The Cayman Islands are comprised 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 purchase a home. Property for sale in the Cayman Islands has been well-known amongst real estate investors not just due to its location but in addition due to the taxation system without capital gains, no income tax without any inheritance tax – you can understand why!
The language is English with all the Cayman Islands dollar (CI$) being the regional currency nevertheless the US dollar is accepted everywhere. The us 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 climate is usually Caribbean, the dry season is November to May as well as the wet season May to October.
Should you be thinking of moving to and doing work in the condos on grand cayman you want a work permit. You need to apply for this before you decide to arrive and you will 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 sports for your energetic, of course. And after a hard day of fun, tuck into delicious seafood at Cayman cookouts. Check out your airline packages and there are many – vacation packages, very last minute packages and so on – and fly to freedom.
Then, select from amongst the numerous resorts which do the Cayman natural charm proud. Marriot and Hyatt are only a number of the trusted names in hospitality that dominate the Cayman resort scene. Choose a studio apartment or even a a couple of bedroom suites. In addition, enjoy the special attractions of each Cayman resort. As an example, The Reef features a deck that gives 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 becomes a joy, you would like to own it forever. Visitors often purchase holiday homes and Cayman property developers are providing an unprecedented, mind-boggling variety in living options – land, condos, waterfront homes or deckhouses.
You will find homes and holiday suites for each and every wallet and whim. Cayman Island property also leverages to advantage the peculiar demographics from the Cayman Islands.
There is certainly always a flux of non-native professionals. They purchase properties at Cayman for the duration of their stay and then market it. Cayman Island real estate property never had it so good.
Once you purchase a property within the Cayman Islands you will end up subject to the home transfer fee “Stamp Duty” and this could be paid by the purchaser included in the closing fees. This fee is different from location to location eg over the Seven Mile Beach it really is 7.5% and the remainder of the island is 5% and upwards. Once you have bought a property then this title is recorded itifgv the land registry office in addition to any mortgage (Charge) on the property. Solicitors fees are negotiable and are generally around 1% of 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. Within the September 2011 report it appears to August 2011 property has seen an increase of 203% when compared to the previous year. There has been CI$422 million in transfers up from CI$207million during 2010 and also the figures are up on 2009 and 2008, however the actual number of transactions is down which suggests the top end property industry is still good but the budget is struggling.
Mortgages are available in the Cayman Islands and deposits are normally between 10-35%. There is not any interest only mortgage available and you can ask to cover biweekly, that will reduce the interest payments as well as the term can be 20 to 35 years.
Property is available from Land, Condo’s or luxury villas with the higher prices within the Seven mile beach area, but if you purchase to permit then rental can also be high in this area.