Real estate fee to save healthcare

MP Chris Saunders is calling for an annual 2% real estate fee to be paid on all properties owned by foreigners. Mr Saunders said Cayman had a pending healthcare crisis that could no longer be ignored, and this was the way to fix it.

“In the next 12 years, at least 14,000 Caymanians will reach the age of 65 and will have inadequate or no health insurance,” he said.

As a result, he was filing a motion asking the government to establish a healthcare protection fund from charging an annual fee of 2% on real estate properties owned by foreigners. The motion was seconded by McKeeva Bush.

“I understand that this will have an impact on foreigners buying real estate in the Cayman Islands but there will be a greater risk to thousands of Caymanian families if we do nothing. We can no longer afford to ignore this issue any longer,” he said.

In response to this motion, Cayman’s real estate industry is calling for dialogue between themselves and the government.

The organisation that represents the industry, the Cayman Islands Real Estate Brokers Association (CIREBA), issued a statement in which they acknowledged the critical importance of addressing the healthcare needs of Caymanians, especially as the Cayman population ages. They also said they remained steadfast in their commitment to the long-term sustainability and prosperity of the Cayman Islands.

However, they felt that the proposal for an annual 2% fee on foreign-owned real estate properties had not yet undergone the necessary consultative or legislative process.

“We support meaningful dialogue around solutions to national challenges, and we believe it is essential that any proposed measures be thoroughly evaluated for their economic and social implication,” the organisation stated. “At CIREBA, our priority is to support balanced and equitable policies that contribute to the growth and stability of the Cayman Islands for all of us who call these islands home. We will continue to monitor developments closely and encourage open, informed, and respectful discussions among all groups.”