Two of our Front Page stories show we are on two lists. None of which is good for our image.

The first one is we have been placed THIRD against every city in the world in a list of the most expensive places to live.

The list has been comprised by Expatistan a website cost of living calculator that allows you to compare the cost of living between cities around the world. The website says “comparisons allow you to get a better understanding of the cost of living of any city before you move there”.

Expatistan boasts 1,204,000 prices 1,950 cities, 202 countries and 335,000 contributors. (Go to: http://www.expatistan.com/cost-of-living)

We all knew it was expensive living here but when only one country is placed above us – Switzerland – that is staggering. Only Zurich and Geneva are the cities above us.

No other Caribbean country makes the top 50 list!

And it is bad news for our reputation as a clean country to do business. We have been included in the European Union of the world’s 30 worst-offending tax havens who are “non-cooperative jurisdictions”.

When a country like Luxembourg is not included it makes for a nonsense analysis of on what criteria the 10 EU members came to make this decision. The UK did not make any suggestions, nor did Germany.

We are a ‘commonly recognised pariah jurisdiction’ the report says.

We are not the only Caribbean country listed – Anguilla, Bermuda, British Virgin Islands, Montserrat, and the Turks and Caicos Islands are our companions.

Cayman Finance was quick to release a statement and also asks the question on what standards have been used by these 11 countries to come to such a conclusion?

They rightly point out “the Cayman Islands has exchange of information mechanisms in place with all but one of these countries”.

The release finishes with optimism I do not share:

“We are confident that if these 11 EU countries transparently and objectively evaluate the Cayman Islands robust international tax cooperation regime against global standards that the Cayman Islands will be promptly removed from this non-compliant list.”
The biggest word in that paragraph is “IF”.
I don’t think we are going to receive a glowing press release from the Department of Tourism about Cayman Islands making it on either list.