The Parliament of the Cayman Islands has backed plans to explore the creation of a sovereign wealth fund.
Government Motion No. 3 of 2026-2027 was passed on 5 October during the fourth sitting of the second meeting of the 2026-2027 parliamentary session.
The motion does not create the fund nor authorise public spending. Instead, it allows the government to conduct research, consultation, policy development and due diligence before bringing a detailed proposal back to parliament.
Premier and financial services minister André Ebanks moved the motion but gave his speaking time to parliamentary secretary Julie Hunter, who was involved in developing the proposal.
Hunter said the fund could provide a way to convert existing national wealth into longer-term financial reserves.
She said the proposed fund would be intended to preserve wealth during periods of economic strength and provide resources during future periods of difficulty.
“We cannot predict exactly what the future will bring, but we can decide what we will do with the good years that we have today,” Hunter said.
“If we are good stewards of our blessings in times of plenty, if we have the discipline to save and invest to the future, then when difficult times come, we will have something to fall back on.”
Hunter said access to the fund would need to be governed by rules that restrict when assets could be withdrawn.
“This is not a fund that any government can dip into whenever it wants,” she said. “It must be governed by clear rules.”
“The real test of this fund is whether rules can withstand pressure, not just from future governments, but from us sitting here today.
“We are not creating this fund for the government of today. We are creating it for the country of tomorrow.”
Hunter said the motion does not determine the fund’s structure or investment strategy.
“No money moves as a result of this motion,” Hunter said. “And the investment strategy has yet to be determined.”
The next step is expected to be the formation of a working group to examine the fund’s purpose, funding, governance, legal structure and investment parameters.
The group will also examine the conditions governing withdrawals from the fund before the government returns to parliament with proposals and legislation.
“This motion is not the end of the process,” Hunter said. “It is the beginning of it.”
Opposition members supported the motion while raising questions about governance, transparency and protection from political interference.
Christopher Saunders linked the proposal to Cayman’s long-term fiscal obligations and ageing population, adding: “We will be remembered for what we leave behind.”
Members also discussed the potential financial returns from investing money currently held in restricted government funds and the need to control management costs.
The motion states that the proposed fund should be held for the benefit of the people and protected by governance arrangements intended to outlast individual administrations.
The government must now complete the policy and consultation work before legislation establishing the fund or appropriating money for it can be brought back to parliament.
