The Cayman Islands are made up 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 wonderful location with great weather and for a lot of reasons an excellent spot to buy a home. Property for sale in the Cayman Islands has been well-known amongst real estate investors not just due to its location but additionally because of the taxation system with no capital gains, no income tax and no inheritance tax – it is possible to discover why!
The language is English with all the Cayman Islands dollar (CI$) being the neighborhood currency though 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 normally 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 condo in grand cayman you want a work permit. You have to apply for this before you decide to arrive and you may need an offer of employment (the employer normally applies for this particular permit). Essentially, Cayman tourism supplies the four Ss – Sun, sand, sea and spa. And water-based activities for your energetic, of course. And at the conclusion 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 minute packages etc – and fly to freedom.
Once there, pick from amongst the numerous resorts that do the Cayman natural beauty proud. Marriot and Hyatt are just a few of the trusted names in hospitality that dominate the Cayman resort scene. Choose a studio apartment or perhaps a a couple of bedroom suites. Furthermore, take advantage of the special attractions of every Cayman resort. As an example, The Reef includes a deck that provides new meaning to ‘panorama’. The Hyatt beach suites practically have you diving in to the sea from the third floor balcony.
Whenever a thing of such beauty turns into a joy, you want to own it forever. Visitors often buy holiday homes and Cayman property developers are providing 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 real estate property also leverages to advantage the peculiar demographics of the Cayman Islands.
There is always a flux of non-native professionals. They purchase properties at Cayman for the duration of their stay and then market it. Cayman Island property never had it so great.
When you get a property inside the Cayman Islands you may be susceptible to the home transfer fee “Stamp Duty” and this could be paid from the purchaser included in the closing fees. This fee differs from location to location eg across the Seven Mile Beach it is actually 7.5% and all of those other island is 5% and upwards. When you have bought a property then the title is recorded at the land registry office together with any mortgage (Charge) on the property. Solicitors fees are negotiable and are usually around 1% in the purchase price.
Based on a written report by CIREBA, property is on the increase and, in 2011, sales are high on those from 2010. In the September 2011 report it appears to August 2011 property has seen an increase of 203% when compared to previous year. There kfnfzh been CI$422 million in transfers up from CI$207million during 2010 as well as the figures are high on 2009 and 2008, nevertheless the actual number of transactions is down meaning the high end property industry is still good but the budget is struggling.
Mortgages are available in the Cayman Islands and deposits are typically between 10-35%. There is not any interest only mortgage available and you could ask to pay biweekly, that will lessen the interest payments and the term may be 20 to 35 years.
Property is available from Land, Condo’s or luxury villas using the higher prices in the Seven mile beach area, but if you buy to let then rental can also be high in this area.