Saunders calls for tax on foreign-owned property

| 19/11/2024 | 250 Comments
Chris Saunders MP explains the new health fund on TikTok

(CNS): Chris Saunders, the independent opposition MP for Bodden Town West, has filed a private member’s motion asking the government to create a Healthcare Protection Fund through an annual fee of 2% on real estate properties owned by foreigners. In a video message on social media, Saunders and UPM backbench MP McKeeva Bush, who is supporting the motion, say that this is the best way to address the healthcare crisis Cayman is facing, given its ageing population who cannot afford health insurance.

The idea of taxing properties owned by expats, especially those who don’t live in the Cayman Islands, has been floated recently in several quarters as a way of curbing the surge in property prices fuelled by allowing anyone from anywhere to buy property here with no tax beyond the initial stamp duty. The permanent residency application point system also incentivises people to buy to increase their points.

This open market has put homeownership out of reach for many locals and encouraged developers to focus exclusively on luxury projects for overseas investors, millionaires looking for a beach home and well-paid permit holders looking to secure their residency rights.

Sanders is now suggesting that an annual fee on all property owned by foreigners who do not have PR would help the government address the mounting healthcare crisis.

“In the next twelve years, at least 14,000 Caymanians will reach the age of 65 and will have inadequate or no health insurance,” Saunders said as he explained his rationale behind the motion. “I understand that this will have an impact on foreigners buying real estate, but there will be a greater risk to thousands of Caymanian families if we do nothing. We can no longer afford to ignore this issue.”

Saunders said the combination of the high cost of health insurance, the ageing population and the inadequate pension system, which will see most retirees have less per month to live on than the current cost of coverage for the over-60s, means that the government’s already huge multi-million dollar annual bill to cover healthcare for local seniors is unsustainable.

As a result, the government needs a dedicated source of funding to cover these mounting costs and ensure Caymanians can get health coverage to enable them to enjoy their retirement years. Saunders also warned that without it, the crisis would destroy “our whole way of life”.

The tax will not apply to Caymanians, permanent residents, or entities part-owned by Caymanians or PR holders that own property. The tax is aimed at foreigners only, whether they live here or not, who own property unless that property is a commercial venture offering educational or medical services to Caymanians or any entity or company that owns property where a partner is a Caymanian.

Last year, the government spent CI$78 million to cover the health insurance costs of 2,068 Caymanians who couldn’t afford coverage. Saunders said that in around a dozen years, at least 14,000 Caymanians will turn 65. If most of them can’t afford health insurance, the government will no longer be able to pay the already staggering healthcare bills for the under- or uninsured or to subsidise insurance coverage.

He said that neither he nor Bush are “fans of fees”, but the issue can no longer be ignored. While the idea is likely to gain support among the voting public and looks likely to become a policy commitment when Saunders and Bush begin their campaigns, it will not be popular with foreign property owners or the real estate sector. However, Saunders has said he is more than happy to discuss it with the industry.

CIREBA issued a statement Tuesday acknowledging the need to address the healthcare needs of Caymanians. However, the proposal has not yet undergone the necessary consultative or legislative process.

“We support meaningful dialogue around solutions to national challenges, and we believe it is essential that any proposed measures be thoroughly evaluated for their economic and social implications,” the realtors association stated.

“At CIREBA, our priority is to support balanced and equitable policies that contribute to the growth and stability of the Cayman Islands for all of us who call these islands home. We will continue to monitor developments closely and encourage open, informed, and respectful discussions among all groups.”

See the MPs’ TikTok video here.


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Category: Business, Government Finance, Politics, Real Estate

Comments (250)

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  1. Anonymous says:

    Saunders, if he had his way, would have Cayman just like the country his father ran from….so follow him and see where that lands us!!!

  2. Anonymous says:

    I’m an accountant working in Dubai, though I worked in Cayman many years ago.

    May I just say that I think this is a SUPERB idea by Chris and Mac. Long overdue, in fact. It should be implemented immediately after the election. This is what I think will happen:

    1. Chris and Mac implement the tax.

    2. Property suddenly becomes an exponentially worse investment, changing from a profit centre to a cost centre (if not rented at $$$).

    3. Lots of owners put their houses on the market, because they foolishly trusted CIG MLAs to only charge the 7.5% stamp duty, not mug them for extra cash years later.

    4. Property prices crash, both because the market is saturated and simply because the value proposition/ROI of property is now dramatically less.

    5. Rental prices dramatically increase, forcing up the cost of living. People, including Caymanian kids, start leaving for better-governed places (i.e. anywhere).

    7. Heavily-mortgaged property owners will have a conundrum: (a) they now must pay $$$$ property taxes as well as their mortgage; and (b) the value of the house has fallen through the floor, because of the price crash. Many will be in negative equity.

    8. Many/most property owners in negative equity will reasonably conclude that it is in their interests to abandon their house and their mortgage.

    9. Butterfield and many other local banks will be left with $$$$$$$ in bad debts, with no realistic or cost effective way to enforce them overseas.

    10. Watch with glee as the entire Caymanian banking sector implodes under the weight of bad debt. Remember – unlike First World jurisdictions, Cayman has no backstop regulator or funds to bail out failed banks.

    11. The bank collapse would just be the start: the impact would cascade around Grand Cayman and bring the island to its knees.

    This would be excellent news for Dubai – I miss many of my former colleagues, and would welcome the inevitable exodus as they came to join me and my family in Dubai.

    (Dubai is also is an exponentially better-governed country. The UAE is an actual country, for a start, rather than just a corrupt territory which steals money from expats and cooks the books: https://caymannewsservice.com/2024/11/auditor-warns-of-continued-failure-of-public-accounting/)

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    • Shabba Ranks says:

      That was a feeble attempt to throw shade on a place that infinitely better than Dubai. You forget that Cayman is a tax free jurisdiction and those that crumble under the weight of a 2-3% tax on property will quickly remember their own country levies taxes on their personal income, properties, Goods & Services and much more. Bring on the tax for the betterment of the citizens that live there and not those who choose it for an investment or temporary home.

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      • Anonymous says:

        The Cayman Islands: Far From Tax-Free Paradise

        To claim the Cayman Islands is a “tax-free” jurisdiction is to fall for a glittering illusion that fails to stand up to scrutiny. While it’s true there is no personal income tax, corporate tax, or VAT, the islands have cleverly designed alternative revenue streams that burden residents and businesses in ways that are arguably more insidious and regressive than traditional taxation.

        Disguised Taxation in Plain Sight

        The Cayman Islands government rakes in substantial revenue through work permit fees, import duties, and licensing requirements, all of which function as indirect taxation. Work permit fees, for example, are exorbitantly high, particularly for senior professionals and specialised roles. Employers are forced to shoulder these costs, but the burden inevitably trickles down to employees in the form of lower wages or reduced benefits, making it a de facto income tax by another name.

        Similarly, import duties—levied at an average rate of 22% and climbing to as high as 29% on some items—are a direct tax on consumption. Nearly everything consumed on-island, from food to vehicles to construction materials, is imported, meaning residents pay a hidden tax on their everyday essentials. This regressive system disproportionately impacts lower-income households, for whom basic goods represent a higher proportion of total expenditure.

        Automotive and Transport Costs: Another Veiled Levy

        Car ownership is yet another realm where Caymanians and residents alike are taxed heavily. Vehicle import duties often exceed 27%, and annual vehicle licensing fees scale dramatically based on the weight of the car. Combined with high fuel prices—bolstered by import duties on petrol—these costs amount to a punitive tax on mobility.

        Even public transportation options, limited as they are, do little to offset these financial burdens, further exposing the myth of Cayman’s “tax-free” existence.

        Government Spending Drives the Taxation Machine

        The real sting in the tale is that these hidden taxes fund an increasingly bloated public sector. According to a recent analysis in the Cayman Compass, government spending in the Cayman Islands has spiralled to unprecedented levels. Despite the absence of direct taxation, Caymanians face a government that spends freely and then passes the cost onto residents through indirect levies.

        The Cayman Islands Government budget for 2024 is a prime example of this spendthrift approach. Boasting an operating expenditure of $1.2 billion, it includes eyebrow-raising outlays for “strategic infrastructure projects” that often face delays or cost overruns. These projects are bankrolled by squeezing residents with higher permit fees, licensing costs, and customs duties.

        This raises a question: can the Cayman Islands truly be called “tax-free” when its government spending per capita rivals or even exceeds many high-tax jurisdictions?

        No Representation Without Taxation

        One of the most galling aspects of this disguised tax regime is its undemocratic nature. In a conventional tax system, taxpayers hold governments accountable through elections. In Cayman, the majority of revenue comes from fees paid by expatriates and foreign investors who have no vote and no voice. They fund services they cannot fully access and infrastructure decisions over which they have no say.

        Conclusion: A Mirage, Not a Haven

        The Cayman Islands is not a tax haven—it is a jurisdiction of stealth taxes. The lack of overt income and corporate taxes is more than offset by a labyrinth of indirect levies that extract significant revenue from residents and businesses alike. Far from being a paradise, Cayman represents a fiscal mirage that hides its true costs beneath the surface. It’s high time this reality is laid bare. Residents and businesses deserve transparency, accountability, and a government that is honest about the cost of living in this so-called “tax-free” utopia.

        See: https://www.caymancompass.com/2024/11/13/analysis-is-public-spending-in-cayman-out-of-control/

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        • Shabba Ranks says:

          Seriously, what planet are you from? Where else in the world can temporary workers vote or have democratic rights? Nowhere! You have to be a citizen of the country. For some reason, some non citizens here think they are entitled to the benefits of being an actual citizen is the most bizarre thing I have ever witnessed.

          yes we have indirect taxes. Don’t foget that employers dont have to pay work permit fees for Caymanians and status holders. Yes we pay import duties. But I can assure you the indirect taxes we pay will never amount to the amount of taxes paid anywhere else in the world. income tax in the US and Canada alone is easily 20-40% and in some cases higher. Canadians pay 15% on GST/HST in some provinces.

          Then the other argument, eat local and consume local and you avoid import duties completely.

          Anyway, nice try on downplaying Cayman but you got to try harder. When are you coming back? The Cayman frisbee is a real thing.

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          • Anonymous says:

            Oh, bless your heart, you’ve truly missed the point, haven’t you? Here you are, defending the Cayman Islands with the same old tired arguments that conveniently gloss over the real issues. Let’s dive in, shall we?

            First off, your attempt to brush off the democratic deficit with a “where else in the world” argument is both lazy and disingenuous. Just because it happens elsewhere doesn’t justify it here. The fact that non-citizens contribute significantly to the economy while having zero say in governance is not just bizarre; it’s fundamentally flawed. It’s not about giving temporary workers voting rights; it’s about the principle of taxation with representation. But I guess if you’re content with this ‘no voice, no choice’ policy, you’d probably be fine with a monarchy over democracy.

            And let’s talk about these “indirect taxes” you’re so casually waving off. Sure, employers don’t pay work permit fees for Caymanians, but that’s missing the forest for the trees. This simply means that the cost is passed onto the companies, which then adjusts wages, prices of services, or reduces benefits, effectively taxing everyone indirectly. It’s like saying, “Don’t worry about the storm, it only rains on the crops, not the farmers!”

            Your claim that indirect taxes in Cayman are less than anywhere else is laughably simplistic. Have you considered the cumulative effect of these taxes on the cost of living? In the US or Canada, at least you get some semblance of public services for your tax dollars. Here, you pay through the nose for every imported good, every car, every gallon of gas, and what do you get? A road system that might be better navigated with a compass than a map and public services that are often as opaque as the tax system itself.

            Oh, and your solution: “Eat local, consume local.” Brilliant! Except last I checked, the Cayman Islands don’t exactly produce their own electronics, medicines, or even enough food to sustain the population without imports. So unless you’re advocating for a return to subsistence living, your advice is about as practical as suggesting we all swim to work to avoid fuel taxes.

            And about that government spending? You’ve conveniently ignored the fact that despite no direct income or corporate taxes, the government’s expenditure per capita is through the roof. Where does this money come from? The magical fairy of indirect taxation, perhaps?

            In essence, your reply not only fails to address the core issues but also seems to revel in the status quo of an opaque, regressive tax system that disproportionately affects those least able to afford it. If anyone’s living in a fantasy, it’s you, clinging to the illusion that the Cayman Islands is some kind of fiscal utopia rather than acknowledging it’s a cleverly disguised tax labyrinth. Wake up!

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            • Shabba Ranks says:

              let’s address the elephant in the room. Temporary workers pay taxes everywhere else in the world and have no right to vote or influence the democratic system except through protests and forming unions. Answer this question, where else in the world are temporary workers taxed (everywhere) and given representation (nowhere)

              Good luck to you sir/maam! I probably wont have a response that makes any sense or answer the question, enjoy your life and I hope you never return to the Cayman Islands.

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              • Al Catraz says:

                Where else in the world do they represent such a high proportion of the population?

                There are, incidentally, many jurisdictions in which non-citizen residents can vote. This fact is used to confuse stupid people in the US who do not understand that, yes, non-citizens can vote in location elections in many places, but cannot vote in federal elections.

                In the US, for example, non-citizens can vote in local elections in the District of Columbia, San Francisco, Oakland, and many other smaller cities. The State of Maryland Constitution leaves it up to local municipalities, and there is a roster of Maryland cities where non-citizen residents can vote. The same is true in Vermont.

                Your continued repetition of this untrue “fact” of yours proves something other than what you think it does.

                • Anonymous says:

                  How would that even work in Cayman? We don’t have municipal elections. There is a single level of government (parliment). So your argument is completely invalid. Dubai has a population of over 80% of expats and not one of them can vote.

                  • Anonymous says:

                    I think the argument for, e.g. financial services PR and status holders to be able to vote (i.e. I accept that you don’t want Jamaicans voting) is that the Caymanian political class is amongst the most corrupt, stupid and incompetent in the entire world, and that includes the third world.

                    Caymanian politicians are almost exclusively from the bottom 20% of the population. They are all self-serving grifters.

                    That’s why people say that something must change, and one suggestion is that high value expats who REPRESENT THE OVERWHELMING MAJORITY BY VALUE of the economy would be in a great position to effect positive change.

                    It won’t happen: the MLA grifters recognise expanding the franchise for what it is – a threat to their monopoly on power. Caymanians can’t say that they weren’t warned, though! 🙂

                    • Anonymous says:

                      That’s well all and good. If we had another major cat 5 hurricane, your kind would be the first to jump on the plane and flee back to your home country.

                      Although, i’ll completely retract everything I just said, if you would give up your other citizenship and exclusively call Cayman your home :). Then we can be friends.

              • Anonymous says:

                Yes, people pay taxes all around the world (including Cayman, already), but nowhere else in the world is governed by bottom-feeder pond-life like Chris, JonJon, JuJu, Kenneth, and Mac.

                You’re shit. Your politicians are destroying your own territory (it’s not a country). That’s why they are held in contempt.

            • Anonymous says:

              @1:04:
              There are so many flaws in your comments that it is hard to know where to start.

              Let’s dive in, shall we?

              You claim that the “where else in the world” argument is “lazy and disingenuous”, but then you assert an equally slothful ” it’s fundamentally flawed” opinion, but you offer no fundamental flaws other than referring to “the principle of taxation with representation”. Where did that principle originate? In Cayman? Or elsewhere? If elsewhere, let’s fall back on your assertion: “Just because it happens elsewhere doesn’t justify it here”. Don’t be lazy: please do give a credible justification of why that principle must apply here, while non-citizens being excluded from voting elsewhere must not apply here. You claim that this situation is part of a “democratic deficit”. I shall counter that this occurs as an outcome of the exercise of the Cayman citizens’ democratic prerogatives: the citizens of
              the Cayman Islands have thus far wanted to keep it that way. There is no “deficit”, just an outworking of the democratic process as provided for in the Cayman Islands Constitution.

              You say: “Your claim that indirect taxes in Cayman are less than anywhere else is laughably simplistic”, but in your equally laughable indolence, you offer no empirical evidence that the statement you so passionately decry is incorrect. Have YOU considered the cumulative effect of the indirect taxes on the cost of living? If so, don’t be so lazy and please do give us the figures and references. Then give us a comparison as to how the figures stack up to jurisdictions with direct taxation.

              You claim that the situation where non-citizens contribute significantly to the economy while having zero say in governance is just bizarre, but you offer no sound reasoning on exactly why it is “bizarre”, and you offer no presentation regarding what criteria you use to reach your conclusion.

              You assert that the indirect taxes are passed on to “everyone”. How is that different from what happens in places with direct taxes?
              In jurisdictions with income taxes, business figure in taxes when determining the cost of their goods or services to consumers. “Everyone” is a consumer.
              In jurisdictions with direct taxation, income taxes are part of the overall operating cost structure for a business. Businesses need to cover their operating
              expenses (such as salaries, raw materials, rent, etc.) as well as any taxes they pay. To determine and maintain profitability, businesses incorporate various costs, including income taxes, into their pricing structure. The final price paid by consumers reflects not only the cost of production but also indirect costs, including taxes.

              You seem to imply that one of the sub-optimal outcomes of our indirect taxation system is “A road system that might be better navigated with a compass than a map and public services that are often as opaque as the tax system itself”. Many jurisdictions with forms of direct taxation that pays for public roads suffer from poor roads. Likewise, many jurisdictions with direct taxation are plagued by a lack of transparency in government and government corruption.
              What evidence can you present that the poor infrastructure and the lack of government transparency would magically disappear if we adopt direct taxation?

              You state that “…the government’s expenditure per capita is through the roof”. In your opinion, would that suddenly and magically change if we had direct taxation?

              It would seem that you have slid down the very slippery slope that those who oppose introduction of any form of direct taxation fear: The subject of the article
              is the proposed 2% p/a tax, to only expats, on real property they own here. Rather than focusing on the commenter’s “mission creep” and bringing the discussion back to topic, you have turned that very limited tax proposal into (a very lazily and poorly supported) argument in favour of a full blown income tax
              system for everyone. Wheeee! Down the slippery slope you slide…

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      • Anonymous says:

        For professional services expat workers, Dubai is categorically superior to Cayman:

        1. Scale and Opportunity

        Dubai’s stature as a global financial hub dwarfs Cayman. The emirate hosts regional headquarters for the world’s largest multinational corporations and financial institutions, ensuring professionals have access to a diverse and thriving job market. The Cayman Islands, by contrast, is a niche jurisdiction, entirely parasitic on the work of financial services expats.

        2. World-Class Infrastructure

        Dubai boasts infrastructure that rivals the most developed cities worldwide. From its state-of-the-art airports to luxury housing and cutting-edge transport systems, it is designed for efficiency and convenience. Cayman lacks any sophistication, with sub-third world infrastructure unable to cope with demand. E.g. Dubai has a cheap and efficient monotrail, whereas the NRA in Cayman struggles to even implement physically-segregated bike lanes. For a single example summarising the entire Caymanian political class though, nothing can beat the dump: Mount Trashmore is a stinking microcosm of the corruption and incompetence than personifies Caymanian politicians and the infrastructure which they have failed to develop.

        3. Actual Non-Taxation Without the Isolation

        While both Dubai and the Cayman Islands offer notionally tax-free salaries, Cayman actually imposes work permit fees which are just disguised taxation. Dubai is actually tax-free, and provides a cosmopolitan lifestyle unmatched by the Caymans. Professionals in Dubai enjoy access to world-class restaurants, entertainment, and shopping, all within a vibrant, international city. Cayman is a remote, backward and insular territory where dining and recreational options pale in comparison, and even basic goods often come at exorbitant prices due to import dependency.

        4. Cost of Living

        Living costs in Dubai, while high, are far more reasonable when weighed against the quality of life and availability of goods and services. In Cayman, the cost of living is disproportionately high relative to what’s on offer. Essentials like groceries are eyewateringly expensive, with far fewer choices available. Dubai, by contrast, provides value for money, whether in luxury apartments or everyday shopping.

        5. Connectivity

        Professionals in Dubai enjoy unparalleled global connectivity. Positioned strategically between Europe, Asia, and Africa, it’s a flight away from major business and holiday destinations. Meanwhile, Cayman is both geographically and practically isolated, making international travel cumbersome and disproportionately expensive for residents.

        6. Career Advancement and Networking

        Dubai’s professional services ecosystem thrives on innovation, competition, and the exchange of ideas among a diverse population of global professionals. Networking opportunities abound, with constant access to high-profile conferences, exhibitions, and seminars. The Cayman Islands offers a limited professional network, primarily confined to the financial sector, making it far less dynamic.

        7. Lifestyle and Entertainment

        Dubai delivers a high-octane lifestyle that balances professional ambition with personal enjoyment. From desert safaris to pristine beaches, world-class gyms to cultural landmarks like the Burj Khalifa, there is no shortage of things to do. By contrast, life in the Cayman Islands can feel monotonous, with limited entertainment options beyond the beach, particularly for those accustomed to urban vibrancy.

        8. Diversity and Inclusivity

        Dubai is a melting pot of cultures, with a professional expat community from nearly every nation. This diversity fosters a sense of inclusivity and global perspective. In Cayman, by contrast, bottom feeding politicians make a point every election season of indulging in xenophobic hate speech to whip up confected fury against the expats who fund CIG’s wote-buying budget.

        9. Strategic Vision

        Dubai’s forward-thinking leadership ensures constant innovation and opportunity. Initiatives like Dubai 2040 Urban Master Plan and Expo City demonstrate a commitment to long-term growth and sustainability. In the Cayman Islands, development is simply in response to kick-backs an bribes from developers (https://caymannewsservice.com/2023/09/donkeys-developers-and-deaf-ears).

        10. Democracy

        The UAE isn’t a democracy – but unlike Cayman it doesn’t pretend to be. Cayman is a corrupt kleptocracy which practices a pervasive system of “fridgocracy,” where votes are bought with gifts and favours rather than won through ideas. This has long-since destroyed any genuine democracy, leading to corruption and complete absence of any political competence. The UK is aware of this but chooses not to intervene because it has its own problems, and if the UK tried to do anything, bottom-feeders like Fat Chris, Sex offender Mac, Crackhead Kenny and JuJu would scweam and scweam like Violet Beauregarde in Charlie and the Chocolate Factory. Democracy in Cayman is long dead. https://caymannewsservice.com/2024/09/ideas-and-oratory-versus-fridgocracy/

        Conclusion

        For the professional expat seeking growth, opportunity, and a world-class lifestyle, Dubai is the obvious choice. The Cayman Islands, while quaint, simply cannot compete with the scale, energy, and ambition of Dubai. Why settle for small-scale island life when you can thrive in a global metropolis that leads the way in every arena? Dubai is not just a destination—it’s the future.

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        • Anonymous says:

          This is slightly hyperbolically articulated, but largely correct.

          Cayman’s best days are behind it, back in the 1970s and 1980s, before there was any competition from Dubai and Singapore.

          The only real advantages Cayman has left are slightly cooler weather than Dubai, and closer proximity to the US, for those who care about that. Neither are any thanks to Caymanian politicians, all of whom have been value destructive throughout the decades I have been here.

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        • Anonymous says:

          Honestly can’t even finish the drivel you just posted. Cayman and Dubai are completely different regional centers with much different demographics, land sizes, culture etc etc. Maybe if you compared us to Bermuda you would have a leg to stand on.

          Put me on a beautiful 22 mile long island in the sun with low crime rate, excellent pay, world class healthcare and high dollar purchasing power over a concrete high rise jungle in the middle of the desert, surrounded by empty souls working and living alongside you with no sense of community. Let’s not forget the islamic laws that can get you fine or land you in jail…eating on the bus, having a dirty car, saying the F word, spreading rumours, PDA….LMAO! Enjoy!

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          • Anonymous says:

            Beautiful?! Cayman is just a concreted-over version of far better islands. It’s like Miami except the politicians are retarded, and the cost of living is exponentially higher!!

            Cayman’s so-called “charm” has evaporated, leaving behind an overpriced, overrated island that’s all sizzle and no steak. The place is a tourist trap, not a tropical paradise. Here’s why:

            – Beach or Bust: Apart from Seven Mile Beach, which is now cramped with Jamaican higglers and Indian salesmen, there’s zilch. No stunning landscapes, just a flat, bland land with overpriced real estate.

            – Tourist Invasion: The island is crawling with cruise ship rats who swarm the place, clogging roads, and making life a living hell for locals. These one-day wonders bring nothing but litter and congestion.

            – Price Gouging: Thanks to the Cayman Islands Government (CIG), everything’s taxed to the hilt. Tourists are fleeced at every turn, making the place a wallet-drainer for anyone not in the 1% club.

            – Cultural Void: Where’s the authentic Caymanian culture? Buried under a pile of foreign trinkets and cheap souvenirs. The local identity? What local identity? It’s been sold out to the highest bidder.

            – Environmental Disaster: The reefs, once a diving haven, are dying faster than a politician’s promise. It’s like watching the island’s soul being stripped in real-time.

            – Safety? Yeah, right: With rising crime and that mass shooting making headlines, the old “safe haven” narrative is as dead as the reefs.

            • Shabba Ranks says:

              I suspect you are looking for some utopia that will accept you outside of your home country and that sounds like its a tall order. Wait till Dubai implements sharia law for non muslims and you’ll be on a boat headed straight here. LMAO!

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              • Anonymous says:

                I think you’re agreeing with the guy in Dubai. If Dubai did that, everyone would leave, and Dubai would be doomed.

                This is the point of most people’s comments: Cayman needs expats FAR more than expats need Cayman. CIG and the third world civil service are parasites who rely on fees paid by expats. Those expats have choices. Cayman is becoming ever less attractive.

        • Shabba Ranks says:

          Honestly can’t even finish the drivel you just posted. Cayman and Dubai are completely different regional centers with much different demographics, land sizes, culture etc etc. Maybe if you compared us to Bermuda you would have a leg to stand on.

          Put me on a beautiful 22 mile long island in the sun with low crime rate, excellent pay, world class healthcare and high dollar purchasing power over a concrete high rise jungle in the middle of the desert, surrounded by empty souls working and living alongside you with no sense of community. Let’s not forget the islamic laws that can get you fine or land you in jail…eating on the bus, having a dirty car, saying the F word, spreading rumours, PDA….LMAO! Enjoy!

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          • Anonymous says:

            “22 mile long island”

            Jammed with traffic, and pretty ugly in most places, with rusting cars, garbage and sh#t roads. Yeah, great. (Let’s not mention the 4-mile and shrinking strip of sand that doesn’t really deserve the title beach, let alone 7-mile beach…)

            “in the sun”

            No thanks to Caymanians (or expats for that matter). Also very much not unique.

            “low crime rate”

            Opinions vary, particularly those of the 3rd world minimum wage workers who Caymanians abuse to work in shops which are regularly robbed in West Bay et al by criminals who Mac imported and gave his status grant to, as part of his efforts to build his ‘garrison politics’ base, which Saunders and Bryan are now copying.

            “high dollar purchasing power”

            Eh? You’re parasites on the US dollar, and simply bilk people for exchange fees. KYD is worthless: it’s sole function is allow banks and retailers to rip off their customers. Oh, and to allow dumb locals to pretend that it’s a real currency. FO.

            “empty souls working and living alongside you with no sense of community”

            Actually, my friends there tell me it’s very nice. Lots of people like us, and no constant yapping from inbred failures who are determined to blame the predictable consequences of their own poor choices on expats.

            “the islamic laws that can get you fine or land you in jail…eating on the bus, having a dirty car, saying the F word, spreading rumours, PDA…”

            Yes, this is why Dubai is crime-free, as opposed to Cayman, which very much is not. You take your pick. Dubai is getting even better; Cayman is disintegrating. Good luck!

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            • Anonymous says:

              Who hurt you? Are you back in your own country now paying endless tax and wishing you were somewhere better? speaking of better, since you think so lowly of Cayman, where in the world that you have personally lived and work would you say is your top choice? I’m just curious.

              Anyway, have fun in Dubai if you ever actually move there.

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          • Anonymous says:

            You forgot the beautiful dump! Not to mention to the accompanying delightful stench of rotting garbage which pervades a large swathe of SMB corridor!

            How many other countries can boast of having such a unique local feature – and having it for over 20 years! It truly is a superb example of Caymanian commitment to excellence in all things. Indeed, it embodies and exemplifies the level of Caymanian competence in all things political and administrative.

            Also the traffic, the bottom feeders peddling crap at what’s left of SMB, etc etc.

            Try not to consume your own bullsh#t. Cayman is already a highly questionable value proposition, and you’re already working hard to worsen it.

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            • Shabba Ranks says:

              Why do people come to Cayman like yourself and hate it so much? Have you actually lived and worked in other countries? Why don’t you go and spend some time in some third world countries and then be humbled at the place you were priviledged to form such a bad opinion on. You liked the money didnt you?

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      • Anonymous says:

        It’s not tax-free. Work permits cost $$$$$$$.

        Dubai is tax-free, however.

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        • Anonymous says:

          It’s not just work permits. The major tax is the “social hiring” requirement to employ Caymanians in large numbers, to keep WORC happy. This is the largest form of indirect taxation. The reality is that e.g. accountancy firms don’t need dozens of secretaries, they’re just ‘make work’ jobs as the price to be paid to do business here.

          If Caymanians wanted proper jobs, they would get top notch academic results, get graduate trainee places in New York, Ottawa, London, etc. and they return to Cayman with international experience. They don’t, so they won’t.

  3. Resident says:

    This idea is a good sound bite/buzz phrase just before election.

    The logistics of implementing it would take a long time because we do not readily have a listing of who owns what around here.
    So many shell companies and Caymanians fronting as if they own properties but are just being used by foreign investors.

    An island who boasts of their financial standing and who encourages foreign investments but also want to tax only foreign investors/resident expatriates. Make up your minds what you want.

    Cayman Islands want foreign investors but also hate that foreigners own anything.

    Cayman Islands want cheap labor to do the jobs Caymanians will not do but complain about the other nationalities that come here to do those jobs.

    You cannot eat your cake and have it too.

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  4. 40% Minimum for both buyer and seller says:

    Stop talking start taxing get it done Saunders !

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  5. Anonymous says:

    How to kill the goose that lays the golden eggs.

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  6. Cayman Ian Donkey says:

    May lbe just maybe you tell the Premier to stop building that $50+ million school in the Brac for 150 students, there’s a savings in one, I’m sure there’s laod more wasted government funds to save.
    I would like CNS to investigate how much the DOT spent on n that so called tiktok influencers week vacation and what we really got for those funds? In fact check out their tiktok, there’s really one 20 seconds of the island, if that’s what you call the island. Another waste of money from unqualified person running out country.
    Now to this donkeys idea of a tax, what a stupid idea. Maybe just maybe there’s other ways to raise funds, like lottery, legalise gambling, legalise weed and tax the sh.. Out of it.

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  7. Chris Johnson says:

    This stupid idea stands no chance in. Ding passed. It is not only unworkable but would take many years to implement. The idea is simply vote buying.
    I just have to laugh when I see big Macs name there. This is the guru of high finance that somehow overlooked the fraud going on at First Cayman Bank and then filled his boots from commissions on sale of condos at the Ritz Carlton. You will recall this was another fraud where a religous group lost $200m and many local contractors also lost millions. Seymour, another financial Wizzkid needs go back to kindergarten .
    As demonstrated by our auditor general in her reports these guys have no understanding of finance.
    It is all pie in the sky folks, so relax.

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  8. Anonymous says:

    What does Saunders think the impact on rental costs will be, if he suddenly shakes down overseas landlords for $$$$$$ every year?

    Will they selflessly suck it up themselves, or will they pass it on to us – their RENTERS?!?!?

    FFS.

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    • Anonymous says:

      The idea of paying someone who doesn’t even live here for a roof over my head on my own homeland that I was born on sounds even more ridiculous; be for real for a second.

      If this discourages foreign ownership then GREAT. The current generation has been literally dying for another 2008 market crash for a good entry point for home ownership. It’s inflated now due to demand from foreign millionaires meanwhile high school leavers have to compete with them.

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      • Anonymous says:

        You’re not competing for the same houses. Even in the US, Canada and Europe, high school leavers are not “competing with millionaires”, foreign or otherwise. The former need basic homes, the latter want (and can afford) $multi-million mini-palaces. Developers will build the latter, not the former. That’s not an expat problem, much though it may feel cathartic for you to pretend that it is.

        There is a need for affordable housing, but that will NEVER be commercially attractive to developers, so it needs to be implemented by competent, intelligent, hard-working, honest politicians who have their voters’ best interests at heart.

        You see the problem?

  9. Anonymous says:

    Let me see if I can wrap my head around this.

    1. Government has to spend $80 million on people who cannot afford healthcare because the Health Insurance Companies are making millions insuring only the people who are healthy.

    2. Instead of making healthcare universal where everyone has to be covered, and instead of going after the Health Insurance Companies who are making big $$$ of the people who don’t really need health insurance but government forces them to have it, Saunders thinks it’s appropriate that foreigners who own property should pay for sick Caymanians health care?

    3. When all the foreigners have fled the country, will all of the sick Caymanians suddenly recover, or will Saunders have to turn to the rest of us to pay for them?

    4. If government was capable of getting by without any tax once implemented, they would have stopped issuing work permits a long time ago.

    5. But here is my plan, it’s the Future Fronting System (FFS). I will tell the foreigners to lend me the money to buy their houses and condos, and I will rent it back to them for less than they would pay in tax, and a whole lot less than the monthly payments on the money they didn’t lend me to buy their homes.

    6. Damn. I just realized that I will have to compete with Dart for that business, and he is probably more believable if he tells government that he purchased all those condos on 7MB that foreigners used to own.

    FFS Saunders, try to buy a brain. Actually, order a few dozen and share with your friends.

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  10. Anonymous says:

    Previous generation summed it up suscincly!

    GREED CHOKE PUPPY!!

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    • Anonymous says:

      No tax if the property ownership is shared with a Caymanian is just another loophole. Is a 1% ownership enough.

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