The Cayman Islands are made up of 3 islands Little Cayman, Cayman Brac and Grand Cayman. They are based in the Caribbean sea and are a British overseas territory. This is a amazing location with great weather and for a lot of reasons an excellent location to get a home. Property for sale in the Cayman Islands has been popular amongst real estate investors not only due to its location but also due to the taxation system with no capital gains, no tax and no inheritance tax – you can realize why!
The language is English using 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 everything 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.
If you are thinking of moving to and employed in the resorts grand cayman you require a work permit. You need to submit an application for this before you arrive and you will need a deal of employment (the employer normally applies for this particular permit). Essentially, Cayman tourism provides the four Ss – Sun, sand, sea and spa. And water-based activities for the energetic, of course. And at the end of a difficult day of fun, tuck into delicious seafood at Cayman cookouts. Check out your airline packages and there are numerous – vacation packages, very last minute packages etc – and fly to freedom.
Then, pick from amongst the numerous resorts that do the Cayman natural charm proud. Marriot and Hyatt are just a number of the trusted names in hospitality that dominate the Cayman resort scene. Pick a studio apartment or even 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 gives new meaning to ‘panorama’. The Hyatt beach suites practically perhaps you have diving in to the sea from the third floor balcony.
Each time a thing of these beauty becomes 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 can find homes and holiday suites for each wallet and whim. Cayman Island real estate also leverages to advantage the peculiar demographics from the Cayman Islands.
There exists always a flux of non-native professionals. They purchase properties at Cayman for the duration of their stay and after that sell it off. Cayman Island real estate never had it so good.
When you buy a property in the Cayman Islands you may be susceptible 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 7.5% and the remainder of the island is 5% and upwards. When you have bought 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 are generally around 1% from the purchase price.
According to 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 growth of 203% when compared to previous year. We have seen CI$422 million in transfers up from CI$207million in 2010 and also the figures are high on 2009 and 2008, but the actual number of transactions is down which suggests our prime end property marketplace is still good nevertheless the budget is struggling.
Mortgages can be found in the Cayman Islands and deposits are typically between 10-35%. There is not any interest only mortgage available and you may ask to pay for biweekly, which will reduce the interest payments as well as the term may be 20 to 35 years.
Property is accessible 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 field.