The Cayman Islands Society for Professional Accountants (CISPA) held a gala at Pedro St James Castle on Saturday, 13 September to celebrate the achievements of 23 Caymanians who have earned accounting degrees or professional qualifications. 

A large number of CISPA members and guests attended the event, including H.E the Governor Stuart Jack; Chief Secretary Hon George McCarthy; Attorney General Hon Samuel Bulgin; Financial Secretary Hon Kenneth Jefferson; Minister for Education, Training, Youth, Sports and Culture Hon Alden McLaughlin; and Minister for Tourism, the Environment, Development and Commerce Hon Charles Clifford. 

In his address, Mr Jefferson congratulated all the students who had gained either bachelor's degrees in accounting from the University College of the Cayman Islands (UCCI) or the International College of the Cayman Islands (ICCI), or by gaining a professional qualification. He also paid tribute to all the other people, including the students' instructors, who had helped them achieve these goals. 

He said that "it is a time to celebrate but don't make it long. The world of business and especially the business of the Cayman Islands needs you right away". 

Mr Jefferson added that he believes "our greatest challenge is also our greatest opportunity, a sort of double-entry accounting of what we face and what you will face. The reality is, our profession is growing rapidly". 

He also pointed out that "the opportunities for professional accountants will only grow larger in the years to come. The large, fast-growing economies will need many thousands of new accountants. China has already identified that the demand for accountants in their country will outpace supply". 

Concluding his remarks, Mr. Jefferson spoke about the new regulatory role that CISPA will be taking on, in addition to maintaining its high standards, and promoting the profession of accountancy. 

"In a year when CISPA's membership has reached a new highpoint, when the need for accountants in Cayman is greater than ever, when the need for accountants the world over is at a record high, now is the time to tell the young people of the Cayman Islands what an important and fulfilling career that accounting can be," he said. 

CISPA President John Ferrari also addressed the gathering. 

"This is a very special evening; we are here to recognise students who have successfully achieved an accounting degree from UCCI and ICCI and to recognise those who have successfully achieved a professional accounting designation," he said. 

"It is indeed an honour to have you all gathered here tonight, to celebrate their accomplishments, and wish success to these very special professionals."

He told the graduates: "In the Cayman Islands and globally, there is a world of opportunity in the financial services industry. It makes me proud and excited to think of everything the future has to offer you." 

Mr. Ferrari then went on to outline some of the significant changes that had recently taken place in the global financial services industry. 

"For CISPA we have been constantly re-tooling and retraining to meet the new requirements of ongoing change," he said. 

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Cayman Islands Real Estate 

Coldwell Banker Cayman Islands Realty 

Established in 1985 Coldwell Banker Cayman Islands Realty has been a market leader since then. Its brokers have been selling real estate in Cayman since 1980 and have assembled a staff of Caymanians, Americans, Canadians and Germans who pride themselves in personal but professional service. Well known for their efficiency and integrity both individually and as an organization, much of our business comes from professional referrals and the far reaching Coldwell Banker network. The firm's agents speak English, Spanish, French and German and have wide ranging experience. 

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With many British financial service companies adopting a conservative approach to recruitment, many job-seekers are looking further afield. 

Jobs in the Cayman Islands are emerging as a top alternative choice for job hunters as the credit crunch continues to bite. 

Recent research by Morgan McKinley has shown than job-seekers in the UK financial services industry must wait 58.8 days to find a new role -- up from 42 days in June last year. 

Cayman's booming offshore sector has gone from strength to strength in recent years and although the number of positions is down on previous years because of the current climate, there are plenty of jobs in Grand Cayman for those prepared to relocate to the Caribbean. 

As one of the world's largest financial centres, the Cayman Islands is a base for a number of the world's largest financial institutions and attract a regular flow of prime job-seeking talent from the UK. 

Steve McIntosh, chief executive, of Grand Cayman-based specialist recruitment firm CMLOR has seen the number of applications rise in recent months. 

And in a short space of time, CML has quickly grown to become the largest specialist recruitment firm in the world -- clear proof of a buoyant offshore market according to McIntosh. 

"We are continuing to expand on the back of increasing demand," he said. "Anyone looking for a financial services position should seriously consider legal or accounting jobs in the Cayman Islands. 

"If you hold the right qualifications and experience you will certainly not have to wait almost two months for a job... " 

The benefits of moving to the Cayman Islands are obvious, with lucrative tax-free salaries and a high standard of living and a great sub-tropical climate. 

As a British Overseas Territory and international financial centre, Accounting and Legal jobs in the Cayman Islands have always attracted interest from UK job-seekers, and this is set to rise as the UK market becomes more competitive. 

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Real Estate News 

There are three Cayman Islands, Grand Cayman, Cayman Brac and Little Cayman. All these three islands are located in the western Caribbean Sea about 150 miles south of Cuba and about 480 miles south of Miami, Florida. The capital of the islands is called George Town and is situated on the western shore of Grand Cayman. 

The Cayman Islands are administratively divided into seven districts, East End, Bodden Town, Cayman Brac, North side, West Bay, Little Cayman and the George Town. 

On 10th May 1503, the famous Christopher Columbus discovered Cayman Brac and Little Cayman. The name Cayman was derived from the Carib Indian word that means marine crocodile. The first English man to set his foot on Cayman Islands was Francis Drake in 1586. He was the man who named these islands (caiman) for crocodile after the Neo-Taino nations. 

The temperature ranges between 70 degree Fahrenheit and 90 degree Fahrenheit whether it is summer or winter. During the fall season the climate averages at 78 degree F and in summers it averages at 86 degree F. The annual humidity is approximately 77 percent in average. The average monthly rainfall especially the in Islands capital Grand Cayman is about 6 inches. (All figures are 2004 data). The hurricane season typically lasts from June to November. 

Real Estate: 
Cayman Islands are known all over the world as a source and destination of real real estate. This is where it all happens. It is the only known island to offer substantial returns to serious investors within the shortest time in the world. For business or pleasure, this beautiful Cayman Islands is one of the safest islands in the Caribbean. However, these accrued benefits are not realized without good reasons. Why do investors risk or gamble their hard earned money to invest in Cayman Islands? 
One of the main advantages that Cayman Islands have over all other Caribbean islands is that Cayman has no direct taxes. 
1. The Cayman Islands real estates are not charged property tax or capital gain. Simply it is a tax-less island. 
2. Foreigners need not to worry about ownership. There are no restrictions in the Cayman Islands. The registry is open to public inspection. Foreigners may open bank accounts and borrow to finance a purchase. The normal standard 25-30% down, a 10-15 year term and a rate of prime plus one or two. 
3. Real estate in Cayman islands offers competitive offshore financial industry because of the presence of respected international real estate companies which multi-list the properties to give all the potential buyers the access to hundreds of good deals on property for sale and also gives exposure to potential sellers. 
4. Beautiful location and surroundings. 
5. Political stability through its good diplomatic relations with the United Kingdom. 
6. Excellent and the latest transport and communication facilities coupled with the best-advanced technology. 
7. Strong and sustainable economy with the highest per capita in the Caribbean. 
The purchasing power parity is US $1.391 billion, lowest inflation rate of 2.8%, real growth rate of 1.7%, and convertible currency pegged at US$ 1.25. 
8. The medium of communication is English. 
Under any circumstances if a real estate individual desires or wishes to transfer title to a company of which he is the sole beneficial owner, the financial Secretary may approve abatement of all stamp duty on such transfer. In Cayman Islands the investors are given an opportunity to apply for citizenship, however, they are required to invest in real estate with not less than US $200,000 


With no direct taxation, the islands are a thriving offshore financial center. More than 68,000 companies were registered in the Cayman Islands as of 2003, including almost 500 banks, 800 insurers, and 5,000 mutual funds. A stock exchange was opened in 1997. Tourism is also a mainstay, accounting for about 70% of GDP and 75% of foreign currency earnings. The tourist industry is aimed at the luxury market and caters mainly to visitors from North America. Total tourist arrivals exceeded 2.1 million in 2003, with about half from the US. About 90% of the islands' food and consumer goods must be imported. The Caymanians enjoy one of the highest outputs per capita and one of the highest standards of living in the world. 

This was taken from the CIAs website to learn more facts about The Cayman Islands click here