The Cayman Islands are made up of three islands Little Cayman, Cayman Brac and Grand Cayman. These are based in the Caribbean sea and are a British overseas territory. It is a fantastic location with great weather and for many reasons an ideal location to buy a home. Property easily obtainable in the Cayman Islands has become popular amongst property investors not only due to its location but additionally due to the taxation system without capital gains, no income tax and no inheritance tax – you can understand why!
The language is English using the Cayman Islands dollar (CI$) being the neighborhood currency however the US dollar is accepted everywhere. The government gathers its revenue by charging import duty which can be from 5% to 22% and particularly for cars everything 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 employed in the grand cayman condo rental you need a work permit. You must make an application for this before you decide to arrive and you will need a proposal of employment (the business normally applies with this permit). Essentially, Cayman tourism supplies the four Ss – Sun, sand, sea and spa. And water sports for your energetic, needless to say. And after a difficult day of fun, tuck into delicious seafood at Cayman cookouts. Take a look at your airline packages and there are lots of – vacation packages, last minute packages etc – and fly to freedom.
Once there, pick from amongst the numerous resorts which do the Cayman natural beauty 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 a a couple of bedroom suites. In addition, enjoy the special attractions of each and every Cayman resort. For example, The Reef features a deck that offers new meaning to ‘panorama’. The Hyatt beach suites practically perhaps you have diving to the sea from the third floor balcony.
Whenever a thing of these beauty turns into a joy, you would like to own it forever. Visitors often purchase holiday homes and Cayman property developers are offering an unprecedented, mind-boggling variety in living options – land, condos, waterfront homes or deckhouses.
You will find homes and holiday suites for each and every wallet and whim. Cayman Island property also leverages to advantage the peculiar demographics in the Cayman Islands.
There is always a flux of non-native professionals. They buy properties at Cayman for the duration of their stay then sell it. Cayman Island property never had it so excellent.
Once you get a property in the Cayman Islands you may be subject to the home transfer fee “Stamp Duty” and this would be paid through the purchaser within the closing fees. This fee is different from place to location eg over the Seven Mile Beach it is actually 7.5% and the rest of the island is 5% and upwards. Once you have obtained a property then your title is recorded on the land registry office together with any mortgage (Charge) on the property. Solicitors fees are negotiable and are usually around 1% from the purchase price.
According to a report by CIREBA, property is on the increase and, in 2011, sales are up on those from 2010. Within the September 2011 report it shows up to August 2011 property has seen an increase of 203% when compared to the previous year. There vwdcpb been CI$422 million in transfers up from CI$207million during 2010 and the figures are on 2009 and 2008, however the actual number of transactions is down meaning our prime end property marketplace is still good nevertheless 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 decrease the interest payments and also the term could be 20 to 35 years.
Property can be obtained from Land, Condo’s or luxury villas with the higher prices in the Seven mile beach area, but if you pick to allow then rental is also high in this area.