$½ million homes will buy PR
(CNS): The premier has unveiled another plan to encourage people to invest in the Cayman Islands by offering those who spend more than a half million dollars in real estate to apply for permanent residency (PR). During his announcement last week regarding the temporary suspension of the seven year rollover policy, McKeeva Bush also cited using PR as a carrot to encourage those who could afford it to build homes. He said this would be another way of injecting money into the economy and more jobs would be created as a “spin off from” the investment. Bush said he would be discussing the matter with Cabinet and the public.
The plan would involve an amendment to the immigration law, which he said he hoped to fast track but he did not indicate whether the opportunity to get permanent residency would only be open to those building a house, those who already had built a home, or those who had purchased a property worth over a half million as well.
Amongst the current amendments that will be introduced into the immigration law would be “an opportunity for persons who invest upwards of $500,000 in a home or other development real estate to apply for and be granted the right to permanently reside,” he said, stating it would not only encourage those who were here to invest but also encourage those who are planning to come to the islands to invest here as well.
“I will discuss with Cabinet and discuss it with the public as I feel we need to fast track the law,” he told his Legislative Assembly colleagues last week. “If we can get people building homes now this will create a huge injection in the economy of work and spinoff from it and be a buffer in the double dip recession period in the USA,” Bush added.
During his surprise announcement about the suspension of rollover, which is expected to take effect before November, Bush indicated that there would be several other changes to the immigration law to try and encourage more investment. He stated that he wanted to introduce more specific incentives into the immigration law to encourage “large and medium sized financial institutions to utilise the Cayman Islands as a viable jurisdiction” for their businesses.
“Our friendly, fast and efficient business ethos must return without any further delay. Each one of us in all walks of life has a part to play in promoting our country and developing it as one of the most desirable places to work and conduct business,” he said.
The premier emphasised his belief that the current immigration policies have driven away business and those in senior positions. When that happens, Bush said, local people suffered as several support jobs were lost with the departure of every senior manager.
The suspension of rollover is also expected to stop the exodus of up to 6,000 people during the next twelve months or so, many whom originally came to the Cayman Islands post Hurricane Ivan and who will now have the opportunity to apply for another permit. If they are then granted another permit in their seventh year, they will go through the eight year residency period enabling them to apply for permanent residency.
There are now growing concerns about the pressure this will be placed on the permanent residency board, which is already dealing with a significant backlog of residency applications and which will begin to see the affects of this suspension in 2013.
Category: Politics
Mostly any of the drug cartels can find a half million dollars. Thats no money a day. What about the quality person you will be selling out to? Mack as much as I like you thats a bad idea. Did your Deputy sell that idea to you?
Residency with the right to live No Problem – but NOT with the RIGHT TO WORK. As long a we are attracting persons with the financial capacity to invest and afford to live here without working then whats the problem.
This is pretty much the same scam they were running in TCI when I was there. At that time $250,000 invested in the islands gave you status.
The problem is that you had to add quasi-legal kickbacks to that figure as everyone and their proverbial Mothers took a cut and look what happened.
Other posters have already covered this but I'll go over it again – $500K is small change to drug gealers, money launderers and any number of other scumbags you do not want on the Cayman Islands. This proposal is DUMB!!!!
Don't write that type of blog someone in the UK might read or hear about this and come and apply direct rule like they did in TCI and you know that this is not the case our government is not corrupt like TCI. You are just another of those people who want to destabalize these isalnds with you hate blogging. What if some news organization in the USA get a hold of this and stop their citizens from investing here and buying property in Cayman. People show be mindful of what they write.
LOL. I hardly think the UK is depending on posts on CNS to make those decisions. I am sure that they are fully briefed on what is going on here.
"you know that this is not the case our government is not corrupt like TCI".
How you know that? It certainly appears very similar to the former TCI Govt.
McKeeva is that you? It certainly sounds like you.
More wealthy americans, means more drugs, more drugs, more crime.
The problems in cayman are not going to be solved with money, but with a change in culture.
A change in culture comes from the people.
The only people that profit from this plan are the contractors and the real estate brokers.
I'm American and am building a beach house here. I'm 62 and haven't planned to work in
Cayman (except over the internet). I'd like to have PR so I can come and go as I please without the restrictions on tourist visas. Otherwise, I don't care about it. However, I think this policy would encourage others like me and would definitely help sell some of those houses that have been on the market for years. PR for retirees has been too expensive to bother with. Rich retirees didn't get that way by blowing $25k per person on things that are not worth it. Cayman has the weird idea that people with money can be conned into buying property no matter what the price. The lack of sales should dispel that notion.
I agree with you. Cayman seems to think that they are the only island in the Caribbean that "clueless" people with money are dying to live on. Cayman, there are many other islands in the Caribbean that offer just as lovely beaches and crystal clear water and a lot less hassle to become a citizen, not a permanent resident but a citizen.
Someone must have told the Premier that Cayman was the next millionaires' playground. It is not my friend! What do you have to offer that is so different from other Caribbean islands? A tax haven, I don't have to live here to invest my money here.
I can invest my money here and go live in Dominican Republic or Belize where the cost of living is much lower than here and have access to some lovely beaches and I guarantee you it is not going to cost me $500K to obtain citizenship.
In addition with the recent crime spree, not sure I would want to live here.
I must applaud the Premier for persistence, he never seem to give up on these "pipe dreams" which always seem to lack rational thought process and when they backfire he is not deterred, he moves on to the next pipe dream.
I want to believe that given his past behaviour of ignoring expert advice he is making these decisions solo because if he is actually listening to someone or a committee on these ideas, they all need to be exiled somewhere.
Permit Fees = Money to CIG
It's ironic that for so many years Cayman has been an almost 'closed' society – an exclusive club that required year after year the payment of permit fees. Yes, this discouraged long term investment by the individuals, but it kept them in a holding pattern. The net result was $$$ income to CIG for all the expat workers.
What now? What happens when the pool of expat permit fees runs dry? Where will CIG get it's money from? Higher import duties?? GST?? Who knows!
What the Government needs to do is set in place a fair and equitable process so that businesses, skilled workers and non-skilled workers have a clearly defined framework. A top hedge fund manager should have the ability to become resident, with their family based on income, investment and commitment to our islands. THey should be granted a 25 year residency permit.
Non skilled tranient workers that typically do not invest, send their money back home should be on a rollover policy of 7 years. If this person decides that they want to invest into the island and purchase a home etc, they too should be able to get PR.
Government needs to offer expats a desireable work permit solution based on skill level, income and investment ability. One that will encourage people to move to Cayman AND invest in Cayman.
You still have to pay a fee when you have PR if you want to be able to work.
Reading CNS is a little like reading Complainers Quarterly. Expats complain about Caymanians, Caymanianscomplain about expats, and everyone complains about the government. No one feels they are treated fairly in the workplace OR the marketplace, and to read some of the comments, nine tenths of us are living in poverty or will be very soon. No one wants to share the prosperity, in case it means an ickle bit less for them… NO one seems to have the vision to pull themselves out of this gloomy morass of self-pity.
The sun is too hot, the sea is too salty, and that blue sky overhead is just too damn blue! Why oh why can't we trade it in for a red one!
Get real people. I have always enjoyed reading CNS, but I think I may have to give it up. It is beginning to make me despair of humankind.
I used to read CNS regularly but now only look at it once a week or so. I couldn't take the regular doses of complaining and ignorance anymore.
Well another 1 killed last night or found early this morning. Price is now at 400K( East End, Georgetown and West Bay is NOT included)
This man is a complete SELL OUT! Our island should NOT be for sale. Why give foreigners the benefit of earning permanent residency (which basically gives you "caymanian" rights) just because they've spent over $500,000? My mother hasTWO homes worth over $500,000 and what did you offer her? NOT A S**T! Get your act together Mr. Bush. You are a disgrace to this country!!! Instead of selling our country out you should be trying to protect our species which is becoming extinct. Instead you invite others into our country and take away the little we have left. Make it known straight OUR COUNTRY is not for sale! Come for your 7 years and leave. It's already bad enough that they come for 7 years invest little and take back everything they've earned back to their country!
I am a young Caymanian with a child! When he is of age and wants to invest into HIS country and there is nothing there to offer him what should I tell him? "Son, our Government sold us out"?
You like the a lot of "young Caymanians with children" who do not have a job, are not married, and depend on others whether it be family or the country to feed, cloth and house you and your child have no idea what you are talking about.
PR does NOT give anyone the same rights as a Caymanian!
PR does NOT give a person the right to work in the Cayman Islands!
PR does NOt give a person the right to vote!
What PR gives a person is the right to do is live in the Caymanian Islands (in the expensive house on land bought in the first place from a Caymanian) for an indefinite period thus allowing them to spend more money in Cayman so you can go to Miami to buy your stuff.
I do not agree with what MAC is doing not for the uneducated reasons you give but because it is possibly his intention to use this as a first step to giving away more status grants which would be selling out the country.
By "our species which is becoming extinct", do you mean native Caymanians? And/or are you suggesting Caymanians are a new branch, having split from the Human species?
I paid one million dollars for my PR now they have been discounted down to half a million dollars. I bought much too quickly, I wish I had waited, with the current government in power this time next year PR will cost about ten bucks (Jamaican $$ and no offence to Jamaicans). But again you never know maybe Mac will announce a plan to refund me $500,000.00 since I bought early.
What a shame and a disgrace!!! I mean really now…… HOW LOW WILL YOU GO?
Caymanians of descent….. you should be ashamed of your selves for allowing such a travesty of a policy to ever be ligitimised or legislated. What is wrong with you??? Wake up people!!!!
He hath founded it upon the seas and we are allowing it to be sold and sitting back and watching our elected government selling it on the shoreline.
BIG ROCKS AND PINT BOTTLES!!
Dont you know the old adage,"dont gain the world and lose your soul"?
"Boy unnuh foofool doh ya nah!"
Wisdom will always be better than silver and gold, and only a compound jackass or a crackhead would sell his countries citizenship or allow it to be bought. CAaymanians of descent, dont you understand that this is your birth right?? Your portion in the land of the living.
WILLIAM MACKEEVA BUSH being the architect of such a bag of feces policy you are no longer fit or worthy of being the Premiere of the Cayman Islands!
STOP MUCKIN UP DE PLACE AND STEP DOWN NOW!!!
PR alone is not enough. No one will pay that kind of money for PR without the right to work unless they are retired. Rich retirees can go anywhere and there are lots of other nice places to go with a lot less hassle.
If you are talking PR with the right to work, well now that might be worth it. Would it apply to both spouses or just for one? Would that mean the house would have to be worth a million $ house for both spouses to have PR?
Since PR work permit fees are illegal, it will make sense for employers to assist land purchase of work permit employees.
Finally, a move to attract wealthy retirees.
Cayman needs many more retirees to live here and bring money in year after year to apend on goods and services.
I have a nice property I’ll sell you for $500,001 as soon as this law comes in force. I bought it for $750,000 back in 2007, so $500,001 is about right today given the Cayman real estate market going off a cliff. Amazing how rollover, recession, fees grabs and crime can utterly destroy the economy of an Island. That said, I’d rather lose the $250,000 now than ride this pig right into the ground. Anyone?
Or you could buy mine for $499 000.00! I bought it in 2004 for $350 000.00, just before the worldwide housing market began its unrealistic and unsustainable bubble. I would be glad to make $50 000.00 on it and would feel fortunate to earn such a large sum for absolutely nothing. It's either that, or buy any of the houses currently for sale along SMB whose owners still feel a cool million is a reasonable markup…your choice.
If you bought a property in Cayman in 2004 for $350,000, it’s worth maybe $175,000 today… if you can find a buyer who doesn’t know what’s actually happening to Cayman now, and that’s a very big if. You might fire-sale it at $150,000 in a crunch.
You and rest of the property owners in the Islands trying to sell for boom-year prices can keep holding your dream, keep your heads buried in the sand, and keep the “For Sale” signs on your properties for a few more years like every second house on the Island has. Truth is it’s all over for Cayman real estate, and the funny thing is that people keep building more.Stupid is as stupid does, as Forest Gump would say.
Firstly, I am JOKING. My house is not for sale. Secondly, it was valued during the "boom years" as you call them for $650 000.00.
A comparable house beside mine sold for $599 000.00 two months ago, so you may want to reevaluate your understanding of the island's current real estate market.
Thank you for the character assassination though. I would wish you a good day, but you seem like a glass half empty sort of person…
I'm interested. What was your CUC bill last month?
That's for me to know, and you to find out… ;0)
It was a lot higher than this time last year, I can tell you that! Let's hope for cooler weather over Christmas, or Santa might not be coming this year…
Just look around you folks. The entire western world lacks leadership. The USA, Europe including our mother country and of course the entire caribbean is like a rudderless ship heading for the rocks with a drunken captain in charge.
Every move that is made by our leaders send us into deeper problems. This really looks like the end of our era as we know it and no one seems to have the slightest clue as to how to stop the downslide or change direction.
Every word said or thing done only makes matters worse. Heaven help us all.
any ideas?
YEAH, how 'bout we Keel Haul ol' Cap'n Bush, take the wheel, swing this ship around 180 degrees and head back out to calmer waters..
Is this buying a house or financing a house with a value of 500,000.00?? There is a big difference!
If the financing was arranged through a local bank, would that not be money coming into the country too?
Not really, either way the buyer is committing to spending in Cayman. Either way the seller will get full price and if on a mortgage the bank would get 20 or 30 years of interest payments…. which would mean jobs.. profit.. etc..
Another half baked hair brain scheme. Just like all the others. They will only buy a house for the short term after they get PR they will put the house for sale.
I know several expats who did just that and the day they received their status papers the house went for sale. They rent.
Pfffft. As if it is that easy to sell a house in Cayman. Even in the boom, most houses sat on the market for a year or more…
That's a pretty stupid and expensive way to get PR… Do you have any idea what it costs, besides the cost of the property, to buy and then turn around and sell a half million dollar home??? Dingdong, anybody home? And if you have that kind of money then who cares about your statement. At least the government has the funds it wants.
Your story doesn't make sense. Besides, which is it, PR or Status? PR and Status are 2 entirely different things, achieved in entirely different ways with entirely different benefits and restrictions. Neither of which makes you Caymanian with full rights and benefits.
You obviously don't have that kind of money and not an expat. If you did/were you would understand the theory behind it. And yes I know exactly what it costs.
Do I get a bullet-proof vest with my 500K house?
I'm sure the foreign millionaires must be just lining up by the thousands to move to the Cayman Islands. I'm sure they don't read our news headlines about nightly shootings and robberies.
I think the roll over has been proven 8 years,and the uneployment rate is still climbing
Another Dumb idea by our Premier.
First it was the million dollar status grant…..which netted zip, zero, nien, (Elio) takers……
now i guess with all the killings in west bay and town Mac is having a sale…..
$500k investment for PR! come on down, come one come all!
You vote in a proven loser and expect results? Talk about a dumb idea!
The Chinese have lots of money so I bet they are standing in line money in hand for their PR Saudis are also very wealthy and $500,000 would be like pocket change for them. The Chinese would bring lots of money and investments They are very educated with excellent business management skills. If the Chinese are allowed here to set up business this would be a very good thing because they could bring factories and industries to the islands and this would provide jobs so that all Caymanians that want a job would be able to have one. The Chinese have lots of money so they would buy our real estate and rent our apartments, eat in our restaurants, shop in our supermarkets, stores and other businss. Selling of PR is a good thing WINNING! Welcome , we are open for business PR applicants welcome.
JOKERS!!! Stop playing with people's lives!
Wow I can spend $500,000 on something that in five years will be worth $300,000. Fantastic!
I sincerely support this move by the Premier. What Caymanians must realize that No foreign person is putting a gun to your head to sell your property to them. So if they buy property here on the Island, it is because you want the money and they want the land.
I agree with the Premier move on this, further more we have to still be very carefull about the people we give PR to, because we want to keep a certain stardard of life still on the Island. Not saying that we have to be like the Jones,es but let everyone live comfortable, with a nice home and a nice vehicle and being able to support their family. If we invite and give PR to more of the bums than what we have here it will only be a bigger strain on the governments pocket.
Because the social Service department of this country has a long list of expatriates on their Pauper list paying rent, electricity. water, and giving them spending vouchers for food too., while the receivers are strong and healthy and young, married to Caymanian idiots. They are not doing this to help Caymanians.
For instance check the long list in Bodden Town, Children & Family services. Just go on a hot sunny Friday and watch the expatriates line up for rent, utilities, and food paid. About 200 Expatriates and about 10 Caymanians. More will be exposed on this, just keep reading.
So I would much prefer the rich and famous to be sold PR. they are no burden on us.
I hope that investment would also allow a back ground check with interpol and have a stipulation that the property must be developed within a certain time frame. 500K is chump change for PR, raise the price. I dont get it you want mega yachts and private jets and the you offer only 500K? Turn this place into another Monaco if thats your plan.
What a sell out , only 500K for PR. Come on Mac at least go for 750K to 1 million. Perfect for the US investor vacation home or even they give up there US residency and move there money over and no taxes. Most Millionaires per capita are in the US, Russia and China if my research is correct.
The banking system is what has cayman what it is
This is the system i'm fourty and this is what i remember has always been i guess before my time.
For example High school graduates in 2011 some will go onto college the rest stay here and go back to local college or get lucky (who knows you) and get work. The young ones that stay on island and go to college and or work get their license this year or in 2012 the banks make it easy to buy a new car for $ 65,000 i think its like five percent ( 5%) $3250.00 once you have a job for a bit and a bank account your good to go . Now want some fun try to get that same young person to Qualify for a $65,000 dollar piece of land. You would need $ 20,000 cash and that be CI dollars, bobo ! also you better have some good co-signature for surety with that. MORAL of the story if it was as easy to buy a car through or banks every Citizen would have a piece of these three ROCKS !!
It will have safeguards.
i don't understand how he is encouraging an injection of money from expats to get PR, but yet he doesn't want to give them good jobs. this is completely the opposite of what he is trying to do with the lawyer legislation.
we want your money, but we don't want you making money in our country. makes sense, i completely see the logic.
Are you kidding me….. This has got to be the worse idea ever.
As a rich expat myself, I welcome this news.
Time to buy permanent residency for my family and friends.
I look forward to becoming a Caymaninian permanently.
Anyone needs PR my house is up for $550,000.00 4 Bedroom 3 1/2 bath
A couple of years ago Mac announced that a $1M investment would buy you PR, now it's $500K. Wait a few years and he'll be having a governmental garage sale of PRs and you'll pick one up for a $1.99!
My dear Caymanian brothers and sisters. We have sold out out nation to the highest bidder. Are we satisfied yet? Tears are rolling down my cheeks as I type.
I am so lost. I cry to the Living God. I beg you, please help us.
The day will come when Caymanians will curse the minute and dam the hour for their foolish decisions.
Its never their fault.
For Sale as of right now…. my 2 bedroom Condo in Cayman Crossing – $500k… thanks McKeeva! You ROCK!!!!
Yes Mr. Dart, What's that? Your ready to start construction on phase one of your residential properties in Camana Bay, Why yes sir, how many people do you think we will need to give PR to so that they will want to buy those properties. Yes sir I see, Cambridge Realty? Why do you ask? Only a small commission on every sale, thats all we seek. Thank you sir……..
Suspend the rollover policy for twelve months, people will have to buy property or land to apply for PR. If all goes well or doesn't go well, then it will be extended for another twelve months, people will have to buy property or land to apply for PR. All sold now?
Well this is one step some where and all those that love Cayman……. so much u can sign up now and get your PR becuase a lot of u need it . This is the best place u have ever come to because u guys
shore r not in a rush to leave.
The planning laws need to change too. Right now a 3ft max fence is not cutting it. I want a ten footer like MAC!
When you become Dicktator you can have one. Just tell your appointed CPA Board that is what you want and they will bow down and give it to you. Then you can build it with the peoples money.
bow down, i like dat
Yes, me too !!!
And it only seems fair that the people pay for mine as well.
I think this would be helpful if it were for people to purchase already existing properties. There is a huge surplus of properties for sale on theIsland – surely we don't need to build MORE? That will just drive the prices down.
US$ or CI$?
good idea….now get it done!….don't waste another 2 years talking about it….
Well, it's not exactly a new idea. Just about every Western country allows residency if you plonk some money down on a home or into a business. How much they want depends on which country you want to settle in.
Attention – ALL CAYMANIANS!!
Start buying up what you can in Cayman NOW!!!
It wil be gone in the blink of an eye!!
buy with what?…magic beans not accepted!
I wish moving to another country was this EASY!!!!!
i would be long gone!!
Only in Cayman boy!
How does buying a home worth at least 1/2 a million, which then gives you the right to apply for PR, make it any more or less easier to move here?? tell you what, you ain't going anywhere not becasue of it's lack of ease in other counties, but in stead because you're just too lazy!!
Three words to describe McKeeva = Big Caymanian Tragedy
my three words car-car – sell out caymanian!
This is a great idea however as a young concerned caymanian it makes me wonder if this system will allow any criminal with $500k or more to obtain PR; being that it is quite evident that Caymans systems are corrupt already!?!?! Just a scary thought!!
If this does go forward, i would only hope it work out much better than we all imagine <3
What your woried about is just a drop in the bucket to what you have now AND they will own a $500k house. Amazing that with all the criminals and and the crime in Cayman you would look at this and see a problem with criminals.
How much more day dream stories is this man going come up with this counrty is already sold out .
Here we go again. Sell out!
The middle of a GLOBAL ECONOMIC RECESSION is NOT the time to implement policies that carry the potential to completely change the societal, cultural, and socioeconomic makeup of any country. Especially one with as sensitive a makeup as ours.
Once again we are witnessing knee-jerk and reactionary policies by Caymanian leadership.
So tired of this bull$hit.
* Lastly, can we please stop with the rhetoric of; "because of the rollover our economy is suffering".
Every other "great" western country is SUFFERING economically and job-wise at the moment. Honestly, it is as if some people have no shame.
Never before have I witnessed such intellectual dishonesty.
Will someone with enough patience to teach a two-year-old to run a country re-iterate to this moron, that we have in the driver's seat for another year and 7 months, that it is a worldwide recession, which, by the way, was not caused by the PPM Government, The entire world is suffering financially. He has to renew his accusations that the PPM has caused this recession and in the second breath, he spends money that the country does not have. The people who are begging the Department of Children & Family Services for financial assistance. We used to be able to feed our family of five people with 500.00 per month. Now we can only buy chicken and ground beef to eat because things are too expensive. Rice, potatoes and meat are good for you, but certainly not on a regular basis. When is this going to end??????? We are looking at one of the reasons for the escalation in crime and no one seems nto realise it.
Poor, Poor People.
Especially when a key point of the rollover was to restrict the number of people who were able to spend 8 years on the island and qualify for residency. Ifthe first time that there is a serious question about a large number of people actually being "rolled over" and reaching the 8 years it is changed in favour of another untried and tested scheme then how many times does the country have to go through this kind of nonsense before finally settling on something workable (and agreeable to business leaders)?
These companies have had several years to prepare for the potential rollover of 6,000 people and should have made appropriate succession plans to take on (hopefully) Caymanian staff. Now, if you believe the way the stories are written, Cayman will lose 6,000 people who seemingly will not be replaced and the companies they worked for don't seem to have employed any Caymanians who will be stepping into their shoes or the unemployment rate would be non-existent.
Mckeeva, what are you smoking or inhaling down there in WB? Right now it seems like you would sell ANYTHING, so sell them you fort in WB!!!!
More of MacDumDum's "Give Away Cayman" policy.
It's tragic that there were many fantastic and productive people here that had invested millions, that were denied key employee for offices where they were the SOLE employee. Cayman summarily booted these fine work permit paying folk, and now rolls out the carpet for every tom dick and harry with two nickels of collateral? Not only does it not make sense, it shames our integrity as a nation. If we let it stand, we'll deserve it.
Yes it was and is tragic and you should be ashamed of what you call your integrity as a nation and you deserve everything that is happening to Cayman right now. Face it. Everything about "key employee status" was a lie. Still wonder why no one belives anything that Caymanian leadership says except of course Caymanians?
Now I feel safe to get a loan to a home of $500.000 and pay it in 500 years!!!
that's is a good news…..about a $ 1/2 million dollar home but shame I only have $499.000 I hate my life right now!!!!
This will be good for real estate companies. I am sure this had nothing to do with it, but I seem to recall that one is owned by the Premier's wife.
I think this is an excellent idea. It will encourage exactly the type of immigration we seek – which is the professionally qualified, middle manager who has some funds to spare, does not generally send everything they earn out of the island, and generates employment opportunities for Caymanians. FANTASTIC
The collateral requirements for a $500k home are pretty low even for expats.
I like this idea, but I would like to see it expressed as $500k in paid up collateral pledged towards Cayman assets of any value, house, business or other fixed assets or investments.
That would make more sense. People in that category are less likely to become a future social burden/drag, which is what the PR/Naturalisation/Status road is all about restricting. It is important to keep that founding principle in mind.
I believe that there is an error with this headline, shouldn't it read "$1/2 million can buy you PR"? I do believe that $1/2 million in the right place as far as this government is concerned will buy you PR!
Well…my 1.2 million "dolla" house should be worth aboy 500K in another year or so. Then you can be sportin my crib….homie.
Cayman already sold bo bo. They are trying to stop people from leaving.
Since my house is over a million can I just skip to Status?
I'll sell you mine.
Has McKeeva completely lost his mind?! This is not $1/2 million dollars in the Treasury. This is not an investment that will necessarily bring any jobs as persons can simply purchase existing homes. Virtually every expat financial industry professional on this Island can afford a $1/2 million home. He seems detemined to screw over Caymanians.
No. The half million will go in the real estate peoples pockets. It's just another misguided attempt to get people "feeling good" about the economy without making any real progress.
It is obvious that this current government is anti-small business and against local eutreprenuers that are not wealthy. They give concessions and grant favors to the big shots, and purport that they will save the economy. But we are on the same page, the life-blood of the economy, is by causing the creation and sustainance of small businesses, lowering permit fees, duties, licences, and offering incentives… so jobs can be created. On the contrary, the current goverment believe in bettering Cayman by joining hands with the big shots and granting them favors, because they have all the money. This is so stupid, because these same big shots will exploit workers and pay them little, and if you want a job where else will you find one when they create their own monopolies.
With comments like that, God help us all. Please supply the evidence for your comment reagrding expat's financial capacity becasue I know many expats in the financial industry that would be strecthed to afford a$1/2 million house. But I do not see this policy as encouraging expats to spend their money here anyway – with the uncertainty regrading tenure and even the future of the island – who would take such a risk?
No, God help us all when we have mindless people like you chattering. Don't you understand that the grant of permanent residency means there is no "uncertainty regarding tenure"? Clearly there are many on here who are willing to take "such a risk".
I have many years of experience in the financial industry. The average expat financial industry professional is not only qualified but has a number of years of experience. Certainly every expat holding position of audit manager and above in one of the big four accounting firms and partners in any other accounting firm will qualify; every expat associate or partner of any law firm of greater than 10 lawyers will qualify. All senior management at every Fund Administrator and every bank will qualify.
There are a few classes of PR. PR only means the right to stay here.
PR alone is no good to a working professional as it wouldn't enable them to work and pay the mortgage. PR with right to work though….
My understanding is PR can be taken away from you – correct me if I am wrong… Also the uncertainy the other poster may have been referring to is the continual flip-flopping on policy decisions from this and previous goverments, which means that you never really know where you stand – I would say that this is sufficient to warrant the "uncertainty regarding tenure comment" – wouldn't you?
PR cannot be arbitrarily taken from you. The Law defines the circumstances in which that can happen:
(a) he organises or engages in subversive political activity, or organises, causes or promotes racism within the Islands;
(b) the Board is satisfied that information given in his application for permission to remain permanently in the Islands was false in a material particular or concealed a material fact;
(c) he has been convicted of an offence against the laws of the Islands;
(d) he has been convicted of an offence under the laws of another country, the nature of which offence would, in the opinion of the Board, make his continued presence in the Islands contrary to the public interest;
(e) he becomes destitute;
(f) he becomes mentally disordered or mentally defective as defined in the Mental Health Law (1997 Revision);
(g) he is medically certified to be suffering from a communicable disease that makes his continued residence in the Islands dangerous to the community;
(h) he is reasonably believed-
(i) to be a prostitute and to have come to the Islands for the purposes of prostitution; or
(ii) to be living on, or receiving the proceeds of prostitution;
(i) he fails to maintain the level of financial investment stated in his application for permission to remain permanently in the Islands;
(j) he is deemed by the Governor to be an undesirable inhabitant of the Islands; or
(k) he has been ordinarily resident outside the Islands continuously for a period of one year or more.
We've never had the flip flopping beofre that we are having with this govt. They will be gone in less than 2 years.
Great idea. Rollover is one of the main reasons I haven't bought property here and i think that's true for a lot of people. If he really wants to stimulate the housing market he could also do something about the CIREBA price fixing as well!
CIREBA's price-fixing is a running disgrace and should be abolished, if necessary by statute. It's observed in the breach anyway, with every agent happy to take a cut in commission to get a deal done. Let's see proper competition and give sellers the chance to shop around for the best deal. This is after all supposed to be a free-market economy.
I agree, an inquiry needs to be held into CIREBA – commission rates are outrageous.
What are the benefits of buying a home in Cayman? Does it cost a lot to own? What are utlility bills and strata fees like? Can I rent it out? Can I readily sell it if need be?
To the xenophobic loals who will freak out about this….please stop and think before saying this is a horrible idea and that more population will take away your birth-right.
Firstly, if the system was allowed to work like it was supposed to, being Caymanian and in a minority would work in your favor. We need to get Caymanians back to work and back to zero unemployment of the 90's. This can only be created by more opportunity.
If Caymanians truly were a minority and really had hiring prefence, then we would go back to the old days when hiring a Caymanian was a feather in an employer's cap! The training would happen again. The succession planning would be implemented again. (Can we agree the system is not working the way it is???)
Right now, we all know the rollover backfired. We are about to lose another 6,000 ex-pats and their spending dollars along with them.
The rollover backfired as we now have 15% unemployment for locals and many-man-many y of these locals have degrees and are qualified!!!
Employers were so fearful of the rollover that their incentive for hiring Caymanians somehow dissapeared.
Goodbye rollover, welcome new dollars, and please for the love of God, make Immigration FORCE the hiring of Caymanians.
Rollover did not cause thousands of expats to leave, the recession did. If qualified unemployed Caymanians had any hope of being employed in the financial industry this lunatic idea has completely destroyed that. This is simply no reason to hire them anymore.
Agree – I agree ! I am glad that this has come to a standstill – crazy all these people leaving…wrt Caymanian's unemployed…there is more to this than meets the eye…as an expat employer here for over 15 years (yes I have Status) my experience with the majority of Caymanians we hired was that they are the only people I know that think sick days are the same as holiday days…with the exception of about 2-3 who worked hard and nominally abused that privelage ! This was mainly women in the "secretarial" or office assistance role…I know a handful of Caymanian Employers who wont hire Caymanians for this reason. Another sad reason is that in the last year I have seen evidence of 3 Caymanian women STEALING from theirEmployer…now that is scary….people dont hear about this…sliding in their own personal bills when paying off say a development's bills. Sadly I dont hear about them being prosecuted either !! I wish we could hire more Caymanians, but in my personal case, I wont if I can avoid it – work ethic as a key reason…and trust – sad to say.
I am not sure what type of business venture you are in but your statement is very saddening to me
"I wish we could hire more Caymanians, but in my personal case, I wont if I can avoid it"
You are using a blanket statement to that qualifies every Caymanian I understand there are bad apples in the bunch but as a young Caymanian I have a wife and son and another child on the way I have 'made it' all my friends have 'made it' we all have children who we raise in the same fashion that we were HARD work and DIRTY never hurt nobody | Always put ya best foot forward.
To read your statement makes me feel like my son /children when they come of age will be looked down on because people feel the same as you do and never give them a shot at anything in life.
As a parent that is very disheartening.. I would say to you that you should get out and about renew your experience and knowledge of Caymanians because you are so jaded by what you have come to know as Caymanian
I am all for the hiring of Caymanians…..Caymanians QUALIFIED to do the job and not just any Caymanian that comes applying for a job they are clearly not qualified to do.
And they will actually show up to work on time, every day, and actually work as hard as other nationalities? Where can I find some of those? I am a small business owner with a great grandfather on the black wall by the court house. And I am sad that the Caymanians don’t want to work, but also mad that I have lost permits for others, who were dedicated and loyal, to make way for young Caymanians who worked for a week or two.
Of course this is business you need to have the right tools to get the job done.
I think alot of businesses work with that is easy for them they know that they can get expats to do the jobs because the probablity of finding a qualified Caymanian are smaller then finding a qualified expat BUT at the same time that does not mean there are no qualified Caymanians to do the job.
It just means you have a smaller pool looking in cayman verse oversea. now some people would take this further and say well the quality and quantity in cayman are 'sub par' because of experience but this is the point of having the 'sub par' Caymanian who may be lacking in experience understudy.
But there are those amongst us who believe that Caymanians are as dumb as driftwood…
I like how you started but your logic is flawed.
You stated:-
"Right now, we all know the rollover backfired. We are about to lose another 6,000 ex-pats and their spending dollars along with them.
The rollover backfired as we now have 15% unemployment for locals and many-man-many y of these locals have degrees and are qualified!!!"
IF we "lose another 6000 expats and their spending dollars along with them"
WILL that not mean 6000 jobs to be filled by the 15% unemployed locals as you rightfully said "many-man-many of those locals have degrees and are qualified"
????
so did the rollover policy backfire or was the Rollover policy about to work as intended but it was stopped by Big Mac to prevent it from being affective….????
This is called Politricking…
You can fool some people sometime… but you can't fool all the people all the time…
So i say shame on Big Mac for trying to fool all the people…
How many of these so called qualified caymanians filled the jobs of the 4000 Expats that were already rolled over or just left. Having a degree means nothing unless you are actually willing to work hard and do a good job instead of just acting like you are owed something.
For thing to change Caymanians need to be willing to work hard an prove themselves worthy.
Why must everyone insist on playing these games… how many of those 4000 expats that were being rolled over have a succession plan in place that was begin followed by their bussiness of employment … don't play that game come on, answer that first and then you can talk about this and that…
I mean honestly… How many educated Caymanians do you know, all the educated Caymanians I know we walk around with the weight of the “Na Sayers’ like you on our shoulders to prove people like you wrong. So you probably have not meet an educated Caymanian before who fits the imagine you are trying to portray
The businesses know that they only have 7 years with the skilled labor. During those 7 years it is the responsibility of the business to actively seek out Caymanians /residence to be TRAINED under the skilled labor. NOT wait until year 7 and say OH there are no skilled Caymanians… that is game playing…
The businesses KNOW they only have 7 years, it is in their best interest to find a ‘best fit’ Caymanian who meets some basic requirements and have them understudy but they don't do this and wait to apply for exception "key employee"
I myself worked for a company who had been beating the system in the same way they had a expat in a high level technical position and the business attempted to put a person "residence holder" with no experience no technical background no knowledge of the job in a position to understudy with no training and offered no chance for education. This was a ploy, a game, rope-a-dop, they knew the person they hired to understudy would fail to learn, so that when it came time they could say "oh the person we have understudying can't learn such high level information, we need to keep our expat as key employee"
Well I was hire to fill a another position BUT I had technical experience in the same field as the expat "word" got back to immigration regarding my being there "a young Caymanian who returned from school WHO had worked in this capacity before with the same company…before I left for university" and the expat was denied key employee.
As you can imagine this made someone uh happy; 3 department heads in particular got very upset, of which 2 of which were Caymanian!!!!! I reported to the 2 Caymanians who had never been to university for the current field of employment or university for any other field period. Those 3 department heads made the next 3 years of my life the worse it could ever be just because they didn't want me there because I was younger and smarter and posed a threat to their existence. After 5 years of fighting to be the Caymanian that stood up I finally left that company, to work for the software vendors that my original company is so heavily invested in.
"To the xenophobic loals who will freak out about this".
That's right anyone who wishes to protect the interests of Caymanians is "xenophobic". Any Caymanian with a brain who wishes his country well will object to this.
What kind of house can CI$500k buy in Cayman? I know what it can buy in the Bay Islands / Florida / California / etc.
Buy 2 or 3!!!!! LOL
Alright!!!!
boy this idiot really out to sell cayman!
Youre the idiot ,What do you expect the man to do ? just ask England for 100 Billion dollars and give each person 100 thousand and then everything will be ok? The man needs to try something . So shut up and support theman ……
How about he collect the monies Mr. Ryan owes the country and stop giving all these DAMN concessions. Howaboutdat bobo
Maybe more Caymanians should by these 500K properties and invest into thier own country.
Yes he is (an idiot) but what do you call the fools that voted for and still are lead by this idiot?
Cayman has been sold out by who??? CAYMANIANS!! Foreigners cannot buy us out if we dont sell us out!
Do you have any better ideas
Excellent idea! This would definitely bring investment to the island and jobs for the locals – provided the violence on the Island is stamped out and the builders can demonstrate sufficient expertise (of which I am dubious about).
This is going to take some careful handling. We should keep the rollover and give greater flexibility to award additional permits or even PR to those people that are worthy of it.
Yes, we need people to stay and become permanent residents, but we need to give the right people this opportunity.
The country cannot be further burdened with a swelling population of non performing citizens. By that I mean one low paid worker bringing in 4-5 other family members that in the end will need government support.
No. We need wealthy residents that will ADD to the CIG coffers – look at the US for example. We need long term residents to buy property, shop in the stores and have long term good paying jobs.
$500,000 is not a lot of money these days. Look at most metropolitian areas properties are well in excess of this amount. I would like to see a higher dollar amount than this – perhaps $750,00 or $1m.
Rollover should be used for transient workers, part-time and low skilled workers. Longer permits should be for essential key personnel, higher paid more stable employees.
I would also recommend that a Corporate Group Permit be offered. For example a company owner wanting to bring their business to Cayman, with their family as residents and a number of key employees. This would be a great way to generate company formations, new businesses, permit fees, housing, consumer spending and increased local employement as well.
In other words this will only work if Caymans immigration deptartment starts to work as it should. And as long as the immigration deptartment is run by underqualified and incompetent but politicaly correct Caymanians who have been hired to do a qualified and ethical job it won't.. Ever. Happen.
If the Premier and his buddies don't introduce some new laws to get the criminals permanently off the streets it will be possible to buy entire neighbourhoods for less than $500K. They need to connect the dots and realise that when criminals drive out honest people exclusive real estate deals on favoured developments will not be worth so much.
Two more categories still to come. PR for anyone who spends $250,000 to purchasea home through an "approved" real estate company. PR for anyone willing to spend $125,000 to purchase a home in the Birch Tree Hill or Logwoodz area.
Would that PR include Rotweillers? And a fence?
Not sure about the Rotweilers, but the fence is definately included in property value.