Why Cayman Islands Property is a Top Pick for Investors |
Posted: January 8, 2020 |
Its tropical location, with year-round sunshine, stunning beaches, Caribbean charm and tax neutral regime, makes the Cayman Islands a top location for property investment. The sophisticated infrastructure and excellent amenities of the Cayman Islands make it an obvious choice for investors looking for capital appreciation as well as an enjoyable vacation destination, or even permanent residence. Investors buying property in the Cayman Islands enjoy a regulatory environment that is both competitive and transparent, with minimal paperwork and few restrictions. Cayman is perhaps most strongly associated with hedge funds, with more than 10,800 registered with The Cayman Islands Monetary Authority (CIMA) in 2018. but the British Overseas Territory is also ideally suited for other fund structures and investments, such as real estate. The population was 10,000 in the 1970s and now numbers 65,000, more than half of whom are expatriates, according to United Nations figures. Residents come from 130 different nationalities, and because many are on short-term work permits they prefer to rent. As the employment market has grown grows, the demand for new housing has naturally grow alongside it, which is good news for property investors looking for excellent rental returns. The process for purchasing Cayman Islands propertyis simple, coupled with a very sophisticated land registry system. The land registry is based on the Torrens System of Land Ownership, which gives each piece of property a register, and the Land Registry is always available to the public. Title to property in the Cayman Islands is ‘absolute’, meaning guaranteed security of ownership when buying. Additionally, the government guarantees title through this register. It's common knowledge that there is no tax on income, corporations or capital gains in the Cayman Islands, and no death duties or VAT. Overseas investors are also attracted to the Cayman Islands because the infrastructure and amenities are on a par with countries such as the United States and the United Kingdom. Excellent telecommunications, transportation infrastructure, banking and legal services make the Cayman Islands an obvious choice for overseas investors looking to buy property in the Caribbean. The property market is well developed and sophisticated, predominantly organized and controlled by Cayman Islands Real Estate Brokers Association (CIREBA). Members adhere to strict rules and regulations, a code of ethics, and other guidelines. There is also a Multiple Listing Service (MLS) which updates property information in real time online, allowing buyers to choose one Cayman Islands realtor while simultaneously having access to every other member’s property listings. Among its many appealing features, the Cayman Islands is also a family-oriented destination, where families are safe to enjoy all the wonderful beaches, restaurants and entertainment that the islands have to offer. Although investors might look to purchase Cayman Islands property from a purely economic and investment perspective, motivation often changes once they start to view properties and see other advantages. It is quite common for real estate agents to see their investor clients who are initially looking just for capital appreciation end up using their property investment as a wonderful family vacation, or even permanent, destination. There are plenty of choices of Cayman Islands property for sale, including commercial, resort, residential, multi-family and so on. There are no annual property taxes, but there is a one-time 7.5% stamp duty payable upon possession of the property. This unique blend of attractive qualities offers a distinctive investment suite for prospective foreign real estate investors.
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