Numerous reasons combine to make purchasing realty in the Cayman Islands a safe and predictable investment. In no picky order, here are the main reasons the real estate industry thrives in these exquisite islands.
Location of Cayman Islands in the Caribbean
Location is often mentioned as the main shaping factor in the value of a specific property. The same theory generally applies when considering Cayman. Located in the middle of the serene,
lush blue Caribbean Sea, the Cayman Islands boast a temperate climate that seldom sees temperatures rise above 93 F or below 71 F. The privacy in the Caribbean and its lack of mountain river run-off help keep crystal clear waters near shore making for some of the best scuba diving in the world. Adding tropical plant life, stunning white sand beaches, and a brief flying distance from the United States of America to the formula and it's easy to see why these glorious Islands are seen as bliss to many of our visitors.
Minimal Tax Regulations in Cayman
The Cayman Islands impose hardly any forms of taxation upon its individuals. This holds true for its outside investors as well. With regard to real property 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 obtained from real property investment such as rent or dividends.
Investor-Friendly Property Ownership Laws in The Cayman Islands
Unlike many other countries, the Cayman Islands have no restrictions on the foreign possession of realty for individual use. Land can be owned by any adult individual, or in the name of a company. Additionally, the islands-wide cadastral survey and carrying out of the Registered Land Law in the 1970's took away the danger of previous ownership claims on property. Every piece of property in the Cayman Islands is registered under a specific 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 subject of public record, and for a low fee, anyone can inspect or get a xerox of a particular Land Register which will show not only the certified owner, but any liens, covenants or other limitations on the property. There are also no time deadlines for outside investors to build on raw land; it can be held unexploited indefinitely.
Sophisticated and Reliable Infrastructure in The Cayman Islands
Gone are the days of dusty dirt roads, dubious electrical service, cistern water and frozen milk. One of the excellent improvements over the past decades to these islands has been to its infrastructure. All public roads are now paved and desalinated water is piped straight into homes almost island-wide. Communications systems are now modern, offering clear phone connections with no waiting, internet service and even cable television. The improvement of the port facilities has helped larger and better ships bring a large variety of durable and perishable goods to the islands.The new airport terminal was built in 1984 to accommodate greater passengers, and has undergone many upgrades since. More improvements are under consideration now that the number of flights arriving here has increased.The rebuilding of the government hospital and the opening of a private hospital has helped significantly improve the quality of medical treatment on island.
Professional Services in The Cayman Islands
Cayman is filled 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 licenced by the government, are sanctioned and trained through their own association, the Cayman Islands realty Brokers Association (ClREBA) which requires a high level of competency and ethics.
