Banks and Trust Companies (Licence Applications and Fees) (Amendment) Regulations, 2025 (SL 66 of 2025)

Summary

This is an amendment to the Cayman Islands Banks and Trust Companies (Licence Applications and Fees) Regulations (2021 Revision), made under the Banks and Trust Companies Act (2025 Revision). It replaces the fee schedule in regulation 6 that sets the annual licence renewal fees payable by banks and trust companies holding an "A" licence (with or without an accompanying Trust licence) that are granted without restriction to carry on banking business in the Islands.

The amendment introduces a tiered, multi-year fee table running from 2026 through 2029 and thereafter, with fees varying according to the licensee's asset size.

• Not more than US$1.0 billion: Fee is fixed at CI$1,000,000 across all years shown, from 2026 through 2029 and thereafter.
• More than US$1.0 billion but not more than US$3.0 billion: Fee increases progressively each year from 2026 to 2029.
• More than US$3.0 billion: Fee increases progressively each year from 2026 to 2029.

The amendment also clarifies that, for the purpose of determining which asset category (and therefore which fee) applies, a licensee's assets are to be calculated as the average of its total assets at the end of each of the four calendar quarters, rather than a single point-in-time figure. This calculation methodology applies to both the unrestricted "A" licence fee table and the combined "A" licence and Trust licence fee table.

Key obligations

• Banks and trust companies holding an unrestricted "A" licence (alone or combined with a Trust licence) must pay the revised annual licence renewal fee corresponding to their asset category as set out in the new fee tables for 2026, 2027, 2028 and 2029 and thereafter.
• Licensees must determine their applicable asset category for fee purposes by calculating the average of their total assets at the end of each of the four calendar quarters, rather than using a single reporting date.

Applies to

banks, trust companies, licensees holding an "A" licence, licensees holding an "A" licence and a Trust licence

Deadlines

• 2026: Fee year for which the first tier of the new fee schedule applies
• 2027: Fee year for which the second tier of the new fee schedule applies
• 2028: Fee year for which the third tier of the new fee schedule applies
• 2029 and thereafter: Fee year from which the final tier of the new fee schedule applies on an ongoing basis

Related documents

• This document amends Banks and Trust Companies (Licence Applications and Fees) Regulations (2021 Revision)
• This document is made under Banks and Trust Companies Act (2025 Revision)
• Banks and Trust Companies (Licence Applications and Fees) Regulations (2026 Revision) replaces this document