Compass Cayman has the results of an online poll asking readers if Cayman should agree to the FATCA (Foreign Account Tax Compliance Act) agreement with the US.
Out of 335 respondents, 57.9% answered no, while only 14.9% said yes. The accompanying article also includes reader comments to further gauge public opinion. Sample quotes below:
“Sentiment in this week’s poll runs high and wild against Washington’s efforts to collect taxes from anyone in Cayman affiliated with the U.S., describing the move as that of a “bully.””
“One voter said FATCA was a “violation of financial privacy,” underlining others’ fears that the intrusion into the local financial-services industry, the costs of compliance and the violation of confidentiality “will be the final nail in the coffin of the local finance industry. Who pays for compliance? We all do!””
“What about our confidentiality laws? Will they no longer mean anything?” one voter asked.”
The small “yes” vote was interpreted to be “based on a grudging acceptance of reality – “Cayman has no choice but to comply or essentially quit doing business and turn away all U.S.funds”.