Key employee status takes immediate effect
Posted Fri, Feb 5th 2010, 18:09(Grand Cayman - CITN) -
New directives granting key employee status to some high ranking positions in the financial sector are in immediate effect.
The directives came from cabinet, ordering the Work Permit Board and the Business Staffing Plan Board to grant key employee status for those in some senior positions.
It includes positions like managing director, senior vice president and senior manager.
Key employee status will make the person exempt from being rolled over in 7-years and allowing them to apply for permanent residency. The directives are government's response to the financial sector complaining about the rollover policy driving away business.
Those directives are being enforced from today (5 February). The Immigration Review Team is looking at tailoring directives for other sectors, such as tourism and construction.
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