Jamaicans face increased tax burden in Cayman

| 10/10/2009

(Jamaica Observer): Jamaicans living in the Cayman Islands will have to find an additional CI$8.1 million (J$891 million) to pay out to the state over the next eight months, as the cash-strapped government slaps them with new taxes – in the form of fees – that it expects will go towards plugging a CI$85 million ($9.4 billion) wide hole in the budget. In 2008, 11,459, or 43 per cent of all the work permits issued were granted to Jamaicans, while traditionally around half of all remittances leaving the island is destined for Jamaica.

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  1. UniqueCommonSense says:

    Maybe this is why the need of the "slush fund" and the $2.4mm cash give-a-way raffle!!! 

    Do you not find it strange that churches do not produce financial records???  Are not audited???  How will we know where it went???  

    There’s no way to trace  any of this money……….. think about it!!!???!!!


  2. CatMan says:

    Are there no banks that are both here in Cayman and in Jamaica?  I have never understood the allure of this Money Transfer busn.  Why not just put your money in a savings account with a debit card, give the debit card to the person in Jamaica, and withdraw the money fee free?



  3. "Caymanian to the Bone" says:

    I beg to differ and will always say, that if Jamaica would stop airing their laundry in Cayman back yard then you all wouldn’t have so much to talk bad about them.  It’s quite obvious that the "Bush/Golding" administration have a common bond and are working together to keep/maintain peace and civility between the two countries. 

  4. Anonymous says:

    I believe that apart from putting the 2% on money transfers, the bulk of the money that travels through the banks in Cayman should also be taxed even if it is half a percentage point to contribute to the budget since there is much more to be gained in terms of dipping into the quantity of funds that flow through the banks. There seems to be a need of a consumer protection agency to speak on behalf of the small person as the organisations such as the chamber of commerce represents the business houses leaving the consumer unrepresented when the government seeks ideas to implement changes. On another point it is time the new labour law comes into effect instead of gathering dust on whatever shelf it is on. Again stopped by businesses with their scare tactics.

    • frank rizzo says:

      The bulk of the $ that flows through Cayman banks is most likely, and I cannot verify this, due to local business and government transactions. When you hear talk of trillions of dollars flowing through Cayman I don’t believe that is true. In my very limited exposure to offshore and cross-border transactions certainly hundreds of millions may be involved in the overall transaction and the papers will announce such and such deal closed for 500 million by XYZ law firm and ABC bank and involved DEF Cayman company. But the truth is, at closing, the $ is transferred between onshore banks and the Cayman company is merely a vehicle to avoid taxes for some facet of the deal and the $ need not travel through Cayman. The assets are flowing through the Cayman company, not Cayman banks. Cayman does not have Brown’s, Obama’s, Merkel’s, nor Sarkozy’s $. Taxing Cayman bank transactions, deposits, or whatever, will only affect the local economy by making it more expensive for local entities to operate. Trust me, dipping your hand into someone else’s $ jar will result in the jar closing so fast you will be lucky to get your hand out.

  5. micheal western says:

     May be the Jamaican Government should pay it for them since their country benefits so much from remittances from overseas and I believe transfers from Cayman arethe 2nd or 3rd highest. 

    • Joe says:


      Guess you don’t know your history very well. !!!!!!!
      Oh forgot Jamaicans got us into this whole mess.
      Next time you in Fosters look carefully and then think about the 2% custom fee and figure out how ridiculous that statement is.
  6. Anonymous says:

    What increased tax burdens are they facing. It is the employer who is facing these increased work permit fees no matter what nationality their employees are – we just may have more Jamaicans on work permits but that does not affect the Jamaican themselves as I said it affects their employers. The 2% on remittances is a small fee to pay for funds being sent out of the country. If people sending these funds dont want to pay this small fee then  I suggest they open bank accounts and wire transfer funds to banks in their homeland and pay astronimical bank fees to do so.  2% is a small price to pay to live in the Cayman Islands and to help the country out of the financial crisis it is in dont you think.

    • Anonymous says:

      u’ve asked and answered ur own question…wheather it is small or not it is still an increase…

    • Anonymous says:

      Lost 4.7% of their pension contribution (which is part of their remuneration)

      2% on money transfers, on top of the already existing fees chatged

      Out of interest why would they want to keep money in Cayman? They are only herefor a few years and they have to keep and support their families back home as they are not allowed to live here.

      Is trying to support your family a foriegn and looking out for your childrens future such a a foriegn idea to Caymanians, that they cannot see why Jamaicans send money home?

      PS many cannot open a bank accoutn here due to years of refernces needed.


    • Anonymous says:

      Why is it that everything should be catered to Jamaicans?  We have a lot of other nationalities working here and sending money back home and you don’t hear them crying foul.  Every country that Jamaicans go to they complain for injustice.  Everything must please them and be their way. 

      • Anonymous says:

        I think they call it hustling

      • Anonymous says:

        hahahah so true post 00:30. I just had to laugh ! any country you go to you have to follow and obey their rules. If you dont like simply dont come.

  7. Joe Average says:

    Twyla,  Jam sends us ganja. 

    We take care of this by raising fees for all the fabulously rich Jamaicans sending fortunes home to their families.

    U don no hear bowt Free Trade?

  8. Twyla Vargas says:

    I dont have a word to say!!!!!!!!!!!!!!!!  no more than   " una work it out.", because every body know whaa go on ya".