(CNS): Firms operating in the Cayman Islands most important and lucrative economic pillar will not be subjected to any fee increases in the forthcoming budget, expected to be presented to parliament next week. According to a circular from the Ministry of Financial Services sent to stakeholders business fees across the financial services sector will remain as they are. Officials said while fees levied by the Cayman Islands Monetary Authority won’t be adjusted in 2024 they will be reviewed with a view to rises in 2025.
“The Ministry of Financial Services and Commerce will appropriately consult with industry members during the first half of 2024, as the Cayman Islands Government is considering CIMA fee increases for 2025,” the circular stated.
In the 2023 third quarter report published earlier this month government showed that 37% of its entire revenue was collected from financial services with more also coming from work…