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Joined: 14 Feb 2005
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Location: Cayman Islands
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 Posted: Fri Jul 29, 2005 10:14 am Post subject: 5 Reasons to Buy Property in the Cayman Islands |
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From Cayman Net News:
Five Reasons to Buy Cayman Real Estate
Friday, July 29, 2005
Many factors combine to make real estate purchase in the Cayman Islands a safe and predictable investment. In no particular order, here are five of the main reasons the real estate industry thrives here.
1. Location
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 boasts 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 is seen as a paradise to many of our visitors.
2. Advantageous Tax Regulations
The Cayman Islands imposes 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 assesses 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
Unlike many countries, the Cayman Islands has 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 the1970?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 is 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
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.
5. Social and Economic Stability
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 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. |
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Joe Stebbins, Editor
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