Cook Islands Unit Titles Bill Attracts Local Opposition
The people of Aitutaki in the Cook Islands are voicing their opposition to
new proposals set out in a land bill which, they argue, will allow foreign investors
to trade real estate to the detriment of the local population. The controversial Unit Titles Bill will allow investors to hold title to portions
of a building without owning the lease of the land that it sits on. The original bill was drafted to apply to land at Vaimaanga in Rarotonga and
Ootu in Aitutaki earmarked by hotel developer Tim Tepaki. However, the amended
bill will cover any project. The extension of the new bill to make it general has excited opposition from
conservationists and local residents who fear for their scarce land resources. Residents of Aitutaki have formed a petition to express local opposition
to the new legislation, which, they contend, contradicts current land tenure
laws that have "protected our shores from ownership of property in the
Cook Islands by foreigners." "The unit titles bill will grant real estate ownership rights to foreign
investors and endow foreigners with the capacity to trade in real estate in
the Cook Islands," the petition, which will shortly be presented to parliament,
added. A comprehensive report in our Intelligence Report series giving background tax and residence information on many of the key offshore jurisdictions is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report4.asp
|
|
IMPORTANT NOTICE: TAX-NEWS.COM has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments. All materials on this site copyright TAX-NEWS.COM 1999 to 2007. Contact us for further information.