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 great location with great weather and for many reasons an excellent place to purchase a home. Property for sale in the Cayman Islands has been popular amongst property investors not only because of its location but additionally due to the taxation system with no capital gains, no income tax with no inheritance tax – you can realize why!
The language is English with all 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 is often 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 considering moving to and doing work in the condo rental grand cayman you need a work permit. You need to submit an application for this prior to deciding to arrive and you will need a proposal of employment (the employer normally applies with this permit). Essentially, Cayman tourism supplies the four Ss – Sun, sand, sea and spa. And aquatic sports for your energetic, of course. And at the end of a hard day of fun, tuck into delicious seafood at Cayman cookouts. Check out your airline packages and there are numerous – vacation packages, last second packages etc – and fly to freedom.
Once there, pick from among the numerous resorts who do the Cayman natural splendor proud. Marriot and Hyatt are just a few of the trusted names in hospitality that dominate the Cayman resort scene. Select a studio apartment or even a a couple of bedroom suites. In addition, take pleasure in the special attractions of every Cayman resort. For example, The Reef has a deck that offers new meaning to ‘panorama’. The Hyatt beach suites practically have you diving into the sea out of your third floor balcony.
Whenever a thing of these beauty gets to be a joy, you need 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 real estate property also leverages to advantage the peculiar demographics in the Cayman Islands.
There is certainly always a flux of non-native professionals. They purchase properties at Cayman for the duration of their stay then sell it off. Cayman Island real estate never had it so great.
Whenever you get a property inside the Cayman Islands you will be subject to the property transfer fee “Stamp Duty” and this is paid by the purchaser included in the closing fees. This fee is different from location to location eg over the Seven Mile Beach it is actually 7.5% and all of those other island is 5% and upwards. Once you have obtained a property then your title is recorded on the land registry office in addition to any mortgage (Charge) on the property. Solicitors fees are negotiable and are usually around 1% in the purchase price.
According to a report by CIREBA, property is on the increase and, this year, sales are up on those from 2010. Inside the September 2011 report it turns up to August 2011 property has seen an increase of 203% when compared to the previous year. There kfnfzh been CI$422 million in transfers up from CI$207million in 2010 as well as the figures are up on 2009 and 2008, nevertheless the actual quantity of transactions is down which means the high end property industry is still good nevertheless the lower end is struggling.
Mortgages are available in the Cayman Islands and deposits are usually between 10-35%. There is absolutely no interest only mortgage available and you can ask to cover biweekly, that will reduce the interest payments and the term can be 20 to 35 years.
Property is available from Land, Condo’s or luxury villas with all the higher prices within the Seven mile beach area, but if you buy to let then rental can also be high in this field.