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Sunset on Seven Mile Beach, Grand Cayman, is one of the finest in the Caribbean – or the world. That beauty and the islands’ liberal tax laws attract harassed executives for both work and play.
These islands that were home to pirates in the 17th century are now virtually crime-free, and a wonderful place to vacation or holiday, with scores of restaurants, fine hotels and excellent shopping. There is Pirate Week to celebrate the swashbuckling past, but the island’s financial affairs are now conducted by more than 500 banks and 30,000 companies registered.
The islands also offer crystal clear spectacular diving. Off Little Cayman you can dive to explore the coral and sponges on Bloody Bay Wall, where the sea beds drop almost a sheer 20,000ft and visibility is up to 150ft. While on Grand Cayman, you can enjoy the quaint charm of George Town, the capital, with its distinct mixture of British and West Indian flavour.
Real Estate in Cayman Islands
The Cayman Islands, comprising the islands of Grand Cayman, Cayman Brac, and Little Cayman are found in the western Caribbean Sea basin. Relatively flat islands, they are in fact peaks of the Cayman Trench: a massive underwater ridge. Nearly 400 miles (650 km) south of Miami, Grand Cayman is the largest island of the three islands and most developed, with an area of 76 square miles (197 km²) ; the two "Sister Islands" of Cayman Brac and Little Cayman are close to 80 miles (130 km) east of Grand Cayman at 14 square miles (36 km²) and 10 square miles (25.9 km²) respectively. Cayman Brac of the two has had significant development in recent years.
One of the many benefits of Cayman Islands is that although it is a self governing country; it is a British Overseas Territory and thus comes under the rule, guidance and protection of the United Kingdom. As a result owning, investing and living in the Cayman Islands has all the advantages of its protectorate; with real estate transactions done with relative ease and in a renowned safe environment that transcends predictable investment.
In fact, The Cayman Government itself recognizes the importance and value of the countries international position as a financial and investment center. As a result, the Cayman Islands Government has created an environment to further ensure this stability and attraction to foreign investors; particularly in real estate. There are: no restrictions on the foreign ownership of real estate for personal use; property can be purchased without residency requirements; up to two units of property can be foreign owned for rental purposes; a home can be purchased and leased until you are ready to relocate to the Caymans; land can be owned personally or in the name of a company and unlike other tropical countries there are no time deadlines for foreign investors to build on raw land.
The Cayman Islands also has no regular property taxes or capital gains taxes as well as no tax on real estate investment income derived from rents or dividends and no licensing fees on rental property. The one time charge on a property is the stamp duty of 5-9% depending on location. However on Cayman Brac, purchases are stamp duty exempt if building commences within a year and building supplies are duty free.
The Cayman Government also completely guarantees right of ownership by means of its Registered Land Law established in 1970. It is here, all property throughout the Cayman Islands is registered, without exception. Thus no extensive title search or title insurance is necessary. Ownership belongs to the registered property owner. And in fact, The Land Registry is for public record and will provide not only the registered owner but any liens covenants or other restrictions on a property as well.
Grand Cayman is currently undergoing an unprecedented boom in development that looks to continue for years to come from the building of 5 star Hotels to many other construction developments. With foresight the Caymanian Government has created a large scale program to improve Grand Cayman’s infrastructure to support this growth over the next 20 years. Three of the major projects are: The Airport- which will triple in size to be completed in three sections and finished in 2010; Roads- including: a by pass along the 7 mile beach corridor, an east – west arterial, and an airport highway to link with 7 mile beach; The Port- completion of a dock that will berth up to four cruise ships: currently the ships must tender their passengers to shore. This will significantly increase cruise ship activity and more on island visiting passengers.
As a result of these and other ambitious developments and programs, the long term benefit and impact on the economy will be significant, not to mention the ripple effect experienced in the economy from the revenue created will also add more value throughout the Cayman real estate property market…. As a result, in Cayman Islands, the time to buy real estate is now as the rapid rise in capital appreciation for property has not yet begun.
Notwithstanding all of these advantages, the prime attraction to Cayman foreign real estate investment is its location. Located in the middle of the tranquil, blue Caribbean Sea, the Cayman Islands boasts beautiful white sand beaches, a wonderful temperate climate that seldom sees temperatures above 90ºF or below 70ºF and convenient accessibility with direct flights from numerous US hubs such as Miami 2hrs 30 minutes- a 70 minute flight, Houston & Dallas, Atlanta, Detroit, New York, Boston, Charlotte, NC and Toronto, Canada and a 1stop in Nassau for flights from London, England.
Cayman Islands is the essence of location, location, location in the real estate world for vacation home ownership.
A population of over 53,000 people, the Cayman Islands also offer’s a desirable standard of living; in fact the highest standard of living in the Caribbean and a GDP per capita that is the 12th highest in the world and is renown as one of the world's largest banking centers and tax havens.The islands also print their own currency with the Cayman Islands Dollar (KYD) pegged to the U.S. dollar at a rate of 1 KYD equaling 1.2 USD. American Dollars though are accepted throughout the islands. Currency Converter here.
World- famous Seven Mile Beach is one of Grand Cayman's foremost attractions and a notable favourite hot spot, where a number of the island's hotels and resorts are located and the best sunset views bar none are experienced. It is here many sight the sun’s setting infamous green flash; an awe inspiring phenomenon when at that last moment the sun slips finally down behind the crystal waters of the Caribbean Sea. Other Grand Cayman tourist attractions include: Ironshore, a 24- acre marine theme park; the Cayman Turtle Farm; Mastic Trail, a hiking trail found in the forests in the centre of the island; a gourmet sea salt factory where the production of sea salt can be seen to bird watching and the visiting of museums including the National Museum and National Gallery.
From attractions on land to attractions at sea, The Cayman Islands crystal-clear waters and pristine coral walls and reefs make it one of the world's best SCUBA diving destinations in the world. Divers also have two shipwrecks off the shores of Cayman Brac to explore and snorkelers any number of locations, including Stingray City in Grand Cayman where one can swim with stingrays.
So amidst glorious beaches with world-class water sports, to the convenience of having modern infrastructure in a tropical paradise within a safe political climate and social harmony, welcome to Cayman or as the native islanders pronounce it; welcome to your new home in “Kay Man”.
Let Whitten Caribbean Real Estate help get you there. Contact us today.
Map of the Cayman Islands
Whitten Caribbean Real Estate
visit us here at www.multiplelistingservicecaribbean.com
visit WHITTEN CAPITAL GROUP at www.whittencapitalgroup.com
SIGNATURE HOTEL
| Location: Antigua and Barbuda |
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Price: $815 Description: GALLEY BAY is Antigua’s most exclusive hideaway ... Conde Nast Traveler in fact named Galley Bay amongst the World’s Best Places to Stay” Annual Gold List (2007). Galley Bay is the perfect ... MORE |
FEATURED AGENT
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| RE/MAX Cayman Islands Kim Lund Kim Lund is the founding Owner/Broker of RE/MAX Cayman Islands and has over 20 years experience in Grand Cayman real estate. He specializes in Seven Mile Beach condominiums and villas, investment properties, beachfront land, residential, vacation and commercial properties. “The Lund Team” utilizes the experience of dedicated and results-oriented associates who combine their vast Cayman real estate knowledge to ensure that you get the very best results.
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