Updates on 2024 and 2025 Annual Fee Deadlines and Penalties (2025-01-15)

Summary

This is a short CIMA industry notice clarifying the payment deadlines and penalty timing for annual fees following fee changes published in the Cayman Islands Gazette on 19 December 2024.

• 2024 fee amounts: The statutory deadline for paying at least the 2024 annual fee amounts remained 15 January 2025, with penalties on unpaid 2024 amounts starting the next day.
• 2024-2025 fee increase/difference: CIMA granted an extension for paying the increase/difference between the 2024 and 2025 fees, moving that deadline to 17 February 2025, after which penalties would begin accruing on any outstanding fee change amounts.

The notice applies broadly to all firms and entities licensed or registered with CIMA that are subject to annual fees, rather than to a specific licence category. It is primarily informational but does set out concrete payment deadlines and penalty trigger dates that firms needed to observe in January and February 2025.

Key obligations

• Pay, at minimum, the 2024 annual fee amounts by the statutory deadline of 15 January 2025 to avoid penalties.
• Pay the difference between the 2024 and 2025 annual fees (the 2025 fee increase) by the extended deadline of 17 February 2025 to avoid penalties.

Applies to

licensees, industry firms

Deadlines

• 15 January 2025: Statutory deadline for firms to pay, at minimum, the 2024 annual fee amounts.
• 16 January 2025: CIMA begins assessing penalties on outstanding 2024 annual fee amounts.
• 17 February 2025: Extended deadline for payment of the 2025 fee changes (the difference between 2024 and 2025 fees).
• 18 February 2025: CIMA begins assessing penalties on outstanding annual fee change/increase amounts.