Recently, I have been surprised to
learn that most people do not understand the true nature of the real estate
They do not realise that this tax
transforms all real estate from freehold to leasehold.
In other words, a vote for a real
estate tax is a surrender of ownership.
Cayman is one of the very few
countries in the world where you can actually own property. This is something
on which Caymanians should place a very high value.
However, because of recent
favourable comments on a real estate tax in the local press, I do not think
that the people here realise the severe and undesirable consequences of having
In the US, for example, governments
regularly seize properties because the ‘owners’ cannot, or will not pay the
real estate taxes that are levied. And
with the tax rising year after year due to inflation, many cannot.
There are endless stories about
families being thrown out of their houses, and off their properties, because of
tax liens placed on their real estate by their benevolent government.
It does not matter a hoot that the
property may have been owned for generations. Because of this horrible tax, the
property they ‘own’ is seized by their government, the descendants are thrown
off of it, and their beloved government sells it in an auction to the highest
Caymanians need to ask themselves
if this is what they really want.
Time is running out, and if we do
not stop this ghastly tax, property ownership on the Cayman Islands will be no
Please wake up and smell the