Hello investors, purchasers, vendors and friends,
Welcome to the first blog for the Cayman Islands which focuses on real estate and issues that influences the price or health of the real estate industry in Cayman.
For those of you that are not familiar with a BLOG, look at it as the cheapest place to vent and voice your opinion without paying someone to sit on a couch.
I encourage frank and open dialogue. Use this area to share your opinions and suggestions about immigration laws, e.g. 7 year rollover debate, interest rates and bank control on loans, tourism, over population, hurricanes and safety, expats and influence on real estate prices, Dart and other major developers and the cost or the benefit to the country and any other issue that is just driving you insane.
Don’t hold back, let it out. You can write anything without feeling like you'll be penalized or thrown off the island or lose your work permit and what ever other form of torture you would expect for speaking your mind.
Click on comments below
8 comments:
Paul, the purpose of the person coming here on a GOL is to work. If the intention is to live, APPLY for residency with the right to work. This is the provision of the law. If the worker buys a house while on a GOL, when the 7 years is up, they can then sell at a profit. What is the confusion? No country has a policy that an immigrant can choose to live in the country and be automatically granted status. Switzerland is one of the hardest places in the world to be granted status.
Why cant I get paid for the land govt is taking for roadworks? They propose to take it, tell me what they want to pay ($10 psf on wb road front) and take their sweet time doing so. The comparables are from $33 to $66 on said parcel. If I choose to not to accept the $10 I will never be paid, just like the 1,000's of Caymanians who are still waiting for payment. This is clearly against the Road Laws (2005 revision). Any suggestions?
I would like to comment on the anonymous response with the GOL comment. How can someone think about living or investing anywhere else without first experiencing the place? As a "New Caymanian" I have lived here for over 15 years and contributed much to these islands. But I had to first experience this world first before I made a buying decision. I don't have lots of money to just "invest" outside my homeland. It was a decision made after I worked here for a period of time and then decided that I would like to have a home and stop paying rent.
I understand that this is a small island but we have all contributed to the growth and prosperity of these islands. I have spent so much money on fixing my home and even financing my home from CNB (a local bank). The government made money from my stamp duty, I could go on and on about how I, or we, the expats contribute but I think we all know. I don't have a problem with trying to curb the population explosion, what I have a problem with is the length of time the government is considering having someone leave before their time can roll-over. I think it should only be for 2-3 months, instead of have someone disrupt their life for 1-2 years. If they don't want a mass exodus of people leaving this island they should change this policy.
Paul, I think this site is a brilliant idea.
I would like to agree with the comments on immigration procedure. If life is too stressful for the expat not knowing if their application to remain on the island will be successful, they can leave. They are here to work, and presumably they get paid too. It is an even exchange. Caymanians OWN their island, and make policy that MUST be respected. It makes our land civilized. Kudos to Immigration Board for taking this stand. Is the contribution of the expat valued more than the rights of Caymanians to govern and protect themselves? No, I think not. Hopefully, the expat will enrich themselves and enjoy their island living experience and when it is time to move on, do so with happy memories.
Looks nice! Awesome content. Good job guys.
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Caymanians need to ask the government why the 7 year roll over limit does not apply to expats working in government. The govt does not want to spend time training caymanians to assume these positions so why should the private sector bother. The government needs to set an example.
Please see it from our point of view.
We (Caymanians) are some of the most loving, caring, understanding people you will find. I have been, to Europe (UK, Ireland & France) some places I am still awaiting a response to my 'Good Morning'. The irony of this all is that in the absense of a law like the Rollover Cayman is destined for failure. I have to ask anyone who is thinking about purchasing property here, would you consider this if Cayman was over populated? We constantly here tourists complain about our landscape changing to look like Miami Beach, trafic etc. Cayman has only so much land to give. Why not live in piece with the locals, work for an honest wage and be able to raise your living standard in your own Country. I say this with a heavy heart because I would like everyone to just live here in peace, but its just not possible. Look at the headline in todays Compass "Ugland House Scrutiny" basically the Cayman Islands reputation is at stake because Foreign investers may have evaded tax in their own country. We can't open the flood gates, I understand that Expats contribute to our economy throught Stamp Tax etc. However, that was their choice, nobody forces anyone to purchase land/property here. When I go to the USA etc I HAVE to pay tax on items I purchase. That's being forced to contribute, but why would I complain when I chose to go there. If you ask me, stamp duty is a joke. A one time fee, opposed to paying property taxes for life? We love you Expats, but we are just saying that we have nowhere to go, or do we want to go anywhere. Please see it from our point of view.
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