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 wonderful location with great weather and for a lot of reasons a perfect place to buy a home. Property easily obtainable in the Cayman Islands has been popular amongst property investors not just because of its location but in addition because of the taxation system with no capital gains, no income tax and no inheritance tax – it is possible to realize why!
The language is English using the Cayman Islands dollar (CI$) being the neighborhood currency nevertheless the US dollar is accepted everywhere. The 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 weather is normally Caribbean, the dry season is November to May and also the wet season May to October.
Should you be thinking about moving to and doing work in the resorts in grand cayman seven mile beach you require a work permit. You need to submit an application for this before you arrive and you may need a deal of employment (the business normally applies with this permit). Essentially, Cayman tourism provides the four Ss – Sun, sand, sea and spa. And aquatic sports for your energetic, of course. And after a tough day of fun, tuck into delicious seafood at Cayman cookouts. Check out your airline packages and there are numerous – vacation packages, last minute packages and so forth – and fly to freedom.
Once there, choose from among the numerous resorts who do the Cayman natural splendor proud. Marriot and Hyatt are merely a few of the trusted names in hospitality that dominate the Cayman resort scene. Choose a studio apartment or even a one or two bedroom suites. In addition, take pleasure in the special attractions of each Cayman resort. For example, The Reef has a deck that provides new meaning to ‘panorama’. The Hyatt beach suites practically perhaps you have diving into the sea from your third floor balcony.
Whenever a thing of these beauty gets to be a joy, you want 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 each wallet and whim. Cayman Island real estate property also leverages to advantage the peculiar demographics in the Cayman Islands.
There is certainly always a flux of non-native professionals. They purchase properties at Cayman for the duration of their stay then sell it off. Cayman Island real estate never had it so good.
Once you purchase a property within the Cayman Islands you will end up susceptible to the home transfer fee “Stamp Duty” and this would be paid by the purchaser as part of the closing fees. This fee differs from spot to location eg along the Seven Mile Beach it really is 7.5% and the rest of the island is 5% and upwards. After you have purchased a property then this title is recorded on the land registry office along with any mortgage (Charge) on the property. Solicitors fees are negotiable and are usually around 1% in the purchase price.
In accordance with a written report by CIREBA, property is on the increase and, this year, sales are high on those from 2010. Inside the September 2011 report it turns up to August 2011 property has seen a rise of 203% when compared to the previous year. There vwdcpb been CI$422 million in transfers up from CI$207million in 2010 and also the figures are on 2009 and 2008, however the actual number of transactions is down which means the high end property marketplace is still good but the lower end is struggling.
Mortgages can be purchased in the Cayman Islands and deposits are usually between 10-35%. There is no interest only mortgage available and you could ask to pay biweekly, which will decrease the interest payments as well as the term may be 20 to 35 years.
Property can be obtained from Land, Condo’s or luxury villas with all the higher prices within the Seven mile beach area, but if you buy to allow then rental is additionally high in this area.