The Cayman Islands are comprised 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 wonderful location with great weather and for a lot of reasons a perfect location to purchase a home. Property for sale in the Cayman Islands has been well known amongst property investors not only because of its location but in addition because of the taxation system with no capital gains, no income tax with no inheritance tax – you can realize why!
The language is English using 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 can be from 5% to 22% and particularly for cars everything from 29% to 100%. The climate is normally Caribbean, the dry months are November to May as well as the wet season May to October.
In case you are thinking about moving to and working in the seven mile beach resort grand cayman you require a work permit. You have to apply 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 water sports for the energetic, needless to say. And at the end of a tough day of fun, tuck into delicious seafood at Cayman cookouts. Check out your airline packages and there are numerous – vacation packages, very last minute packages etc – and fly to freedom.
Once there, select from among the numerous resorts which do the Cayman natural charm proud. Marriot and Hyatt are merely a number of the trusted names in hospitality that dominate the Cayman resort scene. Pick a studio apartment or perhaps a a couple of bedroom suites. In addition, take advantage of the special attractions of each and every Cayman resort. For example, The Reef features a deck that offers new meaning to ‘panorama’. The Hyatt beach suites practically have you ever diving to the sea out of your third floor balcony.
Whenever a thing of these beauty turns into a joy, you need to own it forever. Visitors often buy holiday homes and Cayman property developers are providing an unprecedented, mind-boggling variety in living options – land, condos, waterfront homes or deckhouses.
You can find homes and holiday suites for each and every wallet and whim. Cayman Island property also leverages to advantage the peculiar demographics in the Cayman Islands.
There exists always a flux of non-native professionals. They buy properties at Cayman for the duration of their stay and then market it. Cayman Island property never had it so excellent.
Whenever you buy a property within the Cayman Islands you may be susceptible to the house transfer fee “Stamp Duty” and this could be paid by the purchaser included in the closing fees. This fee differs from location to location eg over the Seven Mile Beach it is actually 7.5% and the rest of the island is 5% and upwards. After you have purchased a property then this title is recorded in the land registry office in addition to any mortgage (Charge) on the property. Solicitors fees are negotiable and tend to be around 1% of the purchase price.
Based on a study by CIREBA, property is on the increase and, this year, sales are up on those from 2010. In the September 2011 report it shows 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 during 2010 and also the figures are up on 2009 and 2008, nevertheless the actual quantity of transactions is down which means the top end property market is still good however the budget is struggling.
Mortgages can be found in the Cayman Islands and deposits are usually between 10-35%. There is no interest only mortgage available and you may ask to pay for biweekly, which will reduce the interest payments and also the term may be 20 to 35 years.
Property can be obtained from Land, Condo’s or luxury villas using the higher prices in the Seven mile beach area, but if you purchase to let then rental is also high in this region.