News

At the State Opening of Parliament, Her Excellency Governor Jane Owen presented her first Throne Speech, in which she emphasised the strong links between the United Kingdom and its Overseas Territory, the Cayman Islands and efforts to strengthen them.

Premier and Minister of Finance and Economic Development Hon. Juliana O’Connor-Conolly in her Budget Policy Statement stated that the United People’s Movement would be focused on continuing the Islands’ ongoing economic recovery in a measured and sustainable manner that provides hope and prosperity for all Caymanians.

She expressed that despite the challenges of the past few years, the Cayman Islands remained resilient and therefore the Government was thankful for, removal from the Financial Action Task Force grey list; expansion which is expected to continue with projected growth of 3.1% in 2023 and 2.2% in 2024; growth in stayover and cruise ship and arrivals with a 105% increase in total visitation compared to the same period in 2022 and reduction in the unemployment rate to the lowest in decades.

Later she tabled the Appropriation (Financial Years 2024 and 2025) Bill, 2023 which outlines the overall revenues, expenditures, borrowings, depreciations and forecasted surpluses for the next two years. In her first Budget Address, she presented the country’s budgets for 2024 and 2025, containing projected revenues and expenditures each exceeding $1 billion each year, which is another first for the Cayman Islands.

The budget features new revenue measures totalling $52 million in 2024 and $80 million in 2025 include some financial services fees, increases to work permit application fees, immigration related visas and extensions and stamp duty rate increases for property purchases in some high-end geographical areas in Grand Cayman.

Members in the House voted to defer debates on all three presentations and will deal with them simultaneously when they return on Monday, 11 December 2023 at 10 am.