5 Storey Building in Cayman is home to over 18,500 Firms

A report to be published this morning by the Senate Finance Committee's Government Accountability Office (GAO) will disclose that the number of companies that list their address in a five-story building in the Cayman Islands nearly doubled to more than 18,500 during the past four years, according to a source who has seen the report.

The building is called "Ugland House" and as of March 2008 was home to 18,857 business tenants. That was up from 12,748 reported tenants in August of 2004 - an increase of four tenants a day. Sen. Max Baucus, D-Mont., who is chairing a Thursday hearing of the Senate Finance Committee on the issue, called the findings "hugely troubling." "When you see a huge spike in tenancy in a place like the Ugland House, where no one's really sure what's going on, decent oversight demands that you ask more questions," Baucus said. "If we strengthen transparency for U.S. holdings in places like the Caymans, it will be a lot easier for the IRS to tell who's not playing by the rules."

The GAO report is the culmination of a yearlong inquiry conducted at the behest of the Senate Finance Committee and comes on the heels of another Senate investigation that said the use of tax havens has cost America an estimated $100 billion a year in lost revenue. Companies with addresses in Ugland House are clients of the law firm Maples & Calder, which is the building's sole tenant. Investigators from the General Accounting Office traveled to the Cayman Islands earlier this year and interviewed officials with the law firm. Maples and Calder told GAO that only around 5% of the entities it serves are wholly-U.S. owned.

The GAO also found that U.S. persons reporting to the U.S. Treasury that they control Caymans bank accounts jumped to 7,937 last year, up from 2,677 in 2002. In addition, 732 companies that trade on the U.S. stock exchange are incorporated in the Caymans, GAO said. More than a third of the entities that reside at Ugland House - about 38% - are hedge fund or private equity-related. Caymans-based hedge funds offer U.S. tax-exempt entities like pension funds and foundations the ability to legally invest in the high-return vehicles without paying a U.S. tax that applies to leveraged investments. They also serve foreign investors who prefer not to invest in U.S.-domiciled funds for tax, regulatory or political reasons. Most hedge funds that operate in the Caymans are part of a "master feeder structure" that includes a mirror U.S. fund. Fund managers are responsible for ensuring that U.S. investors only invest in the U.S. feeder fund.

Another 24% of firms registered at Ugland House are related to structured finance - for example, leasing corporations set up to finance commercial aircraft. The remainder, about 38%, are corporate entities like holding companies and wholly-owned subsidiaries. Some of these are legal entities set up by U.S. firms to facilitate doing business overseas. But others are created for the purpose of tax fraud or evasion, GAO said. GAO identified 21 civil and criminal cases brought by U.S. authorities against Caymans entities.

Cayman Islands Living Costs

These were fairly accurate at the time of writing and are designed to be a rough guideline only. These are some approximate guide figures as to how much it would cost to live on the Cayman Islands in CI$ per month.

1 bed apartment: $800 - $1,500
2 bed/2 bath apartment: $1,200 - $5,000
3 bed: $2,000 - $5,000

TV: $70 - (depends on package of channels) Internet: Over $100 for high speed.

Water: $30 - $120 upwards depending on consumption

Electricity: $80 - $250 (for a 1-bed apartment, more if you run the AC) upwards. Obviously a 2 bed or a house will be depending on the AC system and insulation etc. Ecay tip Always ask to see a previous electric bill before taking a lease on a property

Telephone: how long is a piece of string? C&W have a great package called Net Speak that allows inexpensive calls over the Internet. –
We now have several telecomms providers offering mobile, Internet and data services, and C&W, Digicel and Telecayman offer land lines or the equivalent.

Medical Insurance: $90 upwards depending on the coverage - (bare minimum - very limited benefits)

PO Box rental: from $75/year depending on size

Food: $500 (for a family of three) obviously this varies depending on your lifestyle. Imported British products for example are extremely expensive but local Caymanian and Caribbean products are reasonably priced.

Car: $4000 + insurance (starting at $500) + car tax ($180) (for a very basic vehicle!)
One has to be Caymanian to secure a place at a government school, so private schooling is the only thing available to non Caymanian. There is a great choice of schools and prices start at $4,000 - $9,000 per year

Prices for basic items (January 2006)

Item/Services Approximate
Price (CI$)
5lb bag white potatoes $2.69
3lb bag yellow onions $1.49
1lb jumbo slicing tomatoes $3.89
1lb Red Delicious apples $1.49
1lb fresh cabbage $0.69
5lb bag sweet oranges $3.29
Jumbo seeded red grapes $2.29/lb

Beef loin T-bone steak $10.99/lb
Salmon fillets $6.99/lb
Boneless/skinless chicken breasts $5.49/lb
Uncooked bone-in turkey breast $1.59
Honey Ham $4.99/lb
8 oz sliced bacon $2.99
Pork loin chops $2.59/lb

#2 lobster tails $14.99/lb
Salad shrimp $6.99/lb

Lender bagels $1.89
Nature's Own 100% Whole Wheat bread $2.09/loaf
2lb Pillsbury All Purpose Flour $1.35/bag
Dozen large eggs $1.25

Kraft 8oz Strong Cheddar Cheese $2.99
64oz Tropicana Orange Juice $4.45
12-pack 12oz Pepsi etc $5.95
10.5oz pizza $2.25
18oz Kellogg's Corn Flakes $3.79
Paper Towels $0.69/roll
Soft 'n Gentle 24 Roll Bath Tissue

63oz Gain powder detergent $7.49

Milk $5.29/gallon
7oz (200g) Nescafé Classic $5.99
** Please note that prices vary on a weekly basis depending on availability **

Gas $3.29/gallon

Beer $32.00/case
Cigarettes $30.00/200
Postal Rates
Postcards (to US) $0.20
Postcards (to UK/Europe) $0.25
Letters per half ounce (to US) $0.30
Letters per half ounce (to UK/Europe) $0.40
Greetings cards (to US) $0.60
Greetings cards (to UK/Europe) $0.80
Cost of Living in Grand Cayman

The cost of living in the Cayman Islands will often vary depending on a number of factors, including choice of accommodation, entertainment and lifestyle. The summary below highlights the average range of costs. All items are in Cayman Islands dollars which is equivalent to US$1.25.

Accommodation costs in Cayman Islands


A large selection of apartments and condos are available for long term rental. Accommodation cost vary dramatically with location (proximity to George Town, Seven mile beachfront, canal, waterfront), condition of the premises and facilities (pool, dock, tennis court). The rental costs for a reasonable apartment/condo are as follows:


1 bedroom - 2 bedroom
Seven mile Beach or canal $1,500 + $3,000 +
Off the beach $1,200 + $1,800 +

It is possible to find cheaper units that may not be in such a desirable area. Click on the link here to take you to the Ecay Trade free classified section of this site where hundreds of properties are listed. Alternatively go to the Ecay Cayman Islands Business Directory and check under Cayman Islands Real Estate and Developers for local agents who offer rentals and Property Management
Utilities (electricity and water) costs in Cayman Islands

Average monthly electricity charge (including air conditioning) for 1 to 2 bedrooms ranges from $100 to $250. However, some may be more if they do not have good insulation. We would recommend monitoring your consumption for the first month so you do not get any nasty surprises when your bill comes in. Average monthly water charge range from $50 to $100. If you are renting a house with a pool, you should expect far higher water bills than stated above. Security deposits are required for electricity and water services and apartment/property size. Electricity $100 to $500 and water roughly $200.
Our business directory has contact details for:

* Utilities
* Telecommunications

Cable costs in Cayman Islands

Generally the cost of cable (approximately $75 per month) is included in monthly rental charge. Weststar now offers some great upgrade packages should you wish to get more movies or sports channels etc.
Telecommunication costs in Cayman Islands

Basic monthly connection with voicemail is approximately $15. Long distance charges range from $0.50 to $0.90 per minute within the Caribbean, $0.60 to $1.20 per minute to the US & Canada and $0.80 to $1.60 per minute for the rest of the world. Security deposit for new phone service ranges from $100 to $350, dependent upon payment method.
Please note that these amounts quoted are rough. Check out the Ecay Cayman Islands Business Directory to get information on Cayman Islands Telecommunication Companies. Since the advent of telecoms competition rates have plummeted and some good deals are now available from: Telecayman, Digicel and Westtel.
Vehicle costs in Cayman Islands

The cost of a basic mid-size used car can range from $3,500 to $10,000 depending on size and age. Insurance premiums generally range from $500 to $1,500 per year. Some discounts are available and it is worthwhile to arrange a reference letter from a previous insurer. Check out the Ecay Business Directory for a full list of Insurance Providers in the Cayman Islands.
A three year driver’s license cost $65. Vehicle registration can be purchased for either a six-month period or a full year. The annual inspection and registration fees are approximately $200.
Food Costs in Cayman Islands

There are number of large grocery stores on the Island which offer a wide selection of fresh and packaged goods. Food costs are relatively expensive as the majority of items are imported. The average cost for groceries for one month can range from $450 to $1,000 depending on the size of your family and your dietary preferences.

Health Insurance costs in Cayman Islands

Health insurance is mandatory. Your company will arrange basic group health cover with a local recognized insurer and will contribute half of the monthly health insurance premium for employees and their families. Employee contributions are made by way of salary deduction. Some pre-existing conditions are specifically excluded from coverage by local insurers.

Exchange Rate in Cayman Islands

The currency in the Cayman Islands is the Cayman Island Dollar (denoted CI$). The CI$ is exchanged to the US dollar at the following rates:
US$1.00=CI$.80 (cash), US$1.00 = CI$.82 (check)
Our business directory has contact details for:

* Electronics
* Furniture
* Home & Garden
* Linens
* Shopping

Housing costs in Cayman Islands

Rented accommodation is relatively easy to find, and generally annual leases are available, although less so between November and February (the tourist season). Monthly rental costs can vary considerably depending upon the nature (furnished or unfurnished), location, and size of the accommodation. The following is a general guide:

Modern fully furnished one-bedroom apartment:

* On the beach CI$1,500-2,500
* Off the beach CI$750-1,200

Modern fully furnished two-bedroom apartment:

* On the beach CI$2,000-3,000
* Off the beach CI$1,200-1,800

Two- or three-bedroom fully furnished houses:

* Off the beach CI$1,500-3,000

Generally deposits of one month’s rent are required for apartments. Also, telephone, water, and electricity deposits are approximately CI$750 in total.
Household Goods costs in Cayman Islands

All household goods can be purchased locally. Many landlords provide a full range of crockery, cutlery, cooking utensils, and linen in furnished accommodations although quality can vary considerably. The electric current is 110 volts AC.

HURRICANE SEASON 2008 IS IN EFFECT FOR THE CAYMAN ISLANDS

Atlantic Hurricane Season is from June 1 - November 30

Invest 94L has already passed Jamaica and on the satellite image it is now a big white blob over Cayman.

Establishing a business in the Cayman Islands

Establishing a business in the Cayman Islands involves approvals by several government agencies depending on the type of business being established and the industry in which the business will operate. A company wishing to trade within the Cayman Islands, e.g., in retail trading, real estate, hotel operation, restaurants, maintenance services or local shipping, must obtain a licence under the Local Companies (Control) Law. No less than 60 percent of the equity must be Caymanian-owned and there should be more than 2/3 local directorship. Depending on the nature of business or industry, if less than 60 percent of the equity is Caymanian-owned, the Trade and Business Licensing Board will have to be convinced of the need for the company’s services. An application may go before the Trade & Business Licensing Board within four weeks or less of receipt of the application. This period may be greater, whenever an applicant has not provided all the requisite information.

Below is a general outline of this process.

Business Entity

Businesses in the Cayman Islands are usually established by an individual, a company, or a partnership:

Company

The registration of companies is governed by the Companies Law (2004 Revision), and all companies must be registered with the Registrar of Companies. Companies can be formed with one shareholder and with no minimum capitalisation requirements (except for Exempted Limited Duration Companies).

Client privacy is protected by the fact that the Registrar can only release the name and type of company, its date of registration, the address of the registered office and the company's status. Disclosing any other information is prohibited except where assistance to law enforcement agencies is required.

Businesses that intend to operate in the jurisdiction are typically incorporated as a 'Resident Company'. Resident Companies are companies carrying on business in the Cayman Islands, which must report annually to the Registrar and which can hold land. As an alternative, companies that are incorporated outside of the Cayman Islands that wish to carry on business locally can register as a 'Foreign Company'.

Click here for details on the ways in which a company may be registered in the Cayman Islands.

Partnership

Limited partnerships, which can be formed by two or more people or companies, are governed by the Partnership Law (2002 Revision), which requires them to be registered with the Registrar of Limited Partnerships.

Click here for details on registering a limited partnership in the Cayman Islands.

Business Licensing

All businesses and professionals operating in the Cayman Islands must be licensed under the law relevant to their industry.

General Business Licences

Trade and Business Licences are administered through the Trade and Business Licensing Board of the Immigration Department as specified under the Trade and Business Licensing Law (2003 Revision). The fees for licence application and annual renewal depend on the broad nature of the business and/or profession. Certain types of business premises, such as restaurants, also require inspection by the Department of Environmental Health.

In addition, foreign-owned or controlled companies doing business in the Cayman Islands must obtain a licence under the Local Companies (Control) Law (1999 Revision). A company is considered foreign owned if less than 60 per cent of the equity is owned by Caymanians or if less than 60 per cent of the board of directors is Caymanian. This licence has a maximum duration of 12 years, but a longer period may be approved by the Governor.

For more details, please visit the Immigration Department website.

Financial Services Licences

Companies operating in the financial services industry must apply for the license relevant to its industry from the Cayman Islands Monetary Authority (CIMA). CIMA is responsible for processing applications, regulation and supervision of the following types of businesses:

* Banks and Trust Companies

* Insurance Companies

* Fiduciary Services (Companies Management, Corporate Services, Trust Companies in of companies without a banking licence)

* Investment & Securities Services (Mutual Funds, Mutual Fund Administrators, Securities Investments Businesses)

For more details, please visit the Cayman Islands Monetary Authority website.

Hotel Licences

Hotels seeking to operate in the Cayman Islands must apply for a hotel licence from the Hotel Licensing Board under the Tourism Law (1995 Revision). This process is administered through the Department of Tourism.

A Trade and Business Licence is not required, but a LCCL is required if the level of Caymanian participation does not meet the threshold stated in law.

Telecommunications and Radio Licences

The Information and Communications Technology Authority (ICTA) is an independent statutory Authority which is responsible for the regulation and licensing of Telecommunications, Broadcasting, and all forms of radio which includes ship, aircraft, mobile and amateur radio. The ICTA conducts the administration and management of the .ky domain, and also has a number of responsibilities under the Electronic Transactions Law 2000.

A Trade and Business Licence is not required for a business licensed by the ICTA, but a Local Companies (Control) Licence is required if the level of Caymanian participation does not meet the threshold stated in law.

For more details, please visit the Information and Communications Technology Authority website.

Building Regulations

Applications for permission to carry out development must be made to the Planning Department in accordance with land uses indicated in the Development and Planning Law (2003 Revision), Development and Planning Regulations (2003 Revision), and the Cayman Islands Development Plan.

Applications for planning permission to carry out development must be made to the Central Planning Authority (CPA) in Grand Cayman and the Development Control Board (DCB) in the Sister Islands. Land uses (zoning) are indicated by The Development Plan. Planning permission is required even for an established location where the intended use of the location is significantly different from what was originally approved.

A building permit is required prior to start of construction and a Certificate of Occupancy is required before buildings can be occupied. In certain limited circumstances, home offices are permitted subject to conditions restricting and limiting the scope of activities within the designated address. Applicants are advised to consult the Planning Department for advice on registering a business at a private residence.

All major developments must go to the Central Planning Authority (CPA) for approval. The CPA may require an Environmental Impact Assessment depending on the project (type and size) and its impacts. Advice on the environmental impact of development projects is taken from the Department of Environment. The Department of Environment encourages pre-application consultation with project proponents to discuss areas of environmental concern or mitigating impacts through best management practices and other internationally accepted mechanisms.

For more details, please visit the Planning Department website.

Work Permit Requirements

Non-Caymanians or people not legally and not ordinarily resident in the Cayman Islands aren not allowed to work in the Cayman Islands without a work permit.

Under the Immigration Law (2003), a person or his/her employer may apply for a work permit to the Work Permit Board or the Business Staffing Plan Board for employment in Grand Cayman, or to the Cayman Brac and Little Cayman Immigration Board for employment in the Sister Islands.

In Grand Cayman, all businesses employing fifteen or more work permit holders must submit their work permit application through the Business Staffing Plan Board as opposed to the Work Permit Board. Businesses employing fewer than fifteen work permit holders have the option of applying to either of these boards.

The boards may grant work permits for up to three years. Five-year permits can also be granted to holders of certain positions that have been approved under a business-staffing plan. A work permit holder can work continuously for no more than seven years. After this, the board can’t normally grant any further work permits until that person has left the Islands for at least two years. The only exceptions to this would be a worker designated an ‘exempted employee’ in a business staffing plan, or where there are exceptional circumstances. In such cases, the board may, at its discretion, grant additional work permits to enable the person to complete an aggregate period of eight years, thus making him or her eligible to apply for the status of permanent residence.

For more details, please visit the Immigration Department website.

Terms of Employment

Under the Labour Law (2001 Revision), every employer who enters into a contract of employment with an employee shall within ten working days of entering into such contract, furnish the employee with a written statement of his conditions of employment. This statement covers, amongst other things, job title, responsibilities, special requirements, regular working hours, rate of remuneration, and period of employment if any.

Labour Tribunals have been established under the Law for the purpose of hearing complaints from employers and employees, though provision has also been made for the complaints to first go through a Conciliation and Mediation process. In the event that this process fails to resolve the situation it is then referred to the Labour Tribunal. For more information, please visit the Department of Employment Relations website.

There is currently no National Minimum Wage in the Cayman Islands.

Under the Health Insurance Law (2003 Revision), an employer must pay the standard premium of any standard health insurance contract issued by an approved insurer. Up to 50 per cent of this premium can be recovered directly or deducted from the employee's salary. Health insurance coverage is also required for an employee within the first fifteen days of employment. For more details, please visit the Health Insurance Commission website.

Under the National Pensions Law (2000 Revision), employers don’t have to provide pension plans or contribute to pension plans for employees who do not have Caymanian status, or who are not permanent residents in the Cayman Islands during the first nine months of their employment.

Employers are responsible for providing a pension plan for eligible employees, and for maintaining current information with the National Pensions Office. For more details, please visit the National Pensions Office website.

Can I work while I’m visiting the Cayman Islands?

A casual visitor is not permitted to take up or solicit employment while in the Islands. A work permit must be applied for and obtained before arrival, either by the individual, if he is to be self-employed, or by the employer with a post to fill. A work permit entitles the holder and named dependents (normally limited to three) to live in the Islands during the term of the license or specific employment. Dependents will not be allowed to work without their own licenses.

If you're planning a business trip, know in advance that sales people planning to solicit business and take orders in our islands require a temporary work permit. Applications for this may be obtained in advance from the Department of Immigration. Contact their office weekdays between 9 a.m. and 4 p.m. at (345) 949-8344. You also must declare all samples of goods you're bringing into the country and these must leave with you.

Under Immigration Laws visitors are not allowed to accept jobs in the Cayman Islands without a government-issued work permit.

Sixth Murder of the year make 2008 the most violent in Grand Cayman

Police investigators collecting evidence and clues on Birch Tree Hill Road in the murder case of 23-year-old Mark Anthony Jefferson. Photo by Trent Jacobs

With the shooting death of a 23-year-old man in West Bay on Friday, 11 July, the Cayman Islands is experiencing its highest rate of homicides for the decade.

In comparison, there were six killings for all of 2004 and three last year. The sixth murder victim of this year, Mark Anthony Jefferson, was shot dead on Birch Tree Hill Road around midnight near local hangout, Kelly’s Bar; a few hours later there were shots fired near Funky Tangs on Shedden Road, with no injuries reported.

During the West Bay shooting, another man, 20, was shot in the arm for which he required surgery, though his wounds were not life threatening, according to police. The initial police investigation says that bystanders scattered upon numerous shots being fired after which Mr Jefferson collapsed and died in the street.

Mr Jefferson is the same man who was arrested for the December hit-and-run death of 55-year-old Quindel Ames, who was leaving a Health Services Authority Christmas party at Boatswain’s Beach in West Bay.

On Monday, 14 July, several officers, donning rubber gloves and equipped with metal detectors, were still combing through residents’ front yards and alleyways looking for clues that might lead to an arrest.

Police say they have already collected several spent shells but have yet to find the murder weapon.
Cayman Net News spoke with an eyewitness, who requested anonymity, who said the victim fell dead just feet in front of him. According to the witness, several people were hanging out at a laundromat by Kelly’s Bar, an area he alleges is a hangout for drug dealers, when the shooting began.

The police say that a 19-year-old is currently assisting authorities with their investigation but they are still urging anyone with any information they think might help to contact the West Bay Police station on 949-3999 or Crime Stoppers on 1-800-TIPS (8477).

King’s Point Towers on Cayman Brac

King’s Point Towers, a development by Whitewater Point Ltd. which is owned by Robert Banks and former Chief Secretary James Ryan, will consist of 23 two-bedroom condos located 200 feet east of Cayman Breakers on a 2.57-acre parcel of land on the southeast end of Cayman Brac.

The initial phase of King’s Point Towers, consisting of the first 16 two-bedroom units, will be finished 28 months after construction begins. Mr Banks said 12 units have already been sold.

Phase 1 includes two swimming pools – a smaller pool with spa features and a waterfall, and a larger pool.

No bar or restaurant is planned, but there will be a deli for owners’ convenience and five poured concrete cabanas for outside dining, as well as a dedicated building for divers.

Phase 3 will be four three-storey penthouses and three one-bedroom efficiencies, plus management offices. All units in the development will have an ocean view on one side and a view of the Bluff face on the other.

At the ceremony, Mr Banks told the gathering that King’s Point Towers is designed and engineered to withstand a direct hit from an F5 tornado, which packs one-third higher wind gusts than any recorded hurricane to date.

They will be built of solid poured-in-place concrete walls, eight-inch thick for the first and second floor exterior walls, and four-inch thick for all interior walls. The entire floor will be poured monolithically and consist of steel-reinforced concrete only – there will be no wood used in these structures.

“A building is only as strong as its weakest point,” said Mr Banks. Therefore, the roofs will also be concrete, with a 1-in-12 compound pitch for water drainage. All the concrete will have a chemical compound additive for 100 percent waterproofing, and the roofs will have an additional coating of EPDM rubberised membrane as an additional sealer against water intrusion.

The units will be two-storey with a town house-style layout. They will have two and a half baths and two bedrooms, consisting of approximately 1,400 square feet of living space. The kitchens will have solid wood cabinets with granite countertops and stainless steel appliances, and the units will have top quality furniture throughout.

An anti-fracture membrane under all tile floors will prevent cracks, and windows will be full-impact solid laminate and just over half-an-inch thick, guaranteed not to breach wind or water during a hurricane.

“Two years ago, a foreign entity, the Divi Corporation, owned most of the rooms on Cayman Brac. When that closed, a lot of people were out of work and the question was, how do we go forward?” said Mr Kirkconnell.

Acknowledging Linton Tibbetts, whose family owns the Brac Reef Beach Resort, currently the only hotel on the island, he said, “These Brackers stepped up to the plate, and I’m proud to see the partnership between stakeholders on Cayman Brac supporting each other. The community will do whatever it can to support these developments, and we thank you all having the courage to take this step.”

At the ceremony, Mr Banks told the gathering that King’s Point Towers is designed and engineered to withstand a direct hit from an F5 tornado, which packs one-third higher wind gusts than any recorded hurricane to date.

They will be built of solid poured-in-place concrete walls, eight-inch thick for the first and second floor exterior walls, and four-inch thick for all interior walls. The entire floor will be poured monolithically and consist of steel-reinforced concrete only – there will be no wood used in these structures.

“A building is only as strong as its weakest point,” said Mr Banks. Therefore, the roofs will also be concrete, with a 1-in-12 compound pitch for water drainage. All the concrete will have a chemical compound additive for 100 percent waterproofing, and the roofs will have an additional coating of EPDM rubberised membrane as an additional sealer against water intrusion.

The units will be two-storey with a town house-style layout. They will have two and a half baths and two bedrooms, consisting of approximately 1,400 square feet of living space. The kitchens will have solid wood cabinets with granite countertops and stainless steel appliances, and the units will have top quality furniture throughout.

An anti-fracture membrane under all tile floors will prevent cracks, and windows will be full-impact solid laminate and just over half-an-inch thick, guaranteed not to breach wind or water during a hurricane.

“Two years ago, a foreign entity, the Divi Corporation, owned most of the rooms on Cayman Brac. When that closed, a lot of people were out of work and the question was, how do we go forward?” said Mr Kirkconnell.

Acknowledging Linton Tibbetts, whose family owns the Brac Reef Beach Resort, currently the only hotel on the island, he said, “These Brackers stepped up to the plate, and I’m proud to see the partnership between stakeholders on Cayman Brac supporting each other. The community will do whatever it can to support these developments, and we thank you all having the courage to take this step.”