George town MLA Winston Connolly told Cayman 27 the country should be rolling out the red carpet for ultra high net worth individuals.
In a private members motion introduced Thursday in the LA chamber, Mr. Connolly posits that creating accelerated pathways to PR for the ultra-weathy could have big economic benefits to our own people.
He says instead of taking jobs away from Caymanians, high net worth individuals are likely to spur job creation in many sectors of the economy.
“Those people won’t be competing with Caymanians for jobs, they’ll be providing opportunities. They’ll come, they’ll spend money in terms of buying property. They’re setting up roots, they’re going to be eating at the restaurants, they’re going to be buying cars, they’ll be going to the supermarket,” said Mr. Connolly.
He told Cayman 27 the fees for the process could help make government less reliant on work permit fees for revenue, and that in turn could help more Caymanians break through the glass ceiling into higher-earning jobs.