The Cayman Islands are comprised of three islands Little Cayman, Cayman Brac and Grand Cayman. They are based in the Caribbean sea and are a British overseas territory. It is a wonderful location with great weather and for many reasons a perfect place to buy a home. Property easily obtainable in the Cayman Islands has become popular amongst property investors not just due to the location but in addition due to the taxation system without any capital gains, no income tax and no inheritance tax – you can understand why!
The language is English with all the Cayman Islands dollar (CI$) being the neighborhood currency nevertheless the US dollar is accepted everywhere. The federal government gathers its revenue by charging import duty which may be from 5% to 22% and particularly for cars everything from 29% to 100%. The climate is normally Caribbean, the dry season is November to May and also the wet season May to October.
In case you are thinking of moving to and working in the villas grand cayman you need a work permit. You need to submit an application for this prior to deciding to arrive and you may need an offer of employment (the employer normally applies with this permit). Essentially, Cayman tourism offers the four Ss – Sun, sand, sea and spa. And water sports for your energetic, obviously. And after a hard day of fun, tuck into delicious seafood at Cayman cookouts. Check out your airline packages and there are many – vacation packages, last minute packages and so on – and fly to freedom.
Once there, choose from one of the numerous resorts which do the Cayman natural splendor proud. Marriot and Hyatt are just a number of the trusted names in hospitality that dominate the Cayman resort scene. Select a studio apartment or perhaps a 1 or 2 bedroom suites. In addition, take pleasure in the special attractions of each Cayman resort. For example, The Reef has a deck that offers new meaning to ‘panorama’. The Hyatt beach suites practically have you diving to the sea out of your third floor balcony.
Whenever a thing of such beauty becomes a joy, you would like to own it forever. Visitors often buy holiday homes and Cayman property developers are selling an unprecedented, mind-boggling variety in living options – land, condos, waterfront homes or deckhouses.
There are homes and holiday suites for each wallet and whim. Cayman Island real estate property also leverages to advantage the peculiar demographics of the Cayman Islands.
There is certainly always a flux of non-native professionals. They purchase properties at Cayman for the duration of their stay and then market it. Cayman Island real estate property never had it so great.
When you get a property in the Cayman Islands you will end up susceptible to the home transfer fee “Stamp Duty” and this would be paid from the purchaser within the closing fees. This fee differs from location to location eg over the Seven Mile Beach it is 7.5% and the rest of the island is 5% and upwards. Once you have obtained a property then the title is recorded in the land registry office along with any mortgage (Charge) on the property. Solicitors fees are negotiable and are generally around 1% in the purchase price.
Based on a study by CIREBA, property is on the increase and, in 2011, sales are on those from 2010. Inside the September 2011 report it appears to August 2011 property has seen a rise of 203% compared to the previous year. There vwdcpb been CI$422 million in transfers up from CI$207million in 2010 and the figures are on 2009 and 2008, but the actual quantity of transactions is down which means the top end property industry is still good but the lower end is struggling.
Mortgages can be found in the Cayman Islands and deposits are usually between 10-35%. There is no interest only mortgage available and you may ask to cover biweekly, that will lessen the interest payments as well as the term could be 20 to 35 years.
Property can be obtained from Land, Condo’s or luxury villas using the higher prices within the Seven mile beach area, but if you buy to let then rental is also high in this region.