10 Reasons to buy Cayman Islands Real Estate
MANY factors combine to make real estate purchase in the Cayman Islands a safe and predictable investment. In no particular order, here are ten of the main reasons the real estate industry thrives here.
1. Location of Cayman Islands
Location is often cited as the main determining factor of the value of a specific property. The same concept applies generally when considering the Cayman Islands.
Located in the middle of the tranquil, blue Caribbean Sea, the Cayman Islands boast a temperate climate that seldom sees temperatures above 90°F or below 70°F.
Cayman's remoteness in the Caribbean and its lack of mountain river run-off help maintain ultra-clear waters near shore making for some of the best scuba diving in the world.
Adding tropical plant life, beautiful white sand beaches, and a short flying distance from the United States to the formula and it's easy to see why the Cayman Islands are seen as a paradise to many of our visitors.
2. Advantageous Tax Regulations in The Cayman Islands
The Cayman Islands impose very few forms of taxation upon 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 rent or dividends.
3. Investor-Friendly Property Ownership Laws in The Cayman Islands
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 thel970's 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.
4.Political Stability in The Cayman Islands
Many British Overseas Territories in the Caribbean rushed into independence in the years following The Second World War , 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.
5. Social and Economic Stability in The Cayman Islands
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 here in the Cayman Islands.
Buoyed by one of the world's highest per capita incomes 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 many other Caribbean countries, and even to similarly sized cities in the United States.
6. Sophisticated and Reliable Infrastructure in The Cayman Islands
Gone are the days of dusty dirt roads, spotty electrical service, cistern water and frozen milk. One of the biggest improvements over the past 25 years 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 of flights arriving here has increased.
The rebuilding of the government hospital and the opening of a private hospital have 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 less than 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.
7. Attitude toward Foreign Investors in The Cayman Islands
The "foreign investor" is thought of with negative connotations in many places of the world, but is welcomed here in Cayman. The development and prosperity of these islands has gone hand-in-hand with foreign investment and foreign tourism, a fact that is not lost on the population. Profitable commerce is the objective for everyone, and Caymanians realize foreigners must make profits on investments in line with their risks in order justify the venture.
8. Competent and Ethical Professional Services in The Cayman Islands
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 licenced by the government, are sanctioned and trained through their own association, the Cayman Islands Real Estate Brokers Association (C.l.R.E.B.A.) which requires a high level of competency and ethics.
9. Clean and Safe Environment in The Cayman Islands
With no heavy industry and 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/Latin American destinations are virtually non-existent. The injections and pills for these diseases are not required by visitors to the Cayman Islands.
10. Modern Building Materials & Methods in The Cayman Islands
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.