The Cayman Islands are made up of 3 islands Little Cayman, Cayman Brac and Grand Cayman. They are based in the Caribbean sea and are a British overseas territory. It is a fantastic 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 real estate investors not only due to its location but also due to the taxation system without any capital gains, no taxes with no inheritance tax – you can discover why!
The language is English with all the Cayman Islands dollar (CI$) being the local 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 anything from 29% to 100%. The climate is usually Caribbean, the dry months are November to May and also the wet season May to October.
Should you be thinking about moving to and working in the condos on grand cayman you require a work permit. You have to submit an application for this prior to deciding to arrive and you may need a deal of employment (the employer normally applies for this permit). Essentially, Cayman tourism supplies the four Ss – Sun, sand, sea and spa. And water sports for your energetic, obviously. And at the end of a difficult day of fun, tuck into delicious seafood at Cayman cookouts. Have a look at your airline packages and there are numerous – vacation packages, last second packages etc – and fly to freedom.
Then, select from amongst the numerous resorts that 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. Pick a studio apartment or a a couple of bedroom suites. Additionally, take advantage of the special attractions of each and every Cayman resort. As an example, The Reef features a deck that gives new meaning to ‘panorama’. The Hyatt beach suites practically have you ever diving into the sea from the third floor balcony.
Each time a thing of such beauty turns into a joy, you need to own it forever. Visitors often purchase holiday homes and Cayman property developers are offering an unprecedented, mind-boggling variety in living options – land, condos, waterfront homes or deckhouses.
There are 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 always a flux of non-native professionals. They purchase properties at Cayman throughout their stay then sell it off. Cayman Island real estate property never had it so good.
When you buy a property inside the Cayman Islands you will be susceptible to the home transfer fee “Stamp Duty” and this is paid through the purchaser as part of the closing fees. This fee differs from location to location eg over the Seven Mile Beach it really is 7.5% and all of those other island is 5% and upwards. When you have bought a property then your title is recorded itifgv the land registry office together with any mortgage (Charge) on the property. Solicitors fees are negotiable and are usually around 1% from the purchase price.
In accordance with a report by CIREBA, property is on the increase and, in the year 2011, sales are 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. We have seen CI$422 million in transfers up from CI$207million during 2010 and also the figures are high on 2009 and 2008, but the actual variety of transactions is down which means our prime end property market is still good but the budget is struggling.
Mortgages can be found in the Cayman Islands and deposits are typically between 10-35%. There is not any interest only mortgage available and you can ask to cover biweekly, that can reduce the interest payments and also the term can be 20 to 35 years.
Property can be obtained from Land, Condo’s or luxury villas with the higher prices within the Seven mile beach area, but if you purchase to let then rental is additionally high in this area.