Cayman Islands and Real Estate

2006-06-13 00:00:00 (GMT) ( - Real Estate News News)

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There are three [Cayman Islands], Grand Cayman, Cayman Brac and Little Cayman. All these three islands are located in the western Caribbean Sea about 150 miles south of Cuba and about 480 miles south of Miami, Florida. The capital of the islands is called George Town and is situated on the western shore of Grand Cayman.

The Cayman Islands are administratively divided into seven districts, East End, Bodden Town, Cayman Brac, North side, West Bay, Little Cayman and the George Town.

On 10th May 1503, the famous Christopher Columbus discovered Cayman Brac and Little Cayman. The name Cayman was derived from the Carib Indian word that means marine crocodile. The first English man to set his foot on Cayman Islands was Francis Drake in 1586. He was the man who named these islands (caiman) for crocodile after the Neo-Taino nations.

The temperature ranges between 70 degree Fahrenheit and 90 degree Fahrenheit whether it is summer or winter. During the fall season the climate averages at 78 degree F and in summers it averages at 86 degree F. The annual humidity is approximately 77 percent in average. The average monthly rainfall especially the in Islands capital Grand Cayman is about 6 inches. (All figures are 2004 data). The hurricane season typically lasts from June to November.

Real Estate:
Cayman Islands are known all over the world as a source and destination of real real estate. This is where it all happens. It is the only known island to offer substantial returns to serious investors within the shortest time in the world. For business or pleasure, this beautiful Cayman Islands is one of the safest islands in the Caribbean. However, these accrued benefits are not realized without good reasons. Why do investors risk or “gamble” their hard earned money to invest in Cayman Islands?
One of the main advantages that Cayman Islands have over all other Caribbean islands is that Cayman has no direct taxes.
1. The Cayman Islands real estates are not charged property tax or capital gain. Simply it is a tax-less island.
2. Foreigners need not to worry about ownership. There are no restrictions in the Cayman Islands. The registry is open to public inspection. Foreigners may open bank accounts and borrow to finance a purchase. The normal standard 25-30% down, a 10-15 year term and a rate of prime plus one or two.
3. Real estate in Cayman islands offers competitive offshore financial industry because of the presence of respected international real estate companies which multi-list the properties to give all the potential buyers the access to hundreds of good deals on property for sale and also gives exposure to potential sellers.
4. Beautiful location and surroundings.
5. Political stability through its good diplomatic relations with the United Kingdom.
6. Excellent and the latest transport and communication facilities coupled with the best-advanced technology.
7. Strong and sustainable economy with the highest per capita in the Caribbean.
The purchasing power parity is US $1.391 billion, lowest inflation rate of 2.8%, real growth rate of 1.7%, and convertible currency pegged at US$ 1.25.
8. The medium of communication is English.
Under any circumstances if a real estate individual desires or wishes to transfer title to a company of which he is the sole beneficial owner, the financial Secretary may approve abatement of all stamp duty on such transfer. In Cayman Islands the investors are given an opportunity to apply for citizenship, however, they are required to invest in real estate with not less than US $200,000

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