Several factors combine to make purchasing a Cayman Islands property a predictable and safe investment. In no specific order, this article offers some of the major reasons why the islands’ real estate industry keeps thriving.
Location
Location is frequently taken to be the major determining factor of any specific property’s value. Generally, it’s the same when thinking of the Cayman Islands. The islands boast of a climate that’s temperate in nature and rarely records temperatures that are below 70F or above 90F. The Cayman’s lack of mountain river run-offs and its remoteness within the Caribbean help the maintenance of ultra-clear near-shore waters making for some of the world’s best scuba diving. Add white beautiful sand beaches, tropical plant life, and a short flying distance from major nations to the mix, and it becomes quite easy to see why the Islands are taken to be a paradise by several visitors.
Beneficial tax regulations
The Islands impose very few kinds of taxation on their citizens. This is also same for foreign investors. As regards the ownership of the real estate, the Islands assess no conventional capital gains or property taxes. Also, there isn’t any tax due to the Islands’ government for any other income derived from investment in real estate, like dividends or rent.
Ease of land ownership
Unlike several other countries, the Cayman Islands feature no restrictions on foreign real estate ownership for personal use. Land, as well as a Cayman Islands property for sale, could be owned by all adult individuals (whether jointly with others, alone, or as proprietors in common), or even in the name of a business or company.
In addition, the Island-wide cadastral survey, as well as implementation of the Registered Land Law during the 70s, eliminated the risk of former ownership claims on properties. Every property on the Island is registered with a unique parcel and block number, and the ownership is held by the property’s registered owner, and the government guarantees that right of ownership. You do not need any extensive searches for titles or title insurance. Also, foreign investors don’t need to beat any deadlines for building on raw land; it could be held indefinitely undeveloped.
Political stability
Several of the Caribbean’s British Overseas Territories rushed into gaining independence after the Second World War, frequently with harmful outcomes, but not the Cayman Islands. It has happily stayed under the UK’s protection and gentle rule. By-and-large, Caymanians govern themselves, albeit within a tried and true British-developed framework. Moreover, the government is strongly conscious of the nation’s position as a great financial and investment centre, and the need to stay stable in the eyes of investors.
Economic and social stability
Only a few places around the world combine citizens from around 100 varying nations, with a make-up of all possible income brackets and races, and experience the type of social harmony that’s obtained in the Cayman Islands.
Sustained by one among the highest per capita incomes in the world, and a natural tolerance for racial variations, The Islands’ people haven’t just learned to cohabit but to also respect each other. This makes Cayman Islands property ownership predictable and safe.
