The Cayman Islands Government has made recent pension reforms to its laws, which will come in to effect at the end of 2017. Here’s an overview of these reforms and what they may mean for you.
About the Cayman Islands Pension Reforms
The reforms now place the Cayman Islands alongside international standards. This means workers will no longer be able to access their savings within two years of leaving the island. In other words, anyone who leaves Cayman after December 2017 will have to wait until retirement to access their savings.
There is a sense of disorganisation and apprehension as businesses in the Cayman Islands anticipate high levels of staff turnover. Similarly, anyone with savings in Cayman is faced with the decision of how to organise their wealth. It also means they must prepare in light of these reforms. The general election only compounded these feelings, with some parties promising to revoke the reforms and others in support of them. However, the reforms are confirmed and will in fact go ahead.
If you would like to discuss your own financial situation, or have any questions about the Cayman pension reforms, please contact us.