Thursday 9 July, 2020

Economic Stimulus plan provides some support to the tourism sector

The Cayman Islands Economic Assessment and Stimulus Plan focuses on the Islands' estimated macroeconomic performance, as well as policies announced and/or implemented, while recommending stimulus measures to be implemented by the government.

Tourism represents about 20% of the Cayman economy, so the reopening of Cayman's borders to tourism is of paramount importance to the government and the success of the country.

That said, government will only open borders when it is safe to do so and as such the stimulus plan includes a number of measures to support those workers and businesses that have been impacted by the temporary shut down of the industry.

Included in this is a one-off stipend of $600 paid to taxi drivers affected by the fall-off in cruise ship visitors, a one-time grant of $600 to Caymanian tourism workers affected by the shut-down and a low-cost loan program for small businesses most affected by the closure of the tourism industry.

The tourist accommodation tax that is due from all licensed tourism accommodation properties for the period of April 1, 2020 until September 30, 2020 - and the tourism accommodation tax late payment surcharge for taxes due for the months of February 2020 and March 2020 - will both also be waived.

A tourism strategic plan is being developed by the Ministry of District Administration, Tourism and Transport, to choreograph the resumption of visitor arrivals post COVID-19. 

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