Cayman Real Estate
Cayman Real Estate
Cayman Real Estate
Top Ten Reasons to Invest in Cayman Real Estate
Location is often cited as the main determining factor of the value of a specific property. Cayman is in close proximity to Miami as a major travel portal and many other US and international gateways. Cayman is located in the middle of the tranquil, blue Caribbean Sea. Cayman boasts a temperate climate that seldom sees temperatures above 95F or below 75F. Cayman's remoteness in the Caribbean and its lack of any mountain river run-off help maintain ultra-clear waters near shore making for some of the best scuba diving in the world.
The Cayman Islands does not impose taxes to its people. This holds true for its foreign investors as well. With regard to real estate ownership, the Cayman Islands assess no regular property taxes or capital gains taxes. There is also no tax due to the Cayman Islands government for other income derived from real estate investment such as renter dividends. No restrictions on foreign investment or repatriation of funds, anyone can buy, they don't have to live here or have a partner to buy and can come and go as they please.
Extremely low crime rate
Buoyed by one of the world's highest per capita income and a natural tolerance for racial difference, the people of Cayman have not only learned to live together, but to respect each other as well. Crime rates are very low compared to almost all other Caribbean countries, and even to almost all cities in the United States or the rest of the world.
Stable democratic government
Many British Overseas Territories in the Caribbean rushed into independence in the years following World War II, often with harmful results. Not the Cayman Islands, where they have happily remained under the gentle rule and protection of the UK. Caymanians by-and-large govern themselves, but within a tried and true framework developed by the British. Moreover, the Caymanian Government is keenly aware of the country's position as a financial and investment centre, and the requisite of remaining stable in investors' eyes.
Balanced and harmonious social community
Very few places in the world can combine people from 100 different countries, with a make-up of every possible race and income bracket, and experience the kind of social harmony found herein the Cayman Islands. Professional business community with all the leading international law firms, accountancies, and banks, Cayman abounds with professionals from all over the globe. The attorneys, accountants, architects, surveyors, builders and realtors you deal with here rival those you can find anywhere. Realtors, although not licensed by the government, are sanctioned and trained through their own association, the Cayman Islands Real Estate Brokers Association (C.I.R.E.B.A.) which requires a high level of competency and ethics.
Property investment is simple and transparent with a public land
Unlike many countries, the Cayman Islands have no restrictions on the foreign ownership of real estate for personal use. Land can be owned by any adult individual (either alone or with others jointly or as proprietors in common), or in the name of a company. Additionally, the islands-wide cadastral survey and implementation of the Registered Land Law in the l970s took away the risk of previous ownership claims on property. Every piece of property in the Cayman Islands is registered under a unique block and parcel number, and ownership belongs to the registered owner of the property, and the Government guarantees that right of ownership. There is no need for extensive title searches or title insurance. The Land Registry in a matter of public record, and for a nominal fee, anyone can inspect or get a photocopy of a particular Land Register which will show not only the registered owner, but any liens, covenants or other restrictions on the property. There are also no time deadlines for foreign investors to build on raw land; it can be held undeveloped indefinitely.
Excellent Island Infrastructure
One of the biggest improvements over the past 25years to these islands - Grand Cayman in particular – has been to its infrastructure. All public roads are now paved and desalinated water is piped directly into homes almost island-wide. Communications systems are now state-of-the-art, offering clear telephone connections with no waiting, internet service and even cable television. The improvement of the port facilities has helped bigger and better ships bring a large variety of durable and perishable goods here for use and consumption by residents. A new airport terminal was built in 1984 to comfortably accommodate more passengers, and has undergone upgrades since then. More improvements are under consideration now that the number flights arriving here had increased. The rebuilding of the government hospital and the opening of a private hospital had helped vastly improve the quality of medical treatment here in the Cayman Islands. In cases of severe trauma, air ambulance jet service can have patients in an appropriate hospital in Miami in an hour. The public school system has improved as well, to go with a burgeoning private school system made up of both religious and secular institutions.
Clean and Safe Environment
With no heavy industry and with fresh air brought by steady trade wind breezes, Cayman boasts some of the cleanest air you will ever breathe. Strict regulations on sewage disposal help keep the ocean water crystal clear and unpolluted. Cayman has no problems with venomous or dangerous creatures, and in fact is one of the few places in the world that is rabies-free. Now that the mosquito problem is held largely in check, the tropical diseases that plague other Caribbean and Latin American destinations are virtually non-existent. The injections and pills for these diseases not required by visitors to the Cayman Islands.
Modern Building Materials & Methods
With the United States very close by, Cayman has access to the most modern building materials. Much of the building that occurs in Cayman is of a very high quality. Cayman has based its building code on the Southern Building Code, and as a result of that and the long tradition of building with reinforced concrete blocks, it has some of the strongest dwellings in the region.