The Cayman Islands are made up of three islands Little Cayman, Cayman Brac and Grand Cayman. They are located in the Caribbean sea and are a British overseas territory. It is a great 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 property investors not just due to the location but additionally due to the taxation system without any capital gains, no income tax and no inheritance tax – it is possible to realize 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 can be from 5% to 22% and particularly for cars everything from 29% to 100%. The weather is normally Caribbean, the dry season is November to May and the wet season May to October.
If you are thinking about moving to and doing work in the condo rentals grand cayman you require a work permit. You have to make an application for this before you decide to arrive and you will need an offer of employment (the employer normally applies for this permit). Essentially, Cayman tourism offers the four Ss – Sun, sand, sea and spa. And water-based activities for the energetic, needless to say. And at the conclusion of a difficult day of fun, tuck into delicious seafood at Cayman cookouts. Take a look at your airline packages and there are lots of – vacation packages, last second packages and so on – and fly to freedom.
Then, choose from one of the numerous resorts that do the Cayman natural beauty proud. Marriot and Hyatt are just some of the trusted names in hospitality that dominate the Cayman resort scene. Pick 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 has a deck that provides new meaning to ‘panorama’. The Hyatt beach suites practically have you diving into the sea from the third floor balcony.
Each time a thing of these beauty gets to be a joy, you need to own it forever. Visitors often buy holiday homes and Cayman property developers are selling an unprecedented, mind-boggling variety in living options – land, condos, waterfront homes or deckhouses.
There are homes and holiday suites for 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 then sell it. Cayman Island property never had it so excellent.
Whenever you get a property within the Cayman Islands you will be subject to the house transfer fee “Stamp Duty” and this could be paid by the purchaser included in the closing fees. This fee differs from place to location eg over the Seven Mile Beach it really is 7.5% and the rest of the island is 5% and upwards. After 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 generally around 1% of the purchase price.
Based on 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 shows up to August 2011 property has seen a growth of 203% when compared to the previous year. There kfnfzh been CI$422 million in transfers up from CI$207million during 2010 and also the figures are up on 2009 and 2008, but the actual number of transactions is down which means the top end property market is still good however the lower end is struggling.
Mortgages can be found in the Cayman Islands and deposits are normally between 10-35%. There is not any interest only mortgage available and you can ask to pay for biweekly, which will lessen 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 all the higher prices in the Seven mile beach area, but if you buy to let then rental can also be high in this area.