The Cayman Islands Monetary Authority (CIMA) has revealed that 2024 fees will remain unchanged. However, the Cayman Government has revealed that 2024 fees will increase.

Registered virtual assets – no change

On 17 November 2023, CIMA published a general industry notice, informing all registered virtual assets service providers that their annual renewal fees for the year 2024 (as specified in Schedule 2 of the Virtual Asset (Service Providers) Regulations, 2020) will be the same as the fees paid during the initial registration.

The upcoming deadline for the payment of these renewal fees is 15 January 2024. Failure to meet this deadline may result in penalties for non-payment, as stipulated in section 5(5) of the Virtual Assets (Service Provider) Act (2022 Revision).

General CIMA fees – no change (for 2024)

On 29 November 2023, CIMA informed the industry that there will be no adjustments to its fees in 2024.

However, it also advised that the Ministry of Financial Services and Commerce will appropriately consult with industry members during the first half of 2024, as the Cayman Islands Government is considering CIMA fee increases for 2025.

Companies, LLCs and Partnerships – fees increase

On November 30, a number of gazetted documents were published confirming a number of fee changes relating to companies, limited liability companies, exempted limited partnerships and limited liability partnerships. These are slated to take effect on 1 January 2024.

These changes include the company annual fee increases previously announced, following Government’s investment to improve the Companies Registrar’s service delivery over the last decade. Please reach out to your contact at Paradigm for further information.