How to obtain a Trade & Business Licence in the Cayman Islands

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By Florence Allan

The Cayman Islands enjoys a reputation for offering a pro-business environment, where an efficient civil service and a network of professional advisors help new business owners get established with ease. One of the first considerations for new businesses is understanding the types of business licenses available and the requirements for same.

What types of businesses require a Trade & Business Licence?

Any individual or company conducting business in the Cayman Islands require a valid Trade & Business Licence, unless the business is exempted under law. If the company is less than 60% Caymanian owned or controlled, a Local Companies (Control) Licence is also required.

Who is exempted from obtaining a business licence?

The following businesses do not need to hold a Trade & Business Licence:

  • Caymanians who produce and sell agricultural or cottage industry products (including thatch work, jams and jellies)
  • Self-employed Caymanians who create and sell artistic, dramatic, musical or literary works
  • Artisans and craftsmen who are employed by other persons
  • Self-employed Caymanian fishermen
  • Any enterprise or association formed for purposes of social or public welfare, religion, charity, art or science. Any income or profits made from these activities must be used solely for promoting those purposes and no dividends can be paid out to members

What types of licences are available?

There are various licences which include the Trade and Business Licence, Local Companies (Control) Licence, Liquor/Music and Dance Licence, and Special Economic Zones. Variations in the type of business or industry will change the licensing requirements for that individual/company.

Generally speaking any trade of business, unless exempted, will require a Trade & Business Licence in order to operate within the Cayman Islands. These are issued by the Trade and Business Licensing Board, however in certain circumstances and depending on the type of business, approval may be needed by other government departments.

A Local Companies (Control) Licence is issued to companies that wish to operate within Cayman but are not Caymanian-owned or -controlled. In these instances, foreign-owned companies will require both a Local Companies (Control) Licence and a Trade & Business Licence.

Since the ultimate beneficial ownership is not Caymanian, a Local Companies (Control) Licence requires the applicant to prove that Caymanians would benefit from the provision of services offered. This licence is normally issued to companies providing services in under-represented industries. The Cayman Islands government encourages foreign investment and licences are granted and welcomed where it is appropriate to do so.

Some foreign-owned companies do not require this type of license. Companies conduct business offshore but have a corporate presence in Cayman will instead require a Trade & Business Exempt Licence. These are mainly for companies that operate from the Cayman Islands for administrative or banking purposes.

What is the application process?

Application forms, including appropriate documents and fees, can be submitted online via the Department of Commerce and Investment website. Generally, applicants can expect their request to be reviewed by the board within two to four weeks of their submission, with the board’s decision being communicated to the applicant in five to 10 working days.

In some circumstances, the board may need to seek approval from other government departments before the application can be approved. The proposed business premise may also require inspection or certification by other government departments before the Licence can be granted; for example, health and wellness businesses.

The services of a local licensed service provider will need to be engaged to incorporate the company. Other corporate services which can be procured in Cayman include nominee shareholders, directors, registered office and other management functions on the instructions of the beneficial owners.

What fees are involved?

An initial, non-refundable application fee is CI$75/US$91. Both Licence and renewal fees vary depending on the category into which the business falls, and a comprehensive fee schedule can be found on the Department of Commerce and Investment’s website. The Trade & Business Licence needs to be renewed every year and the renewal fee must be paid at least 28 days before, but not more than three months prior, the date of expiry.

What information/documents are required?

Documentation requirements will vary by type of license. For instance, the following is required for a Trade & Business Licence as a Caymanian sole trader:

  • Proof of Caymanian citizenship or status
  • Police clearance certificate
  • Copy of the lease agreement or letter of intent for the commercial location where the business will be carried on from
  • Letter of permission if the applicants works for the Cayman Islands Government

The process is largely similar to obtain a Trade & Business Licence for a registered company however the documentation required is slightly more extensive and includes:

  • Copy of Certificate of Incorporation
  • Copy of Memorandum and Articles of Association
  • Register of Directors, Officers and Members
  • Copy of the Current Year Stamped Annual Returns if the company has been registered for over one year
  • Copy of the lease agreement or letter of intent for the commercial space where the business will be carried on from

There are also a number of due diligence requirements with regards to all persons or entities with beneficial interests or control of the business. Documents required for these reviews include:

  • A financial reference from a bank or similar institution, where the account has been active for at least three years
  • Police Clearance Certificate if the individual is not Caymanian, a Permanent Resident or has not been resident in the Cayman Islands for the past five years
  • Copy of the individual’s passport, on the picture page
  • Proof of citizenship for Caymanians

The Cayman Islands is a great location to do business due to the Islands’ tax neutrality and modern infrastructure, and opportunities to achieve a compelling life-work balance in this friendly and marine-rich multicultural community.

Visit these links to learn more about  moving your business to Cayman, or on how to incorporate, licence and register a business here. Applicants can also learn about the benefits of  obtaining Cayman residency through business investment.

While the Dart Real Estate leasing team can always assist business owners and leaders in finding office space, they can also help by making introductions to service providers who can assist in guiding business owners through the process of obtaining their Trade & Business Licence (if required). Contact the team at [email protected].

About the author
Florence Allan is a Dart Scholar and a returning intern with Dart’s business development team. She has joined various teams in Dart each summer since 2017, and before this she was a student at Cayman Prep & High School, spending her free time training for the Olympics, where she represented the Cayman Islands in sailing. While born in Scotland, Florence moved to Cayman at just six weeks old; her Scottish heritage and Caymanian upbringing offered her a truly multicultural childhood. For the past three years, Florence has been studying for her undergraduate degree in International Business Management at the University of Bristol, and she will be graduating by the end of summer 2020. Returning home for holidays is something Florence always looks forward to, as she misses her dog Archie when she is away and loves returning home to coach sailing to Cayman’s youth.

Doctors Hospital: Doctors Hospital bringing a new kind of healthcare to Camana Bay

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Exceptional, private-sector healthcare is laying roots in the heart of Camana Bay with Doctors Hospital, a locally-owned institution dating back to 2000.

Doctors Hospital is changing the nature of healthcare, with patients at the center of the model. The hospital’s multifaceted and highly personalized approach focuses on a range of services that are responsive, proactive, and preventative.

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Health City Cayman Islands: Health City to Open Camana Bay Location

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CAYMAN ISLANDS (August 5, 2020) –  High-quality tertiary medical care is coming closer to residents of George Town, the Seven-Mile Beach area and West Bay – as well as international visitors staying in resorts along Grand Cayman’s Seven Mile Beach.

Health City Cayman Islands has announced that the territory’s only Joint Commission International (JCI) accredited hospital will be opening a satellite specialty medical care center in Camana Bay on Forum Lane. Centrally located in the Seven Mile Beach corridor and a 10-minute drive from the Owen Roberts International Airport, over 2,000 people work, live and visit the 685-acre community of Camana Bay each day.

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The “new normal” office: a conversation with Workplace Environments about COVID-19’s impact on office design and fit-outs

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By Lisa Boushy Mack

When the majority of the Cayman Islands’ workforce was required to work from home as a result of COVID-19, conversations began about work-from-home strategies that offer greater flexibility to workers while saving costs for employers. However, having employees work only from home can carry significant risk to business growth and innovation, according to new research.

One local company that has had many of these kinds of conversations with business owners and managers is Workplace Environments, which has helped design, fit-out and furnish numerous offices on Grand Cayman for the past 20 years. Next month, Workplace Environments is scheduled to open its 900-square-foot showroom in Camana Bay’s One Nexus Way.

Misconceptions
As the authorised dealer of Steelcase, a major supplier of office furniture, interior architecture and space solutions for offices, hospitals and classrooms across the globe, Workplace Environments business partners Randy Buck and David Bowerman have been able to leverage knowledge of office trends gained around the world as a result of the COVID-19 pandemic.

Steelcase has conducted extensive research and development to help offer workplace solutions in the COVID-19 world. Its research has shown that about 90% of employees want to return to the office. However, business leaders often cite three common misconceptions about work-from-home strategies that fuel conversations about dramatic shifts away from the workplace.

The first misconception is that it costs less to have employees work from home.

Buck says that although reducing rented space and other workplace amenities can save money, they come with hidden costs, like navigating small spaces, using poor office equipment and technology, and juggling family and roommates. Additionally, too much remote work can hurt social capital, degrade trust and slow innovation, he says, adding that there’s also an increased risk to employee safety and corporate security when working from home.

Another common misconception is that employees are just as productive — or even more so — working from home as they are in the office.

Bowerman says it all depends on how a business defines productivity. While individual task work is up, collaboration and creativity are down, the research shows. It’s also much more difficult to create new ideas or solve complex problems in a virtual environment. Spontaneous interactions are absent online, while working together builds social accountability and boosts productivity. Younger workers can also feel lost without mentorship and coaching, he says.

A third common misconception is that employees who work from home have a better work/life balance.

Buck says that while working from home might have benefits, employees often struggle as the line between work and home becomes fuzzy.  Research has shown that people work longer hours at home and can become “virtually” exhausted from too many online interactions like Zoom calls in one day. They can also become sedentary and lonely.

New workplace recommendations
In the COVID-19 world, a new approach to workplaces is required to support employers’ and employees’ need to feel safe, be productive and have a sense of belonging at work. Buck and Bowerman recommend five strategies:

  1. Expand the ecosystem of places to offer more choices, like a combination of office, home and satellite space.
  2. Shift from fixed to fluid. The new workplace needs to become more flexible and adaptable, and adjust easily to change.
  3. Focus on “me within we.” Many employees will lean on the office to support the collaborative “we work” they’ve missed, but the workplace will need to balance those team needs with heightened individual “me needs” for focus, rejuvenation and the ability to quickly switch from working alone or together.
  4. Make every collaboration space high performing, inspiring and safe. Spaces that used to sit empty a lot of the time will need to be harder working post-COVID.
  5. Merge the digital and physical to allow for a safer experience at work that involves less touch and supports inclusive in-person and online collaboration, as well as tracking occupancy and density in the office.

The post-COVID workplace 
Buck and Bowerman believe the overarching focus must be the physical, cognitive and emotional well being of people.

Buck says that enhanced safety protocols, which adhere to social distancing and sanitation practices, are the main priority now. He believes that the “anti-office” trend will continue, meaning a more casual work environment that provides a variety of settings.

“New offices have already started to incorporate work cafes, brightly coloured schemes, and more sit-to-stand desks with more opportunities to move around and conduct business, such as expanded common areas,” Busk says.

Most organisations in Cayman are bringing back people in phases and Steelcase has developed science-based and data-driven guidelines for each stage. While coronavirus concerns are still high, the focus is on safety first. This stage requires the implementation of various safety protocols and in some cases, changing floor plans and retrofitting existing office furniture. As more employees return to the office, companies will need to explore ways to reconfigure, using a combination of existing furniture and new solutions that allow for a safe increase in workplace density.

The lessons learned from the COVID-19 pandemic will likely impact organisations indefinitely, Buck says, adding that business leaders should think ahead about planning for disruption and create adaptable workplaces so they can respond rapidly to changes, be it an epidemic, weather event or economic shift.

This article will also appear in the August 2020 print edition of Camana Bay Times with the headline “The new normal office.”

Calico Jack’s premises and vehicular access temporarily closed

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As of 31 July 2020, fencing will be erected around the Calico Jack’s beach bar site to prevent unauthorised access and discourage unlawful activity on the premises. The restaurant and bar closed in April as a result of the economic fallout from the COVID-19 pandemic.

In addition, due to plans for heavy machinery operations in the area to remove a refrigeration unit and shed that are currently on land owned by the Cayman Islands Government, vehicular access to the Calico Jack’s parking lot will be restricted.

Public Lands Commission Chief Inspector Winsome Prendergast explained the fencing is limited to private land and a privately-owned road, and will not impact pedestrian access to the beach.

“The Chief Inspector of the Public Lands Commission has been in communication with Dart as the landowner and inspected the fencing plans prior to construction,” she said. “Our focus is protecting public beach access rights and ensuring the safe enjoyment of Seven Mile Beach for all.”

Dart Senior Vice President Property Management Linda Podlaski said there has been an increase in litter and criminal activity at the site since the beach bar closed.

“It’s an unfortunate but necessary step to protect the beach from littering, prevent vandalism and property damage, and stop people from using the site for illegal activities,” she said.

While the Cayman Islands’ borders remain closed to tourism, Dart is in the early stages of exploring future options for the site.

Earning residency through business investment in the Cayman Islands

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By Florence Allan

Calling the Cayman Islands home is a dream for many, but an increasing number of high-net-worth individuals are making this dream a reality through the Islands’ residency by investment programmes.

Cayman is a great place to do business, especially considering its international standing as a global financial centre, its tax neutrality and stable economy. This British Overseas Territory is therefore an ideal base for wealthy individuals looking to set-up or relocate their business interests.

Cayman offers four residency by investment options, including two residency through business investment programmes. We spoke to Cline Glidden, a senior associate with Ogier, located in Camana Bay, to learn more. Cline has particular expertise in advising clients on Cayman real estate, securitisation of funding, and relocations of high-net-worth individuals.

Cline Glidden, Ogier

 

Cline, can you outline what the key differences are between the two residency by business investment programmes?

The Certificate of Direct Investment is for those who have made, or propose to make, an investment of at least US$1.2 million in an employment generating business in the Cayman Islands where at least 30% of employees are, or will be, Caymanian. The applicant must also hold substantial management control in this business, such as being a director of the board.

In contrast, the Residency Certificate (Substantial Business Presence) is for those who either (i) own, or propose to own, a minimum of 10% of shares in an approved category of business through which you have established a substantial business presence in the Islands; or (ii) those who are employed in a senior management capacity within an approved category of business. In order to confirm that a substantial business presence has been established, the Chief Immigration Officer will consider whether the applicant has established a physical presence on the Islands.

There are also some differences in fees (see final question).

Can an applicant eventually qualify to apply for a Cayman Islands passport through either of these programmes?

Unfortunately not; the only programme which allows the holder to apply for a Cayman passport after five years is the Certificate of Person of Independent Means, which can only be obtained through the purchase of developed real estate valued over US$2.4 million.

The residency by business investment programmes only provide the holder with a 25-year renewable certificate of residency. It’s also important to note that applicants cannot ‘upgrade’ or change their residency certificate once the application has been submitted, therefore potential investors should have a good idea about what their goals for residency in the Cayman Islands are before they submit an application.

How many applicants typically apply for residency through business investment annually?

The business investment programmes are not particularly popular compared to the residency by real estate investment options. The government typically approves two or three applications a year.

There are a number of possible reasons for this. Although there is initial interest in these programmes, clients often decide that applying for a work permit is the better option for them. Cayman issues work permits for legal and financial services professionals fairly often. Once an individual has held a work permit for eight years, they can apply for permanent residency. This is often a more affordable option for applicants, and it also allows them to apply for a Cayman passport in future years.

However, sometimes clients need a residency certificate immediately for security of tenure or for tax residency purposes. While the business investment programmes provide this, the real estate residency certificates are much more popular. Real estate is a strong and safe investment in the Cayman Islands; aside from the lack of recurring property tax, real estate has tended to appreciate in value. Often it is easier and cheaper to get security of tenure through the real estate investment programmes, especially since the Certificate of Person of Independent Means can be varied to allow the right to work.

What are the various costs associated with applying via either programme?

There are a number of fees associated with the initial application which are outlined in the table below.

 Certificate of Direct InvestmentResidency Certificate (Substantial Business Presence)
Application FeeUS1,200US$1,200
Certificate Issue FeeUS$24,000US$6,000
Issue Fee for a DependantUS$1,200 per dependantUS$1,200
Dependant FeeUS$1,200 per dependant per annumn/a
Application for a variationUS$600US$600
Annual Fee equivalent to that of a person in the same occupationFee variesFee varies

However, there are other possible fees that potential investors should be aware of. There will obviously be costs associated with setting up the business and different industries have different regulatory requirements. One of the main costs to consider is a Trade & Business License which is fairly straightforward to calculate. This license requires that there is 60% Caymanian participation within the business; if this is not possible an exemption will be required which can increase the cost considerably. Further, if the business has a substantial immigrant workforce, work permit fees may be a significant start-up cost.

For more information on applying for long-term or permanent residency, please contact Cline Glidden at Ogier.

About the author

Florence Allan is a Dart Scholar and a returning intern with Dart’s business development team. She has joined various teams in Dart each summer since 2017, and before this she was a student at Cayman Prep & High School, spending her free time training for the Olympics, where she represented the Cayman Islands in sailing. While born in Scotland, Florence moved to Cayman at just six weeks old; her Scottish heritage and Caymanian upbringing offered her a truly multicultural childhood. For the past three years, Florence has been studying for her undergraduate degree in International Business Management at the University of Bristol, and she will be graduating by the end of summer 2020. Returning home for holidays is something Florence always looks forward to, as she misses her dog Archie when she is away and loves returning home to coach sailing to Cayman’s youth.

A new lease on office life: A Q&A with Cayman- and London-based design firm principals Lori McRae and Ben Martin

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VivCourt offices in Camana Bay. Photo: Frederick + McRae

By Andrea Lumsden and Sue Nickason

What does the office of the future look like? As society begins to reimagine life in a post-COVID-19 world, architects and interior designers everywhere are thoughtfully crafting the answer to this question and developing design solutions for offices and public spaces that incorporate enhanced healthy and safety protocols.

Two of these bright and innovative minds are Lori McRae, interior designer and principal at Frederick+McRae in the Cayman Islands, and Ben Martin, financial advisory principal at HKS in London.

Lori McRae, principal at Frederick + McRae, Cayman Islands = LM

Ben Martin, principal at HKS, London = BM

The COVID-19 pandemic has had a significant impact on the commercial real estate industry, with pundits suggesting that for a growing number of workforces in different sectors, working from home may become the “new normal.” Do you believe that argument has merit?

LM: COVID-19 really put remote working and technology to the test and proved that for many industries, remote working is here to stay. What this “new normal” looks like will vary for each organisation. The line between the home and office is blurring; however, the working from home model is not viable for everyone. Many employees do not have the physical space necessary to provide them with an environment conducive to focused work. Setting clear boundaries between work and home life is another issue. Some employees experienced issues with the lack of separation between work and home during the shelter in place regulations and looked forward to a return to the office. Interaction with colleagues will see the office continuing to serve as a place where people can collaborate and socialise.

Variety and choice for where you work – be it the home office, the traditional office or another environment like a coffee shop or outdoor spaces – will, however, become more desirable.

BM: Given that I am now a few months into lockdown and have been working at home reasonably effectively for the full period, it would seem fair to say that this has become my ‘new normal.’ The sheer duration of the lockdown here in the UK has required many of us to embrace some of the new virtual ways of working that previously we may have shied away from. For example, we are now very used to Zoom calls, web-based servers and project brainstorms where only one person at a time can talk (which is actually not such a bad thing).

The places where we live, work and play are increasingly integrated. Our Camana Bay Town Centre on Grand Cayman is one such example. What impact do you feel the pandemic will have on how these types of communities are created in the future?

LM: I believe the pandemic has brought the need for such developments to the forefront. Sustainable communities like Camana Bay incorporate residential, commercial, retail and dining offerings within their town centre and in doing so, reduce the need for a car to get to the office, to go shopping or to socialise.

The concept of traveling from home to work on public transportation has been challenged. Such modes of transportation do not support health and social distancing protocols. We are seeing cities around the world limiting cars and focusing on pedestrian traffic. Cycling lanes, pedestrian walkways, green park spaces and careful consideration to density will play an integral part in the development of new communities.

BM: Clearly, living within Camana Bay is almost the antithesis of living outside of London and commuting into the centre of the city via public transport every day. We’ve all learned an awful lot about social distancing over the last few months and I have no doubt that even in Camana Bay there will be challenges associated with effective social distancing, but these would pale into insignificance compared to social distancing on the London Underground, for example.

One of the takeaways from this experience certainly seems to be a greater openness, particularly amongst those of us employed in the service sector, to consider alternative ways of working and places of work. If it’s the case that you really can be effective in your job no matter where your office is located, then I’m sure that we’ll see more people choosing to base themselves within more modestly sized master-planned communities that offer a great combination of leisure amenities, shops, cafes, restaurants and bars just seconds from their front door, or the door to their office – if that is actually a different physical space.

PwC lobby in Camana Bay. Photo: Frederick + McRae

Lori, what opportunities or innovations have you and your team identified in architecture and interior design in commercial real estate?

LM: For both interior design and architecture we may see a move to more private spaces allowing people to socially distance, focus and feel safe. More quiet, personal spaces will be incorporated into public areas.

Developers may look to touchless fixtures, and further automation to building management systems to minimise the touching of surfaces in base building common areas.

Ben, lodging properties catering to business travellers will not be immune to the impact of COVID. HKS also has a robust hospitality design portfolio and, in Cayman, we have a growing hotel portfolio, which welcomes meeting and incentive travellers each year. Can you share your opinions on the outlook for innovations in hotel design resulting from the pandemic?

There is already a wealth of articles out there with specific recommendations focused on operational changes for the lodging industry, but there are certainly a few key principles that are likely to influence design going forward. These may, for example, relate to entry controls; staff and guest circulation; air flow; the use of touchless technology; and the introduction of apps to manage wait times and queuing for guest service provision, such as dining.

One thing is for sure, whilst we all want to get the economy moving again, we mustn’t forget that there is still much to learn about how this virus behaves and what precautionary steps could or should be taken to protect our health in the future. With the goal posts continuing to shift in terms of government guidance regarding behaviour and design, there are clearly risks associated with making significant radical changes to design and operations that are costly and hard to reverse. For now, we need to focus on temporary solutions that will see us through this tough time whilst keeping a very close eye on the findings of the scientific research as it unfolds.

What types of design changes do you anticipate to commercial properties in the future?

LM: The integration of technology will be even more important in the future development of commercial properties. The pandemic magnified concerns about indoor air quality and the human interaction with physical surfaces. Motion-activated, touchless fixtures, and further automation to building management systems will be increasingly important.

We are seeing a shift towards human-centric interior design. Attention to mental wellbeing and a new appreciation for staff health and comfort levels in the office environment will drive the move towards the de-densification of office spaces.

As a designer I am excited to be on the cusp of the next evolution of the office environment. As with all new ways of working, we will continue to monitor the global developments and will adapt these concepts to creative solutions that make sense in our local environment.

BM: Time and duration considerations are key here. There is no doubt that various temporary measures will be put in place to facilitate a return to working from the office, but I think that the jury is still out as to whether some of these changes will become permanent, affecting not only the design and internal layout of office space but also our very patterns of behaviour in terms of work-life balance.

Every day we are learning more from the research and experience of others around the world; we’re all still figuring out the long-term implications of COVID-19. Let’s be honest with ourselves and with each other – and let’s talk again in a few months’ time and see where things stand then.

Lori McRae is an interior designer specialising in corporate, commercial and retail interiors. Her 25+ years of industry experience and knowledge of the Cayman Islands commercial landscape have attracted top clients in the financial services industry.

Ben Martin is a leader and financial advisory principal at the HKS London office and helps clients make strategic decisions on real estate investments.

About the authors

Andrea Lumsden has worked with Dart since 2013 and has been writing professionally since 2003. Graduating from University of Central Florida with a BA in Communication, Andrea has worked with clients across a range of industries, including financial services and real estate. Raised in the Cayman Islands by Costa Rican and American parents, she’s a New Yorker at heart who enjoys reading and travelling with her husband and three children.

Sue Nickason has been VP Marketing and Sales at Dart Real Estate since May 2017. Originally from Canada, Sue has worked in luxury residential-resort development in the Caribbean for over a decade. Sue and her team are committed to promoting the unique value proposition of the Cayman Islands to those seeking to establish a personal and/or corporate presence here. They serve as trusted advisors and offer exceptional service, timely market information and a warm “Caymankind” welcome. Sue earned a BA (Honours) from Mount Allison University, an MBA (Distinction) from University of Guelph and has completed studies/earned certificates in journalism, economic development, adult education, customer service, revenue management, and protocol. In 2020, Sue received her Certification in Investment Migration from the Investment Migration Council. Sue is a member of the Christie’s International Real Estate Master’s Circle and an Angel in the 100 Women in Finance network.

Investment Migration Insider: Why is The Most Expensive RBI Program in The Caribbean Gaining Attention?

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By Dart Real Estate

The Caribbean has long been a beacon for weary urbanites seeking to live life at a slower pace under perennially sunny skies. Stories abound of successful businesspeople and spirited adventurers who “gave it all up”, happily exchanging SUV’s for scooters, high heels for Havaianas and martinis for mojitos.

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Regatta Office Park

Watch this space: Unit 420, Regatta Office Park

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By Alanna Warwick-Smith

Before the Cayman Islands was internationally recognised as a leading financial centre, the small collective of three islands was often referred to as “the islands time forgot” and was home to generations of world-class seamen. The word regatta by definition refers to a “sporting event consisting of a series of boat or yacht races.”

Regatta Office Park, located on the Seven Mile Beach corridor in Grand Cayman, was named in recognition of the Islands’ strong seafaring heritage. The perfect community for any small office, Regatta Office Park is located across from the Westin Casuarina Resort & Spa, making it ideal for business visitors. Also close by are Governors Beach, perfect for a lunchtime swim, and numerous amenities including a grocery store, commercial bank, pharmacy and multiple restaurants.

The newly available Unit 420 in Regatta Office Park is 1,363 square feet and move in-ready. This space is demisable and offers the opportunity for several private offices or an optional cubicle-seating plan. This fourth-floor office space has elevator access.

Located in the five-storey Windward 3 building, another historic seafaring reference to the direction from which the wind is blowing, this office is surrounded by lush landscaping, perfect for hosting afternoon meetings outside or simply enjoying the benefits of living and working in Grand Cayman.

To find out more information about Unit 420 click here, view a 3D tour here, or contact our leasing team to schedule a viewing today.

To learn more about other available Grand Cayman Class-A and Class-B commercial real estate located along the Seven Mile Beach corridor and in Grand Cayman’s capital of George Town, click here.

About the author

Alanna Warwick-Smith is a Marketing Coordinator supporting the business development and real estate marketing team for Dart. Alanna has worked in Dart’s flagship development of Camana Bay for the past eight years, when she began her career working at the town’s bookstore, Books & Books. A lover of the written word, Alanna reads and writes poetry in her spare time, and has written content for a range of platforms in the past, including her own blog and Camana Bay Times.

Tenant support delivers shared success: a conversation with Dart’s President Real Estate Asset Management, Justin Howe

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By Alan Markoff

The last four months have been busy for Dart’s President Real Estate Asset Management, Justin Howe.

In his role as president, one of Howe’s many responsibilities includes overseeing Dart’s leased properties, which include those occupied by office, retail, service and hospitality tenants. In addition to Camana Bay and Cayman International School, these properties also include Regatta Office Park, Flagship Building, Island Plaza, Cayman Islands Yacht Club and others.

In total, there are more than 200 tenants leasing Dart’s properties in the Cayman Islands and during the COVID-19 pandemic, all of them were impacted by the 11-week shelter-in-place order and the mandatory closure of most businesses which resulted in employees working from home.

Support

As the tourism sector accounts for 20% of the country’s GDP, almost 8,000 Cayman Islands residents work in tourism-related industries.

It is at times like this when having a secure landlord can make a big difference to businesses struggling with a sudden and unexpected decline in revenues. Dart rallied around its tenants giving support wherever possible, in particular to those hard hit by the sudden shutdown of the tourism industry, such as retail tenants at Camana Bay, Cayman Islands Yacht Club and North Sound Golf Club.

More than anything, Howe wants to see Dart’s tenants thrive and come back strong at the other end of COVID-19.

“Their success means a shared success for everyone – tenants, customers and ourselves as landlords,” he says. “Our tenants are an important part of the life and vibrancy of our developments and indeed the broader Cayman Islands economy, and they help create the exceptional opportunities and experiences that enrich all of our lives.”

Since the government has ended the shelter-in-place order, most of Dart’s tenants that were closed by COVID-19 regulations have reopened. Retail shops are allowing customers to shop and restaurants are able to welcome dining patrons indoors once again. Howe hopes the public will support these businesses in the coming months.

“When COVID-19 reached the shores of the Cayman Islands, Dart moved to put in place measures to help tenants weather the storm, particularly those whose business models relied on tourism,” he said. “Now that our tenants have reopened, we encourage residents to support these businesses, which in turn helps support the greater economy of the Cayman Islands.”

In addition to tenants returning to their primary place of work, Dart’s employees are already making their return to their headquarters at 89 Nexus Way and two of Dart’s hotels — Kimpton Seafire Resort + Spa and The Ritz-Carlton, Grand Cayman — have now reopened for resident dining, spa services and “staycations.” The Cayman Islands Yacht Club is also now open and operational.

Communications

Being a good landlord starts with having professional, competent and caring people managing the tenant relationships. “We have best-in-class property management and facilities teams, led by Senior Vice President Linda Podlaski,” Howe says. “As could be expected, our tenants communicated myriad daily concerns, questions and exigencies that needed to be addressed and the team did an incredible job responding to them quickly.”

During the government-mandated closure, Dart’s offices were closed and the property management team worked remotely from home. However, Dart secured exemption certificates for key maintenance and technical staff to ensure those tenants who were deemed essential — such as Foster’s, Camana Bay’s banks and healthcare providers, and the Royal Cayman Islands Police Service station at Regatta Office Park — were all fully supported.

“It was a challenge for our property management staff to very suddenly have to change the way they work, doing it alone from home instead of in the office where colleagues can help with ideas, solutions and moral support,” says Howe. “But, with the help of our modern platforms, they were able to communicate efficiently with each other and our tenants. In the end, the transition was virtually seamless from a tenant service level.”

Looking ahead

The impacts of the COVID-19 pandemic are far from over, but Howe and the rest of Dart are looking at how they can help with the economic recovery of the Cayman Islands. Injecting money into the local economy through development, while simultaneously spurring employment, is something Dart has already committed to do.

Several of Dart’s projects in Camana Bay that were under way from early this year have already recommenced, or will restart in the near future. These include the high school facilities at the US$60 million expansion of Cayman International School, which was already more than half completed; a 10-storey, 89-unit for-lease residential building; and another office building at Camana Bay, 60 Nexus Way. Construction on Camana Bay’s, OLEA — a for-sale residential community which is a joint venture between Dart and NCB Group — has also resumed with planned occupancy for phase one in the first quarter of 2021. “As a leading developer in the Cayman Islands, we realise that we can have a big impact on the local economy by just continuing to do what we do best,” says Howe. “And we are doing just that with new construction projects like the commercial and residential buildings that are projected to inject US$115 million into the local economy.” (source)

In addition to those construction projects, a consortium led by Decco is also working on the remediation test pad at the George Town Landfill, an exercise that will inform the process for capping and covering operations for the full landfill, planned as part of the new Integrated Solid Waste Management System in the Cayman Islands.

Howe said Dart is looking at the feasibility of several other development projects as well.

“Our shareholder, Ken Dart, and the rest of us here at Dart, remain committed to the long-term prosperity of the Cayman Islands,” he says. “We are also committed to being a world-class landlord to our tenants, which is how we can best support them.”

Howe says it will take the assistance of the entire community to overcome the impacts of COVID-19.

“Although most of our tenants have now reopened to some degree, without tourists many have experienced a financial impact,” he says. “We encourage members of the public to support local business by taking a staycation, dining out, seeing a movie or doing some shopping. This will not only help these businesses weather the COVID-19 storm, but will also support the greater economy of the Cayman Islands while simultaneously giving people a welcome respite following the 11-week shelter-in-place regulations.”

About the author

Alan Markoff has worked with Dart as the editor for Camana Bay Times for three years and has been writing professionally since 1997. Born and raised in Cleveland, Ohio, Alan graduated from the State University of New York at Albany with a degree in English, and first moved to the Cayman Islands in 1982. He has 16 years of experience in the real estate industry and previously worked as a journalist for Cayman Compass before joining Dart to relaunch the Camana Bay Times monthly newspaper. An avid baseball fan, Alan loves travelling but also schedules trips back home around catching a summer game or two with his home team, Cleveland Indians.