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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.
Our team at HSM IP reached out to Tiffany Ebanks (“TE”), Executive Director at the Cayman Islands Tourism Association (CITA) to get her feedback on trade marks and the registration process.
This month on August 1 2018, it will have been one year since The Trade Marks Law, 2016 was implemented in the Cayman Islands.
HSM IP, a specialist intellectually property law practice helped to orchestrate this revised law and is celebrating the anniversary by featuring some of the companies that have filed with them within that period.
HSM IP: What inspired you to register your trade mark?
TE: CITA had started looking into obtaining a trade mark protection overseas before it was activated locally. Once CITA learned of the new trade mark law and the ability to obtain registrations here in Grand Cayman, we took the opportunity to attend the training/information sessions that were provided to members of the general public.
Upon learning the steps and costs, although we have a few different logos for CITA’s various initiatives, we made the decision to focus available resources on our main logo, the Cayman Islands Tourism Association with our turtle mark, as well as our largest and most popular annual event, Taste of Cayman.
HSM IP: Why is registering your trade mark important to you?
TE: Our Association realises the benefits of having these basic items in place for our non-profit membership-based services as we are committed to serving and advocating for our members on an ongoing basis. We believe registering is important in order to protect our intellectual property and reputation.
Having our name and event trademarked ensures we are protected from others using our event branding or our namesake and also allows some scope for growth channels, should we review revenue streams and other possibilities to fund the Association’s operations.
HSM IP: How did you find the process of registering your trade mark?
TE: HSM IP made processing our trade marks quite effortless. There were a few decisions that needed to be made on our end, as there are numerous categories of trade marks. Their team ensured we were made aware of the different options and guided us through the process, as well as made suggestions.
HSM IP: What would you say to other businesses who are thinking about registering their trade mark?
TE: We would recommend that persons carefully evaluate their branding and determine whether this is something that would beneficial to their business or organisation. It does not hurt to seek ways to secure your intellectual property and enhance your prospects for future promotion and growth.
Who’s Who Legal has released their 2018 guides and the HSM Group is thrilled to have two lawyers in the Cayman Islands who are represented in different service areas.
Ian Lambert, HSM’s Partner, is featured in their Restructuring and Insolvency guide.
Ian joined HSM as a Senior Associate in March 2013. He became a Partner in 2014. While Ian is well-versed in numerous areas of litigation, he specialises in the area of insolvency, corporate recovery, fraud and commercial litigation.
Robert Mack, HSM’s Head of Private Clients and Trusts, is featured in their Private Client guide.
Robert specialises in private and commercial trusts including purpose/STAR, reserved powers, unit, charitable and fixed interest trusts.
Who’s Who Legal identifies the foremost legal practitioners in multiple areas of business law and recognition is based strictly on merit – you can’t buy entry into their publication. Recipients must be nominated for their expertise in the field by at least four independent sources, either from clients or peers.
Congratulations to Ian and Robert.
Key Contacts:
Ian Lambert
ilambert@hsmoffice.com
Tel: +1 345 815 7421
Robert Mack
rmack@hsmoffice.com
Tel: +1 345 815 7356
Our team at HSM IP reached out to Jack Copper (“JC”), Managing Director at NeuralStudio to get his feedback on trade marks and the registration process. NeuralStudio is a technology company at the forefront of automated machine learning.
This month on August 1 2018, it will have been one year since The Trade Marks Law, 2016 was implemented in the Cayman Islands.
HSM IP, a specialist intellectually property law practice helped to orchestrate this revised law and is celebrating the anniversary by featuring some of the companies that have filed a Cayman trade mark with them within that period.
HSM IP: What inspired you to register your trade mark?
JC: NeuralStudio SEZC acquired the neuralstudio.ai domain in 2017, in preparation for developing on online portal to provide the power of artificial intelligence (AI) to people working in business, academia, engineering, and scientific endeavors who likely lack expertise in mathematical model development and machine learning. The sophistication, yet ease-of-use that the neuralstudio.ai portal offers is a differentiator that we wanted to capture in a trade mark that we hope becomes synonymous with advanced artificial intelligence.
HSM IP: Why is registering your trade mark important to you?
JC: While NeuralStudio is an industry pioneer, there are many companies attempting to gain a market presence. From the outset, it was absolutely critical that the brand which represents NeuralStudio’s best-of-breed technology be fully protected, both in the Cayman Islands, where we are based, as well as in global markets where most of our customers reside.
HSM IP: How did you find the process of registering your trade mark?
JC: Our experience working with HSM IP was outstanding. In only a few iterations, they were able to distill somewhat complex descriptions of what would be offered through neuralstudio.ai and associated on-premises software products into language and terminology that matched the specific trade mark classes which were appropriate.
HSM IP: What would you say to other businesses who are thinking about registering their trade mark?
JC: I have a fairly simple and straightforward opinion: any business that is worth spending time and money on to create wealth is worth spending time and money on to identify a phrase or an image – a trade mark – that captures the essence of what the business does. It then follows that the result should be protected under available intellectual property regimes to preserve the value of the mark(s).
Jack Copper snaps a selfie in front of his domain.
On August 1 2018, it will have been one year since The Trade Marks Law, 2016 was implemented in the Cayman Islands.
This law has made it easier for businesses and brand owners to register their trade marks which may comprise of symbols, slogans, logos and other elements directly in the Cayman Islands. Previously all applications had to go through the United Kingdom or European Union before they could be extended to the Cayman Islands.
HSM IP, a specialist intellectually property law practice helped to orchestrate this revised law and is celebrating the anniversary by featuring its successes and some of the companies that have filed with them within that period.
From August 2017 to June 2018, HSM IP has remained the industry leader in Cayman and has acted as a registered agent in over 50% of all transactions according to Cayman’s Intellectual Property Gazette.
“We are passionate about protecting people’s innovations and are proud to have a wealth of intellectual property experience, particularly in the Caribbean,” shares HSM Managing Partner, Huw Moses OBE.
What People Are Saying
Local entrepreneur Jack Copper owns NeuralStudio, a technology company at the forefront of automated machine learning. He applied for a trade mark for his company in the Cayman Islands around the time this law was effected through HSM IP and knew the value it beheld since many companies were attempting to gain market presence.
“From the outset, it was absolutely critical that the brand which represents NeuralStudio’s best-of-breed technology be fully protected, both in the Cayman Islands, where we are based, as well as in global markets where most of our customers reside,” says Copper. “Having this protection helps to ensure that our clients are getting the correct, reputable service.”
The Cayman Islands Tourism Association has also shared how straightforward it was to register their logo with HSM IP as their registered agent.
“HSM IP made processing our trade marks quite effortless,” says Tiffany Ebanks, Executive Director. “There are numerous categories of trade marks and they made sure we were aware of the different options and guided us through the process, as well as made suggestions.”
Register Your Trade Mark
If you’re running a successful business and recognisable brand, chances are someone will be keen to copy your look or logo. Take that possibility away by protecting your brand identity. For more details on HSM IP’s services, visit our Intellectual Property page.
While HSM is a relatively new law firm, they have been making waves in the legal industry since opening in 2012 and being recognised in Chambers and Partners is testament to their success.
HSM lawyers William Helfrecht and Robert Mack have been ranked by Chambers and Partners for their exceptional work in trust services in the Cayman Islands.
William Helfrecht, HSM’s Partner, is featured in the Band 3 ranking in the 2018 Chambers Global Guide for dispute resolution: trusts in the Cayman Islands.
William is a well-known litigator who is recognised by the market “a real trust-law specialist.” A peer went on to say: “He is a leading attorney who has been in Cayman forever. He is very well established and carries real authority and gravitas.”
Robert Mack, HSM’s Head of Private Clients and Trusts, is featured as an Associate to Watch in the 2018 Chambers High Net Worth (HNW) Guide for offshore trusts in the Cayman Islands.
“He is a good lawyer for the jurisdiction,” says one of his peers, adding: “He is experienced and does good work.” Mack focuses his practice on advising high net worth families and trust companies on private and commercial trusts. Market insiders say: “He is a good person and well-recognised in the industry.”
Chambers and Partners is a prestigious hub for lawyer recommendations. They diligently research and feature the world’s best lawyers and have done so since 1990, covering over 185 jurisdictions.
Key Contacts:
William Helfrecht
whelfrecht@hsmoffice.com
Tel: +1 345 815 7418
Robert Mack
rmack@hsmoffice.com
Tel: +1 345 815 7356
The HSM Group is excited to welcome four summer interns from the Cayman Islands Further Education Centre (CIFEC).
Over the next several months, Jada Smith, Vai’Ann Hamilton, Sashana Wilson and Saira Palacios will be treated like core members of the team and gain experiences in areas such intellectual property, debt collection and corporate services.
They are no strangers to HSM, having just completed a 10-month work experience stint as part of the CIFEC programme.
Their outstanding performance has earned them a paid placement over the summer, which will allow them to hone in on the skills they have learnt as well as make meaningful contributions to the company.
As part of HSM’s coaching culture, they along with other young professionals will benefit from regular lunch and learn sessions led by senior members of the team.
These sessions will delve into different areas of the firm and allow opportunities for brainstorming and questions.
“It’s an exciting time for us as we get the chance to impart our knowledge and passion for law to Cayman’s next generation,” shares HSM Managing Partner, Huw Moses OBE. “After all, experience is the best teacher and we look forward to strengthening their professional skills.”
HSM is currently gearing up for CIFEC’s annual career fair in September and plans to onboard at least 14 students who are looking for a dynamic experience in the legal field. HSM has supported the CIFEC programme since they opened their doors in 2012 and currently employs six CIFEC graduates fulltime.
Photo (L-R): Jada Smith, Vai’Ann Hamilton, Huw Moses (HSM Managing Partner), Sashana Wilson and Saira Palacios
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