If you, like many others, have dreamed of having your own place in the sun, then you need to look no further. Welcome to Cayman Islands real estate! Some of the most sought after and desired property in the world and with good reason too! The Cayman Islands is located in the western Caribbean, commonly known as the West Indies. The three islands, Grand Cayman, Cayman Brac and Little Cayman are approximately 480 miles or a one hour flight from Miami, 150 miles south of Cuba and 180 miles west of Jamaica. Due south of the Cayman Islands you will find the Cayman Trench, the third deepest in the world and probably one of the many reasons why the Cayman Islands have such rich and diverse marine life and offers such outstanding snorkeling and scuba diving. Countless visitors to the Cayman Islands have been enchanted by its beauty, unique island lifestyle and friendly residents and have therefore become Cayman Islands real estate and property investors. The beaches and clear blue warm water is simply unbeatable.
Originally discovered by Christopher Columbus in 1503 the islands were claimed by Spain before they were ultimately conceded to the British Crown. As the Cayman Islands are a UK overseas territory a UK Governor overseas the country that in land mass totals about 100 square miles and is blessed with predominantly sunny weather all year round. Summer temperatures can reach into the 90s and in winter it hardly ever dips below 77F. Totaling 76 square miles in size, Grand Cayman is home to world famous Stingray City in the shallow and very calm north sound. Grand Cayman is also home to the majority of corporate business and economic activity for the Cayman Islands. The financial services constitute roughly 67% of the GDP and Grand Cayman has over 93,000 registered companies, around 250 banks, over 10,000 registered funds and 755 insurance companies. Due to the Islands’ strategic location, sophisticated legislation and refined infrastructure, it remains an integral part of the worldwide financial network. Over 250 banks with assets totaling close to $1.472 trillion contribute to this thriving market and have helped establish the Cayman Islands as the world’s sixth largest financial centre with the highest standard of living in the Caribbean. It is therefore easy to understand why so many people find Cayman Islands real estate a safe and secure investment.
The other strong arm of the Cayman Islands economy is tourism and this is where Little Cayman and Cayman Brac each plays a strong role. Cayman Brac is home to the wreck of the MV Keith Tibbets and Little Cayman, only ten miles long and one mile wide, has Bloody Bay Wall with friendly Groupers abound on top of sheer walls starting in as little as 15ft of clear water with unmatched visibility.
The population of the Cayman Islands is about 56,000 from 120 countries. The island enjoys excellent spending power with a per capita GDP for 2012 of US$58,970 (www.eso.ky), which ranks as the highest in the Caribbean and 17th in the world. The Cayman Islands has no income tax for individuals or incorporated companies, which continue to attract a wealth of business investment on Grand Cayman in particular. Investors enjoy healthy returns on investments since no direct income taxes apply. Also, no taxes apply towards capital gains, real estate, profits, or wealth transfer/inheritance matters. The government of the Cayman Islands derives its income from company registration fees, stamp duties, import duties and other non-income orientated taxes.
The Cayman Islands support a healthy mix of residential communities, commercial development and businesses of incredible variety. All the leading international accounting firms operate offices in the Cayman Islands, which together with the leading offshore legal firms progressive legislation and pragmatic regulations, contributes to the efficiency of Cayman’s business climate both locally and offshore.
Recent Government and private sector initiatives have strengthened the local economy and the outlook for the country is good, with Moody’s maintaining Cayman’s traditionally strong Aa3 rating during 2012, whilst the addition of the third tier of Medical Tourism to the economy and Cayman’s reputation as a high quality and high value jurisdiction for both Tourism and business should assist in maintaining Cayman’s positive and secure outlook for the foreseeable future.
The following benefits exist for businesses in the Cayman Islands:
• Friendly Investment Environment – No Local Income Taxes
• Stable Government and Strong Economy
• Privacy and Confidentiality
After reading all this information you are probably itching to come and discover the Cayman Islands and to find your own piece of Cayman Islands Real Estate. No problem! It is easy to get to Cayman. The Owen Robert International Airport, located in the capital of George Town has daily international flights and carriers from as far away as Heathrow with British Airways. Other carriers include Cayman Airways, Continental Airlines, Air Canada, Delta Airlines, American Airlines, US Airways and WestJet. Incoming and outgoing ports of call include:
• Havana, Cuba
• Kingston, Jamaica
• Miami, FL
• Montego Bay, Jamaica
• New York, NY
• Tampa, FL
• London, England
• Newark, NJ
• Houston, TX
• Toronto, Canada
• Atlanta, GA
• Detroit, MI
• Minneapolis, MN
• Charlotte, NC
• Philadelphia, PA
• Washington, DC
Cayman Airways, the National Flag Carrier of the Cayman Islands, also offers daily flights between Grand Cayman, Cayman Brac and Little Cayman.