Monday, August 31, 2009

So taxing

The government has overspent, but that's what governments everywhere do. So in an order to 'replenish' some of this cash, it has been recommended that a slew of taxes be put in place. If they were to implement income tax, let me tell you, we'd be the wind. Cayman, while not as expensive as Bermuda, is expensive in its own right, something like income taxes that would most definitely affect expats, is not going to want to make them stay. You can bet the financial industry here will be the next to crumble and I hope the politicians are aware of the domino effect this form of taxation will create. But, there is the case of property tax that the government is looking at. Rents are at a all time low here in Cayman, it is a renter's paradise but one has to wonder what effect property taxes would have on the rental market. Hopefully it can't be any worse than Bermuda, as her rental market never seems to follow a downward trend.

1 comment:

Anonymous said...

FYI: We've just moved house here in Bermuda and our new landlord is getting 40% less in rent from us than he would have gotten last year.

Bermuda's not all bad, ya know :)