Owning Your Own Slice of Paradise
Unrivaled beauty and relaxed lifestyle...
The range of investment opportunities in the Cayman Islands, from residential to commercial properties is significant
Taxes and Residency
There is no income tax, no property tax, no capital gains tax, no inheritance taxes and no direct taxes are imposed by the Cayman government: The Cayman Islands is not only the financial capital of the Caribbean with 250 banks and financial institutions represented, but also known as the top region in the world for investors to hold high-end property.
Banking
Foreigners may open bank accounts and borrow to finance a purchase. Interest on money borrowed in Cayman may be properly written off in most countries. Bank accounts may also be opened in corporate entities. It is illegal under Cayman Law for anyone to divulge any financial information unless it can be proven that the funds were obtained through illegal means.
Residency
The requirements for Cayman Residency include having a clean police record and making an investment which includes a local residence. Cayman Residency allows unrestricted stays in the Cayman Islands and allows one to be taxed (usually not taxed) as a non-resident in one's home country. These residency provisions and the lack of inheritance taxes are two of the most attractive financial aspects of a move to the Cayman Islands. This type of residency, however, does not include the right to work. Employment requires a work permit which is likely to be issued only if local labor is not available for a particular position.
Beauty and Quality of Life
Acquiring Property
The real estate industry itself makes the ownership process very simple. There are no restrictions on foreign ownership of property. The title to property in Cayman is "absolute" (fee simple). Based on the Torrens System, each property has a property register which can be obtained at the Lands and Survey Department showing its legal description, history of ownership, and record of liens. Government guarantees title through this document making title searches unnecessary.
A one time fee of 7.5%, called Stamp Duty, is paid to government to register title. Although through this procedure ownership is a matter of public record, properties may be held in Cayman Corporations, thereby making beneficial ownership a confidential matter.
Most of properties sold in the Cayman Islands are handled by firms who are members of the Cayman Islands Real Estate Brokers Association (CIREBA). Coldwell Banker Cayman Islands Realty is a proud member of CIREBA.
CIREBA brokers are capable of handling your transactions from start to finish and members are obliged to follow a strict code of business ethics. CIREBA is the Cayman Islands chapter of FIABCI, the international Institute of Real Estate Brokers, and is, in fact, the only FIABCI chapter in the Caribbean.
A one time fee of 7.5%, called Stamp Duty, is paid to government to register title. Although through this procedure ownership is a matter of public record, properties may be held in Cayman Corporations, thereby making beneficial ownership a confidential matter.
Most of properties sold in the Cayman Islands are handled by firms who are members of the Cayman Islands Real Estate Brokers Association (CIREBA). Coldwell Banker Cayman Islands Realty is a proud member of CIREBA.
CIREBA brokers are capable of handling your transactions from start to finish and members are obliged to follow a strict code of business ethics. CIREBA is the Cayman Islands chapter of FIABCI, the international Institute of Real Estate Brokers, and is, in fact, the only FIABCI chapter in the Caribbean.