Finance minister Rolston Anglin has announced comprehensive fee increases across the financial services, immigration and professional sectors over the next two years.
He said they will generate a projected additional CI$72.5 million in 2026 and $99.9 million in 2027, according to government estimates.
Speaking to the parliamentary Finance Committee on 14 November, Anglin said the measures were “carefully designed to strengthen our fiscal position”.
Meanwhile, they will maintain compliance with fiscal responsibility requirements and reducing the risk of future deficits, he said.
The largest revenue increases will come from registration and annual company fees ($20.3 million in 2027), immigration-related fees ($15.4 million in 2026), stamp duty on high-value properties ($11.7 million) and fund annual return filing fees ($11.1 million).
“The vast majority of the new revenue measures that I just outlined are not intended to put further burden on the ordinary Caymanian,” Anglin told legislators.
“They are primarily concentrated in areas where the economic activity and capacity to absorb such costs are strongest.”
Financial services fees
Bank licence fees for major banks with assets exceeding US$3 billion will rise from CI$1 million in 2025 to $1.5 million in 2026, then to $1.75 million in 2027, Anglin said.
Banks with assets between $1 billion and $3 billion will pay $1.2 million in 2026 and $1.5 million in 2027, up from the current $1 million.
Fund annual return filing fees will increase by 50%, with mutual funds fees rising from $300 to $450 and private funds from $150 to $225.
A new annual $100 fee will be introduced for exempted limited partnerships and corporate service providers, expected to yield $4.1 million annually.
Insurance licence fees will increase by 10%, with domestic insurance licences rising from $9,500 to $10,450, captive insurance from $10,500 to $11,550, and reinsurance from $13,500 to $14,850.
Professional services fees
Law firms and accounting firms face substantial increases in operational licence fees based on their size, Anglin said.
The largest accounting firms with more than 111 accountants will see annual fees jump from $400,000 to $1.2 million. Similarly sized law firms will face identical increases.
Practising certificate fees for non-Caymanian attorneys at firms with non-Caymanian affiliates will triple from $2,500 to $7,500, while the one-time admission fee for non-Caymanian attorneys will increase from $2,000 to $10,000.
Small firms with fewer than 10 professionals will pay no operational licence fees, while the previous $20,000 fee for accounting firms with six to 10 accountants has been eliminated.
The fee schedule is now much steeper for mid-sized and large firms, with step increases typical at each bracket.
Immigration and residency fees
Work permit administrative fees will increase by 150% to 400%, with the standard administration fee rising from $100 to $500. Temporary work permit fees will increase by 150% to 200% depending on income bands.
The issuance fee for residency certificates for persons of independent means will jump from $20,000 to $50,000, while certificates of permanent residence for the same category will double from $100,000 to $200,000.
Right to be Caymanian grant fees will increase to $3,000 for marriage applications and $5,000 for naturalisation and Cabinet grants, up from the current $1,000.
A new annual work permit fee is expected to generate $1.5 million, though details were not specified.
Property and business fees
Stamp duty on properties valued at $2 million and above will increase to 10%, expected to yield $11.7 million in 2026, Anglin said.
Special Economic Zone trade certificate fees will increase significantly, with initial application fees rising from $123 to $500 and annual renewal fees from $492 to $750.
Liquor licence fees for distributors will increase from $4,800 to $25,000, while hotels and restaurants will face scaled increases based on their size. The largest hotels with more than 400 beds will pay $25,000, up from $4,800.
The government will also implement a moratorium on new local companies control licences for realtors and developers while increasing existing fees.
Driving and additional fees
Non-Caymanians will face substantial increases in driver and vehicle licence fees. A 10-year driver’s licence for cars will increase from $250 to $2,000, while three-year licences will rise from $75 to $600.
Vehicle licence fees for non-Caymanian-owned private cars will increase modestly, with fees for cars up to 2,500cc rising from $180 to $200, Anglin said.
There are also new or higher fees for traders, court and website services, virtual assets providers and routine government filings.
Court fees and website recovery fees will each generate an additional $100,000 annually, while virtual assets service provider fees are expected to yield $300,000 per year.
Stakeholder consultation
Anglin said the government had engaged in discussions with stakeholders, particularly in financial services, before finalising the measures.
“We listened carefully to their feedback and made adjustments where appropriate to ensure that the measures are realistic, proportionate and do not compromise Cayman’s competitiveness as a leading international financial centre,” he said.
The minister noted that some fee increases in the commerce sector remain subject to ongoing stakeholder consultation and could be adjusted “either up or down”.
The revenue measures form part of the government’s $1.25 billion budget for 2026, which forecasts an $11.1 million operating surplus despite increased spending on education, healthcare and infrastructure.
