The Cayman Islands are comprised of three islands Little Cayman, Cayman Brac and Grand Cayman. These are located in the Caribbean sea and are a British overseas territory. It is a wonderful location with great weather and for many reasons a perfect location to get a home. Property easily obtainable in the Cayman Islands has become popular amongst property investors not only due to the location but in addition because of the taxation system with no capital gains, no income tax and no inheritance tax – you can discover why!
The language is English with the Cayman Islands dollar (CI$) being the regional currency though 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 usually 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 doing work in the grand cayman condos you require a work permit. You must submit an application for this before you arrive and you will definitely 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 aquatic sports for your energetic, needless to say. And at the end of a tough day of fun, tuck into delicious seafood at Cayman cookouts. Check out your airline packages and there are lots of – vacation packages, last second packages and so on – and fly to freedom.
Then, pick from amongst 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. 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 includes a deck that provides new meaning to ‘panorama’. The Hyatt beach suites practically perhaps you have diving into the sea from the third floor balcony.
When a thing of the beauty turns into 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.
You can find homes and holiday suites for each and every wallet and whim. Cayman Island property also leverages to advantage the peculiar demographics of the Cayman Islands.
There exists always a flux of non-native professionals. They purchase properties at Cayman all through their stay and then market it. Cayman Island property never had it so excellent.
Whenever you buy a property within 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 differs from location to location eg over the Seven Mile Beach it is 7.5% and all of those other island is 5% and upwards. Once you have purchased a property then the 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 study by CIREBA, property is on the increase and, this year, sales are high on those from 2010. Within the September 2011 report it appears to August 2011 property has seen an increase of 203% 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, but the actual quantity of transactions is down which means the top end property industry is still good however the lower end is struggling.
Mortgages can be purchased in the Cayman Islands and deposits are typically between 10-35%. There is absolutely no interest only mortgage available and you could ask to cover biweekly, which will lessen 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 inside the Seven mile beach area, but if you buy to allow then rental is additionally high in this field.