Cayman Islands: Paul Fordham

Grand Cayman Dept: GEORGE TOWN, Cayman Islands - One among thousands of lawyers, accountants and other workers from around the globe, Paul Fordham is escaping cold weather and the taxman by working in a sunny British territory in the Caribbean. He and many others, however, worry they soon may be looking for another haven, according to Winnipeg Free Press. "The discriminatory nature of the tax has stirred up so much uncertainty for people who moved here thinking they knew what they were getting into," said Fordham, an insurance sector specialist from the London area who moved to the main island of Grand Cayman 6 1/2 years ago. His recent attempt to sell his house collapsed because an interested buyer was spooked by the prospect of the islands' first direct tax and in this Aug. 3, 2012 photo, the Ugland House, the registered office for thousands of global companies, stands in George Town on Grand Cayman Island. The Cayman Islands have lost some of their allure by abruptly proposing what amounts to an income tax on expatriate workers who have helped build the territory into one of the most famous or, for some people, notorious offshore banking centers that have tax advantages for foreign investment operations. AP Photo/David McFadden The Cayman Islands have lost some of their allure by proposing what amounts to the territory's first ever income tax. And it would fall only on expatriate workers like Fordham who have helped build the territory into one of the most famous or, for some, notorious offshore banking centres that offer tax advantages for foreign investment operations. (www.immigrantscanada.com). As reported in the news.