No UK or EU Taxes for BritishCitizens living in Cayman
Dear Sir
I refer to your article in last week's newspaper concerning theWhite Paper.
I should like to express my thanks for the publicity you gavefor my views on this matter. I must however correct one errorin your covering article. On Page 11 first column, you state "Oneof the most notable disadvantages would be the taxes incurredby a British Citizen that are not incurred by a citizen of a BritishDependent Territory. An example is V.A.T, that is Valued AddedTax. As a member of the EU when purchasing goods in the UK, notinclusive of books, a tax of 17.5% is added to the purchase price.Presently as a citizen of a British Dependent Territory when leavingthe UK or other EU nations, this tax or its equivalent may bereclaimed from Government when leaving the UK or other EU Nations."
This statement is incorrect. As I said in my submission, Britishtaxation is not based on citizenship and there are no tax implications(advantages or disadvantages) in holding British Citizenship.As any tax advisor will confirm, taxation of British Citizensdepends on a formula of residence, ordinary residence and domicileand is not related to citizenship or passport.
For example I travel on a British Citizen passport and alwaysreclaim my VAT on leaving the EU.
W S Walker
Selling out has its price
Dear Sir:
I'll without my comments on the status-quo of the Cayman Islandsfor the moment until some research has been accomplished, if ever.
My first visit to your country island was in April of 1964, theairport was hardly as large as the gift shop you now have at thenew facility. Obviously there have been changes for the betterand perhaps for the loss of the original charm of the islands.
My concern (having lived in the Greater Antilles for over 25 years)is multi-fold and entwined in the improvement of the Caribbeancountry islands to become more self sufficient, while remainingcompetitive with other world markets.
Obviously this involves raising the standard of living in a textof remaining affordable to those who live and earn a living, keepthe brains at home, (or bring them back) whenever possible, andprotect the very fragile environments while developing naturalresources and new capital projects.
This is an oversimplification, and you have heard of this in themedium of every intellectual group that exists, however the aforesaidremains to be the largest and most difficult challenge facingisland populations everywhere.
In short, if one sells out to foreign developers without certainsafeguards in place the nationals will eventually hold the shortend of the stick.
That's enough for today.
Again my thanks.
Gordon Kirk
Cause to be mad at Gause
Dear Sir:
Thank you for the story I was told that I should look for on yourweb site (Liquidator vs. Liquidator) yes this was indeed the storyI was seeking.
I invested my hardearned NFL retirement $$ with this Gause ...and appears I might lose it all ... I will continue to pull upyour archives ... there is a big meeting of attorneys and creditorsdown there (in Cayman) I believe June 14-15-16.
I will not come for that but an attorney representing severalof us will be there. If anything exciting or of interest shouldcome up in your coverage, I know that you will be covering thiscase.My ex-employer has a condo on 7 Mile Beach and I couldn'tbelieve when visiting with him that a unit next door belongedto Gause. I wish I could have been able to get inside to get someof my $$ back. I was told that Gause's furnishings were well over$300,000!
I am a retired NFL football referee and used to handling big guys.I would sure like to handle Gause. We get to Cayman every so oftenand really enjoy the hospitality and the wonders of the island.On our last visit we went out to the new castle venue (Pedro's)...what a treat! We were surprised so few people were there.
Thanks again for your help with your web site.
Don Wedge
Alternatives to Seven MileBeach
Dear Sir:
As the prices continue to go up and up along Seven Mile Beach,real estate agents are now beginning to be asked "Are therealternatives to the high prices of Seven Mile Beach?" Theanswer is "Yes", if you are willing to be located onanother beach or are content not to live on the water at all andcan drive to the beach.
To make this decision you must ask yourself some important questions.How often are you going to use the property? How important isit to be located on the water? Is rental income of primary importance?
If you are only planning on using the property for a few weeksa year it may make more financial sense to rent it long term tosomeone and rent a hotel/condo when you visit the Island. If waterfrontproperty is important there are other more reasonably priced propertieslocated on the water.
If rental income is important then there is no denying that SevenMile Beach will produce the highest rental income of any otherlocation on the Island.
Being on Seven Mile Beach can mean a 60%-120% increase in thesquare foot purchase price. Depending on the age and conditionof the complex. One option is Cayman Kai/Rum Point, which doesboast comparable sandy beaches to Seven Mile Beach.
For example a 3-bed/3.5-bath condo located at "The Retreat".This 2,800 sq. ft. oceanfront unit is on the market for 40% lessthan a similar unit located on Seven Mile Beach. Another possibilitywould be a condo located on a canal.
A developer of a small 12-unit complex, within walking distanceof Seven Mile Beach is convinced that here is a market for alternatives.Currently under construction, his units will have a comparablesquare foot size and amenities to a recently sold out complexon Seven Mile Beach. That is now on the market as a resale forthe average price of $2 million. He intends to price his unitsin the region of US 600,000.
Jeanette Totten