The British overseas territory saw its number of foreign workers increase from 19,927 at the end of 2011 to hit almost 21,000 by December 2012, according to the latest figures.

The higher numbers are mainly due to the relaxation of immigration laws which included new five and 10-year work permits for those working in the reinsurance industry.

The Cayman Islands’ government has also started offering work permits for foreigners investing in its property sector.

These measures have more than helped counteract any expected fall in foreign workers due to a hike in work permit fees.