The Cayman Islands are made up of 3 islands Little Cayman, Cayman Brac and Grand Cayman. They are located in the Caribbean sea and are a British overseas territory. This is a amazing location with great weather and for many reasons an excellent location to get a home. Property for sale in the Cayman Islands has been well-known amongst real estate investors not just due to the location but in addition due to the taxation system without capital gains, no income tax with no inheritance tax – you can realize why!
The language is English with the Cayman Islands dollar (CI$) being the local currency though 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 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.
Should you be thinking about moving to and employed in the seven mile beach resort grand cayman you require a work permit. You need to submit an application for this before you decide to arrive and you will need a proposal of employment (the employer normally applies for this permit). Essentially, Cayman tourism supplies the four Ss – Sun, sand, sea and spa. And water sports for that energetic, obviously. And at the end of a tough day of fun, tuck into delicious seafood at Cayman cookouts. Take a look at your airline packages and there are many – vacation packages, very last minute packages etc – and fly to freedom.
Once there, choose from amongst the numerous resorts that do the Cayman natural splendor proud. Marriot and Hyatt are just some of the trusted names in hospitality that dominate the Cayman resort scene. Pick a studio apartment or even a 1 or 2 bedroom suites. Additionally, enjoy the special attractions of each and every Cayman resort. For instance, The Reef includes a deck that provides new meaning to ‘panorama’. The Hyatt beach suites practically have you ever diving to the sea from your third floor balcony.
When a thing of the beauty becomes a joy, you want to own it forever. Visitors often purchase 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 every wallet and whim. Cayman Island real estate also leverages to advantage the peculiar demographics from the Cayman Islands.
There is always a flux of non-native professionals. They purchase properties at Cayman all through their stay and after that sell it off. Cayman Island real estate never had it so excellent.
Whenever you purchase a property within the Cayman Islands you will end up susceptible to the property transfer fee “Stamp Duty” and this could be paid by the purchaser as part of the closing fees. This fee differs from place to location eg over the Seven Mile Beach it is 7.5% and all of those other island is 5% and upwards. When you have purchased a property then this title is recorded itifgv the land registry office along with any mortgage (Charge) on the property. Solicitors fees are negotiable and are generally around 1% from the purchase price.
Based on a study by CIREBA, property is on the increase and, this year, sales are up on those from 2010. In 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 the figures are up on 2009 and 2008, however the actual variety of transactions is down meaning the high end property industry is still good nevertheless the lower end is struggling.
Mortgages are available in the Cayman Islands and deposits are normally between 10-35%. There is absolutely no interest only mortgage available and you can ask to pay for biweekly, that will reduce the interest payments as well as the term can 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 pick to let then rental is additionally high in this field.