The Cayman Islands is a protectorate of the United Kingdom and the fifth largest offshore financial centre in the world and offers a rather unique tax free environment.
Aerial view of George Town & Seven Mile Beach (Grand Cayman)
Real estate development in Cayman started its development in the 70’s and now has a variety of residential choices and a lot of land and scope for future projects. There are several large developments under way, think Kimpton Seafire Hotel & Resort, the Ironwood community, FINN and VELA in South Sound and the expansion of Owen Roberts International Airport. The Islands infrastructure of roads, power and water treatment are excellent and constantly being upgraded. There are outstanding Health Services’ especially with the addition of Health City in East End. It is fair to say that Cayman residents enjoy a very high standard of living which is not found in other areas of the Caribbean.
The Cayman Islands has a population of approximately 50,000 with about half of this number made up of expatriates and seasonal snowbirds. The Islands’ financial sector attracts thousands of professionals who mostly join a corporate workforce that constitutes 67% of the annual GDP. There is a thriving rental market and a significant demand for rental property. Not to mention the vast number of tourists that visit annually!
Choosing to invest in Cayman compared to other Caribbean destinations makes sense when you consider that Cayman’s real estate market has historically and comparatively not been overpriced like many other countries, the result of which has been slow consistent growth over many years. Cayman enjoys a stable economy with optimistic forecasts suggesting continued steady growth. The employment market is also growing and thus so is the demand for housing. All great news for those looking for an intelligent investment.
Health City in East End
The Cayman Islands real estate market stands out from the crowd. While many countries in the region have implemented stringent policies about foreign transactions Cayman have developed rules that add to the attractiveness of investing in the country. With benefits, such as guaranteed titles and the option for the title to be placed into your own personal or company name. There is also no annual property or capital gains taxes, no inheritance tax, an excellent lands and survey system, plus no restrictions on foreign ownership of a single property. It seems obvious that The Cayman Islands is a top contender with considering investment in foreign property.
The Cayman property market offers spectacular options ranging from high-end luxury beachfront property to stunning Canal front family homes and everything in between. There is certainly something for everyone’s budget. Buyers can also be confident that there are much higher standards of construction as all buildings must adhere to Cat 5 requirements. Compared to what is offered in the rest of the Caribbean region you can rest assured that you purchase peace of mind.
Seven Mile Beach, Boggy Sands Road
If we crunch some numbers, as an example, you can look at purchasing a two-bedroom condo for around $350,000 and you could expect to rent this out for $2,500 net, with you earning 7% ROI over time.
Simply put if you are looking to invest in the Caribbean, then investing in the Cayman Islands is a great choice. The combination of first world services, excellent infrastructure plus an impressive portfolio of properties mean it certainly is and will continue to be one of the hottest real estate markets in the region.