The Cayman Islands are comprised of 3 islands Little Cayman, Cayman Brac and Grand Cayman. These are located in the Caribbean sea and are a British overseas territory. This is a amazing location with great weather and for a lot of reasons a perfect location to purchase a home. Property for sale in the Cayman Islands has been popular amongst real estate investors not only because of its location but additionally as a result of taxation system without any capital gains, no income tax without any inheritance tax – you can realize why!
The language is English with the Cayman Islands dollar (CI$) being the neighborhood currency however the US dollar is accepted everywhere. The federal government gathers its revenue by charging import duty which can be from 5% to 22% and particularly for cars anything from 29% to 100%. The weather is normally Caribbean, the dry months are November to May and the wet season May to October.
If you are considering moving to and working in the grand cayman rentals you need a work permit. You need to apply for this prior to deciding to arrive and you will definitely need an offer of employment (the employer normally applies for this particular permit). Essentially, Cayman tourism provides the four Ss – Sun, sand, sea and spa. And water sports for the energetic, obviously. And at the conclusion of a difficult day of fun, tuck into delicious seafood at Cayman cookouts. Check out your airline packages and there are lots of – vacation packages, very last minute packages etc – and fly to freedom.
Then, select from amongst the numerous resorts which do the Cayman natural splendor proud. Marriot and Hyatt are merely some of the trusted names in hospitality that dominate the Cayman resort scene. Choose a studio apartment or even a one or two bedroom suites. Additionally, take pleasure in the special attractions of each and every Cayman resort. For example, The Reef has a deck that offers new meaning to ‘panorama’. The Hyatt beach suites practically have you ever diving in to the sea from your third floor balcony.
Each time a thing of these beauty turns into a joy, you need 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.
You will find homes and holiday suites for each wallet and whim. Cayman Island real estate also leverages to advantage the peculiar demographics in the Cayman Islands.
There is always a flux of non-native professionals. They purchase properties at Cayman all through their stay and after that market it. Cayman Island property never had it so excellent.
When you purchase a property in the Cayman Islands you may be subjected to the house transfer fee “Stamp Duty” and this could be paid by the purchaser as part of the closing fees. This fee is different from location to location eg over the Seven Mile Beach it is 7.5% and the rest of the island is 5% and upwards. After you have obtained a property then your title is recorded itifgv the land registry office together with any mortgage (Charge) on the property. Solicitors fees are negotiable and tend to be around 1% from the purchase price.
In accordance with a written report by CIREBA, property is on the increase and, in the year 2011, sales are high on those from 2010. Inside the September 2011 report it shows up to August 2011 property has seen a growth of 203% compared to the previous year. We have seen CI$422 million in transfers up from CI$207million in 2010 and the figures are high on 2009 and 2008, however the actual quantity of transactions is down meaning the high end property market 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 absolutely no interest only mortgage available and you can ask to cover biweekly, that can decrease the interest payments as well as the term could be 20 to 35 years.
Property is available from Land, Condo’s or luxury villas with all the higher prices in the Seven mile beach area, but if you pick to let then rental can also be high in this field.