Words: Ashley Rigg
Published: 3rd September 2009
Cayman Islands faces bankruptcy
The Cayman Islands, tax haven and overseas property destination for wealthy bankers and hedge fund managers is heading for bankruptcy according The Guardian.
The government is struggling to pay its own staff and government suppliers are not being paid. The situation has been made worse by the British government, which has overall responsibility for the island, refusing to bail out the country.
The Cayman Islands which is the 12th richest country in the world despite having a population of only 51,900, is now discussing raising taxes to balance the books. The most likely candidate is the introduction of a property tax.
It could also be bad news for Microsoft's Paul Allen and golf champion Tiger Woods if the government decides to raise mooring fees as both keep yachts on the island.
Full story on
The Guardian website
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