The Cayman Islands are comprised of three islands Little Cayman, Cayman Brac and Grand Cayman. They are located in the Caribbean sea and are a British overseas territory. It is a fantastic location with great weather and for many reasons an ideal place to get a home. Property for sale in the Cayman Islands continues to be popular amongst property investors not just because of its location but additionally due to the taxation system without capital gains, no income tax and no inheritance tax – it is possible to understand why!
The language is English with all the Cayman Islands dollar (CI$) being the regional currency though 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 anything from 29% to 100%. The weather is typically Caribbean, the dry season is November to May as well as the wet season May to October.
In case you are thinking about moving to and working in the rentals grand cayman you require a work permit. You have to make an application for this before you decide to arrive and you will need a proposal of employment (the business normally applies for this particular permit). Essentially, Cayman tourism provides the four Ss – Sun, sand, sea and spa. And water sports for the energetic, of course. And at the end of a difficult day of fun, tuck into delicious seafood at Cayman cookouts. Take a look at your airline packages and there are many – vacation packages, very last minute packages and so forth – and fly to freedom.
Once there, choose from one of the numerous resorts who do the Cayman natural splendor proud. Marriot and Hyatt are only a few of the trusted names in hospitality that dominate the Cayman resort scene. Pick a studio apartment or a one or two bedroom suites. In addition, take advantage of the special attractions of every Cayman resort. For example, The Reef includes a deck that provides new meaning to ‘panorama’. The Hyatt beach suites practically have you diving to the sea from your third floor balcony.
Each time a thing of the beauty gets to be a joy, you need to own it forever. Visitors often end up buying 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 every wallet and whim. Cayman Island real estate also leverages to advantage the peculiar demographics from the Cayman Islands.
There is certainly always a flux of non-native professionals. They purchase properties at Cayman throughout their stay and then market it. Cayman Island real estate never had it so excellent.
Whenever you get a property within the Cayman Islands you may be subjected to the house transfer fee “Stamp Duty” and this could be paid through the purchaser as part of the closing fees. This fee differs from place to location eg across the Seven Mile Beach it is 7.5% and the remainder of the island is 5% and upwards. Once you have bought a property then the title is recorded at the land registry office along with any mortgage (Charge) on the property. Solicitors fees are negotiable and tend to be around 1% of the purchase price.
According to a report by CIREBA, property is on the increase and, in the year 2011, sales are up on those from 2010. In the September 2011 report it shows up to August 2011 property has seen an increase of 203% when compared to previous year. There vwdcpb been CI$422 million in transfers up from CI$207million in 2010 and also the figures are high on 2009 and 2008, nevertheless the actual number of transactions is down which suggests our prime end property industry is still good however the lower end is struggling.
Mortgages are available in the Cayman Islands and deposits are typically between 10-35%. There is not any interest only mortgage available and you may ask to cover biweekly, that will lessen the interest payments and also the term may be 20 to 35 years.
Property is accessible from Land, Condo’s or luxury villas with all the higher prices inside the Seven mile beach area, but if you buy to let then rental is also high in this field.