Why invest in the Cayman Islands?
The Cayman Islands, a UK Overseas Territory enjoys a high degree of political, economic and social stability with an elected government of a Cabinet and Legislative Assembly, together with a Governor appointed by the HM The Queen. Cayman is a thriving international financial center, home to the world’s leading banks, investment agencies, law and accounting firms. As well as being a center for international business, the Cayman Islands boasts world class tourist facilities and has a highly successful tourism industry that enjoy the wonderful beaches, restaurants, shopping, coral reefs and other attractions.
The Cayman Islands is an unparalleled living environment offering award winning beaches and real estate to suite an wide range budget connoisseurs!
The natural beauty of Cayman combined with a stable government, affluent population and sophisticated infrastructure has contributed to one of the region’s strongest real estate markets. Grand Cayman has provided long-term sustainable growth since its first tourism oriented developments in the 60s and the 70s. In the past 15 years, properties have averaged an annual increase in value exceeding 12%. For the highest end properties currently valued at over US$2 million, the annual increase in value is even higher.
The Cayman Islands impose NO DIRECT TAXES - no property, inheritance, gift, corporation, capital gains, value added, sales or income taxes whatsoever. The only duty real estate buyers are required to pay is a one-time stamp duty (currently 7.5 % of the purchase price) within 45 days of closing for transfer of title.
All land in the Cayman Islands is recorded in a single registry. The land registry is maintained by the government which effectively guarantees title, so title insurance is not necessary. Land title is Guaranteed by the Cayman Islands Government once registered.
The Cayman Islands is the fifth largest financial center in the world. It is well known for its abundance of banks, and is a major center for hedge funds, mutual funds and captive insurance. In the past decade the Cayman Islands has diligently worked to enhance its reputation as a professional, well-regulated jurisdiction and has enacted anti-money laundering legislation. Property purchasers may still choose to keep their ownership private. Properties may be held in a Cayman corporation or trust (s), keeping beneficial ownership confidential. There is no restriction on foreign purchasers setting up a corporation or trust. The Confidential Relationships (Preservation) Law makes it a criminal offense to divulge information given in confidence to financial or legal profession (except in the case of criminal activity or tax evasion).
It is a simple matter for property owners to apply for permanent residency, which allows you to spend unrestricted time in the Cayman Islands. The only requirements are property ownership exceeding US$200,000.00, a one-time fee of approximately US$18,000.00, a clean police record and strong bank and personal references. Grand Cayman boasts a vibrant community of both full and part-time residents who are successful businesspeople, investors and entrepreneurs, and the Islands encourages residency applications.