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. This is a wonderful location with great weather and for many reasons an excellent location to get a home. Property for sale in the Cayman Islands has been well-known amongst real estate investors not only because of its location but additionally because of the taxation system with no capital gains, no taxes without any inheritance tax – you can realize why!
The language is English with the Cayman Islands dollar (CI$) being the neighborhood 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 anything from 29% to 100%. The climate is typically Caribbean, the dry season is November to May as well as the wet season May to October.
In case you are thinking of moving to and doing work in the grand cayman condo you want a work permit. You need to submit an application for this before you decide to arrive and you may need an offer of employment (the employer normally applies with this permit). Essentially, Cayman tourism supplies the four Ss – Sun, sand, sea and spa. And water-based activities for that energetic, of course. And at the end of a hard day of fun, tuck into delicious seafood at Cayman cookouts. Take a look at your airline packages and there are numerous – vacation packages, last minute packages etc – and fly to freedom.
Then, pick from one of the numerous resorts which do the Cayman natural beauty proud. Marriot and Hyatt are just a number of the trusted names in hospitality that dominate the Cayman resort scene. Select a studio apartment or even a one or two bedroom suites. In addition, enjoy the special attractions of each Cayman resort. As an example, The Reef includes a deck that provides new meaning to ‘panorama’. The Hyatt beach suites practically have you diving in to the sea out of your third floor balcony.
Whenever a thing of such beauty gets to be a joy, you would like 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 every wallet and whim. Cayman Island real estate also leverages to advantage the peculiar demographics from the Cayman Islands.
There is always a flux of non-native professionals. They buy properties at Cayman throughout their stay and then market it. Cayman Island real estate never had it so good.
Once you get a property inside the Cayman Islands you may be subjected to the house transfer fee “Stamp Duty” and this is paid through the purchaser within the closing fees. This fee is different from location to location eg over the Seven Mile Beach it is 7.5% and the rest of the island is 5% and upwards. After you have obtained a property then this title is recorded itifgv the land registry office along with any mortgage (Charge) on the property. Solicitors fees are negotiable and are usually around 1% from the purchase price.
In accordance with a study by CIREBA, property is on the increase and, this year, sales are on those from 2010. Inside the September 2011 report it turns up to August 2011 property has seen a growth of 203% compared to the previous year. There has been CI$422 million in transfers up from CI$207million during 2010 as well as the figures are on 2009 and 2008, nevertheless the actual number of transactions is down which means our prime end property industry is still good but the lower end is struggling.
Mortgages can be found in the Cayman Islands and deposits are usually between 10-35%. There is not any interest only mortgage available and you may ask to pay biweekly, that can reduce the interest payments as well as the term could be 20 to 35 years.
Property is available from Land, Condo’s or luxury villas with the higher prices in the Seven mile beach area, but if you buy to permit then rental is additionally high in this region.