The Cayman Islands are comprised of three islands Little Cayman, Cayman Brac and Grand Cayman. These are found in the Caribbean sea and are a British overseas territory. It is a great location with great weather and for many reasons a perfect spot to get a home. Property for sale in the Cayman Islands has been well known amongst real estate investors not just due to its location but also due to the taxation system without capital gains, no income tax with no inheritance tax – it is possible to understand why!
The language is English with all the Cayman Islands dollar (CI$) being the regional currency however the US dollar is accepted everywhere. The us 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 climate is typically Caribbean, the dry season is November to May and the wet season May to October.
Should you be thinking of moving to and doing work in the grand cayman resorts on seven mile beach you require a work permit. You have to submit an application for this before you arrive and you may need a deal of employment (the employer normally applies for this particular permit). Essentially, Cayman tourism offers the four Ss – Sun, sand, sea and spa. And water-based activities for your energetic, needless to say. And at the end of a hard day of fun, tuck into delicious seafood at Cayman cookouts. Take a look at your airline packages and there are numerous – vacation packages, last minute packages etc – and fly to freedom.
Then, select from amongst the numerous resorts which do the Cayman natural charm proud. Marriot and Hyatt are only a number of the trusted names in hospitality that dominate the Cayman resort scene. Pick a studio apartment or a one or two bedroom suites. Furthermore, take pleasure in the special attractions of each and every 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 out of your third floor balcony.
Each time a thing of such beauty becomes a joy, you need to own it forever. Visitors often buy holiday homes and Cayman property developers are offering 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 all through their stay and then market it. Cayman Island real estate never had it so excellent.
Whenever you buy a property inside the Cayman Islands you may be subject to the home transfer fee “Stamp Duty” and this would be paid through the purchaser as part of the closing fees. This fee is different from location to location eg over the Seven Mile Beach it is actually 7.5% and the rest of the island is 5% and upwards. When you have bought a property then your 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 report by CIREBA, property is on the increase and, this year, sales are high on those from 2010. Inside the September 2011 report it appears to August 2011 property has seen a growth of 203% when compared to previous year. There kfnfzh been CI$422 million in transfers up from CI$207million during 2010 and also the figures are up on 2009 and 2008, nevertheless the actual variety of transactions is down which suggests the high end property marketplace is still good but the budget 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 can ask to pay for biweekly, which will reduce the interest payments as well as the term could be 20 to 35 years.
Property is accessible from Land, Condo’s or luxury villas with all the higher prices in the Seven mile beach area, but if you pick to permit then rental can also be high in this region.