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Fund Administration and Reinsurance Industries

Published 2nd November 2012, 12:54pm

Notice – Persons Employed in the Fund Administration and Reinsurance Industries

As a result of changes to legislation taking effect on 19 October 2012 certain occupations in the fund administration and reinsurance industries will have a term limit of ten years (whether or not the person is a key employee) and will be eligible for the grant of a work permit for a period of up to ten years. The eligible occupations are as follows:

  • Managing Director
  • Chief Executive Officer
  • General Manager
  • Vice President
  • Chief Financial Officer
  • Chief Operating Officer
  • Chief Underwriting Officer
  • Chief Actuary
  • Chief Reinsurance Underwriter
  • Director, Fund Services
  • Director, Client Services
  • Fund Administration Manager (Fund & Investment)
  • Manager, Fund Services

Certain support staff in the fund administration and reinsurance industries are also eligible for the waiver of annual work permit fees (but not a ten year term limit) for a period of five years starting from the person’s first arrival in the Islands. Note: where a worker is already employed in the Islands in either of these industries and in one of the occupations listed below the exemption from annual work permit fees will only apply to permits granted or renewed after 19 October 2012 and the waiver will only continue until the worker has been resident in the Islands for a period of five years. The occupations eligible for this limited waiver of annual work permit fees are as follows –

  • Executive Administrative Assistant
  • Personal Assistant
  • Senior Administrative Assistant
  • Executive Secretary

Note: the application fee for the grant or renewal of a work permit for a worker who enjoys the waiver of annual work permit fees is $1,000. Dependant fees and the non-refundable repatriation fee are also applicable.