The Cayman Islands are made up 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 fantastic location with great weather and for many reasons a perfect spot to buy a home. Property for sale in the Cayman Islands has been popular amongst real estate investors not only due to the location but also because of the taxation system without any capital gains, no income tax with no inheritance tax – you can discover why!
The language is English using the Cayman Islands dollar (CI$) being the regional currency however the US dollar is accepted everywhere. The federal government gathers its revenue by charging import duty which may be from 5% to 22% and particularly for cars anything from 29% to 100%. The weather is typically Caribbean, the dry months are November to May and also the wet season May to October.
Should you be thinking about moving to and doing work in the grand cayman condo rental you need a work permit. You must submit an application for this before you decide to arrive and you will definitely need a deal of employment (the employer normally applies with this permit). Essentially, Cayman tourism provides the four Ss – Sun, sand, sea and spa. And water sports for the energetic, of course. And at the end of a hard day of fun, tuck into delicious seafood at Cayman cookouts. Have a look at your airline packages and there are many – vacation packages, last second packages and so forth – and fly to freedom.
Once there, choose from one of the numerous resorts who do the Cayman natural charm 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 perhaps a one or two bedroom suites. Furthermore, take advantage of the special attractions of each Cayman resort. For instance, The Reef includes a deck that provides new meaning to ‘panorama’. The Hyatt beach suites practically have you ever diving in to the sea out of your third floor balcony.
Whenever a thing of such beauty turns into a joy, you would like to own it forever. Visitors often end up buying holiday homes and Cayman property developers are selling 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 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 throughout their stay and then sell it off. Cayman Island property never had it so good.
Once you get a property in the Cayman Islands you will be subjected to the house transfer fee “Stamp Duty” and this would be paid from the purchaser as part of the closing fees. This fee differs from location to location eg across the Seven Mile Beach it is actually 7.5% and the rest of the island is 5% and upwards. When you have bought a property then this title is recorded in 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 written report by CIREBA, property is on the increase and, in the year 2011, sales are on those from 2010. Within the September 2011 report it turns up to August 2011 property has seen a growth of 203% compared to the previous year. There kfnfzh been CI$422 million in transfers up from CI$207million in 2010 and also the figures are up on 2009 and 2008, nevertheless the actual variety of transactions is down which means our prime end property industry is still good however the budget is struggling.
Mortgages can be purchased in the Cayman Islands and deposits are typically between 10-35%. There is not any interest only mortgage available and you can ask to pay biweekly, which will reduce the interest payments and the term may be 20 to 35 years.
Property is accessible 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 also high in this field.