
- It will allow for a natural person (being a human being, as distinguished from a person who is a corporation, club, society, association or other body created by law) to apply for a SIB License.
- At present Excluded Persons are required to register with CIMA, pay an annual fee of CI$5,000.00 (US$6,096.00) and submit a renewal form along with the fee. No other filings are required of Excluded Persons under the SIBL beyond the possible Anti Money Laundering audit report. For the most part therefore, the current regime allows for Excluded Persons to police themselves. Exempt Persons will not be required to register with CIMA in the way that Excluded Persons are currently.
- Registered Persons will need to register with CIMA much in the same way Excluded Persons do currently however their annual renewal will need to be submitted on or before 15 January (not 31 January as is the case with Excluded Persons).
- Should the Bill become Law, CIMA will have the power to refuse the registration of a Registered Person or otherwise impose conditions on a registrant at the time of registration. CIMA will also have the ability to direct the Registered Person or Exempt Person in relation to the securities investment business it carries on and in particular to cease/refrain from certain acts or pursuing a certain course of conduct.
For full details on this proposed Bill and classifications, download our client guide by Peter de Vere – Head of Corporate and Commercial at HSM.
Fatal error: Uncaught Error: Call to undefined function twentythirteen_paging_nav() in /home/clients/d17af2243e6f179e393695ba6e9ce04e/hsmnew/wp-content/themes/hsm/tag.php:33 Stack trace: #0 /home/clients/d17af2243e6f179e393695ba6e9ce04e/hsmnew/wp-includes/template-loader.php(78): include() #1 /home/clients/d17af2243e6f179e393695ba6e9ce04e/hsmnew/wp-blog-header.php(19): require_once('/home/clients/d...') #2 /home/clients/d17af2243e6f179e393695ba6e9ce04e/hsmnew/index.php(17): require('/home/clients/d...') #3 {main} thrown in /home/clients/d17af2243e6f179e393695ba6e9ce04e/hsmnew/wp-content/themes/hsm/tag.php on line 33