Remittances to Jamaica in steep decline
(Caribworldnews): Jamaica has registered a significant drop in money transfers or remittances to the island, a new World Bank report says. ` Outlook for Remittance Flows 2009-2011,` said the 2009 year-to-date period show Jamaica registering a 17 percent decline in remittances, the biggest drop for any Latin American and Caribbean nation. Experts blamed the drop on the slowdown in the US job market. Last year $64 billion was remitted to Latin America and the Caribbean but that number could drop to 60 billion this year, World Bank officials said.
Category: World News
Oliver Roll…….sounds to me like it time for you to roll on outta here! Same old story we’ve been having to listen to for donkey years……we tired of hearing it…..
I am saving all I can to take it home, and the effect of roll-over on business here is a major reason. I could buy a house but it would be a waste of money. I toyed with setting up a business here which would have brought a good few jobs into the economy, but the red-tape is getting too petty and xenophobic, so I am investing mycapital back home. I am recommending to my current organisation that it cuts dow its business in Cayman as it is getting too expensive and the employment laws are eating into productivity.
Oliver Roll,
Yada, yada, yada.
The idea of working abroad is not just to rape the country you reside in for all it is worth and then send it all home. Put some money and time back into the local economy as well. This is a main reason for the expat vs caymanian growing divide, because the expats know they have no future here so send as much money back as they can and spend as little money locally as possible.
I am an expat and put a lot of money back into the local economy because I know that is only fair for my being accepted by the majority of Caymanian people, but any savings unfortunately will never be able to be spent here because I couldn’t buy a house knowing that I will be rolled over in a few years and not be able to sell the house and wasted all that money on stamp duty.
"This is a main reason for the expat vs caymanian growing divide, because the expats know they have no future here so send as much money back as they can and spend as little money locally as possible …I couldn’t buy a house knowing that I will be rolled over in a few years and not be able to sell the house and wasted all that money on stamp duty".
It has become popular to attribute every evil to the ‘rollover policy’ and in particular the mentality of many expats that Cayman should only be seen as a source of economic gain. The truth is more complex than the myth.
Let us be truthful about the issue.
This does not surprise me. Apart from the global recession a contributing factor to the decline is because the government has removed one of the major benefits received by returning residents. I speak of being able to take back the motor vehicle you have been using without an age limit.
Overseas residents must now save to buy new vehicle either overseas or locally to the benefit of the car dealers instead of our families.
Remittances at the last check was the 2nd highest earner of foreign exchange in Jamaica. Every sector which contributes to the economy receives some benefit or tax break from the government.
What about us who work overseas and send foreign exchange home?
Instead of encouraging us to send more, they have removed the major benefit.