Few places compare with the Cayman Islands – and with Engel & Völkers to support you – the perfect lifestyle is just one step away
Imagine investing in the tropical dream. In a destination that is politically stable and economically robust, that has a modern infrastructure, a world-class healthcare system, and real estate opportunities that are second to none.
Then look no further than the beautiful Cayman Islands, home of white, sandy beaches, year-round sunshine and the highest standard of living in the Caribbean. Now more than ever, Cayman really is the quintessential island oasis in a troubled world.
Consisting of Grand Cayman, Cayman Brac and Little Cayman, this Caribbean archipelago is a sophisticated English-speaking British Overseas Territory.
Grand Cayman is the largest island and is known for its thriving financial centre as much as the famous Seven Mile Beach. It is also fast emerging as a global digital technology hub, attracting the brightest talent from around the world, assisted by the Cayman Islands government’s newly formed Global Citizen Concierge Programme. Grand Cayman’s health and wellness tourism sector is also making waves, with Health City offering medical services and specialties found nowhere else in the Caribbean.
Invest in paradise
From ultra-luxurious beachfront condos, to gated canal-front communities and idyllic seaside villas, you are spoilt for choice as a property investor. There are developments currently being constructed, ranging from boutique to large-scale, including hotel-resorts, many of which offer well-run rental schemes when you’re away.
With a range of services to support these developments, including grocery stores, business facilities and superb restaurants – after all, Cayman is known as the ‘culinary capital of the Caribbean’ – it is no wonder that the country continues to attract high-net-worth individuals to its shores. And, as the population grows, we will continue to see increased development with more corporations setting up companies here.
Cayman’s close proximity to the US, Canada and Latin America makes it ideal for doing business. It is only one hour to Miami and seven hours to London.
In the near future, regular direct flights to major cities in the US, Canada, and the UK will resume where they left off pre-Covid.
A wealth of benefits
Perhaps one of the biggest advantages of investing in property in the Cayman Islands is that apart from a one-time stamp duty (7.5% on the purchase price or the market value of the property, whichever is higher), there is no direct taxation imposed by the government. This means no property tax, no capital gains tax, no income tax, no non-resident tax, no sales tax, and no inheritance tax.
In Cayman, there are also no restrictions on foreign ownership of real estate, while ownership of land can be held directly by the purchaser via a trust or by a company. If you’re interested in buying undeveloped land, there are no deadlines when it comes to building. You can hold the land indefinitely for future investment potential and pass on your property or land to the next generation without being taxed.
When it does come to building your dream home, there are sophisticated planning and zoning bylaws in place, with highly skilled building trades adhering to North American and European standards.
Whichever avenue you choose, you can look forward to a solid capital return and peace of mind, knowing that the property market in the Cayman Islands continues to thrive.
With a wealth of Cayman-based legal and financial experts at your disposal, and an Engel & Völkers advisor on hand every step of the way, your transaction will not only be a straightforward process, but a rewarding and exciting one also.