The Cayman Islands has, for the first time, introduced ten-year work permits.Until now, the maximum any foreign employee could be approved for was a five year work permit. The Cayman government amended its immigration policy on October 16 to reflect the new changes.The changes affect only positions in the reinsurance and fund administration industries including: managing director, chief executive officer, general manager, vice president, chief financial officer, chief operating officer, chief underwriting officer, chief actuary, chief reinsurance underwriter, directors for fund services, directors for client services, fund administration managers and fund services managers.The government also changed work permit rules for reinsurance and fund administration support staff. Businesses will no longer be charged work permit fees for the first five years of a worker’s time in the Islands. Those positions include; executive administrative assistant, personal assistant, senior administrative assistant and executive secretary.Cayman has also created a new immigration category of permanent residence for those with “independent means”.In order to qualify for permanent residence, the person must own developed real estate in Cayman valued at $1.6 million or more and pay a one-time fee of $100,000 for a certificate of permanent residence. Those granted such status would have to pay a $1,000 per year fee for each dependant they bring to the islands.The Cayman government will limit the number of permanent residence grants to 250 per year.Doug Soares, partner of Bermuda-based HR management consulting firm Expertise says that like Bermuda, Cayman is in the process of modifying its immigration policy, but Cayman is going further and faster.“One similarity between Bermuda and Cayman in respect of immigration policy is the issue of term limits. Cayman initially followed Bermuda’s lead in implementing a term limits policy but Cayman suspended its policy last year when it became clear that such a policy causes a detrimental impact on the economy.“The Bermuda Government has made it clear that its ongoing review of immigration policy does not extend to rethinking term limits.”Mr Soares, who was the keynote speaker at the 2008 Cayman Islands Society of Human Resources Professionals, says he was invited to speak on the topic of term limits because of widespread concern about the export of jobs that the Cayman government’s policy was causing. Still, he warns about comparing Bermuda and Cayman because the circumstances of each island differ.“For example, the land mass of their islands are three times larger than Bermuda, long-term residents in Cayman still have a path to citizenship by grant, and foreigners may purchase property much more freely and economically in the Caymans,” Mr Soares said.“So the immigration policy changes being implemented in Cayman now need to be assessed relative to the circumstances peculiar to their islands.”Premier Paula Cox has defended Bermuda’s work permit policy in the past by saying it is more flexible than Cayman’s and includes incentives for job makers.Ten-year work permits are available for key employees of companies with a “significant presence in Bermuda”, although the usual term limit is six years.Premier Cox has also pointed out that work permit fees in Bermuda are far lower than Cayman’s, which were just raised in August, and that the turnaround times for processing them are faster.The One Bermuda Alliance has pledged to waive term limit requirements altogether if elected, for occupations and positions that historically receive 90 percent approval.