If you intend to purchase residential real estate to live on Grand Cayman, there are many benefits to investing in homes on the island. Check out some of the best, which range from favorable tax laws to luxurious recreation options.
1. There Are Favorable Tax Laws
One of the most beneficial reasons to purchase property in the Cayman Islands is that there are no property taxes. In fact, the islands are a completely tax-neutral zone, meaning there are also no income, inheritance, or capital gains taxes. In addition, the islands do not pose many restrictions on foreign ownership of property.
2. The Economy Is on the Rise
The economy of the Cayman Islands is on the rise. Considered one of the most affluent countries in the area, it houses many offshore finance centers and is number one in terms of housing captive insurance industries and hedge funds. The excellent economy has led to development across the islands in recent years as well. Camana Bay is a town located between North Sound and Seven Mile Beach. The area’s most recent expansion includes more than 200 residential homes and condos, refurbishment of the Marriot Hotel, a boutique resort with more than 260 rooms, and much more.
3. The Area Is Easy to Get To
Traveling to and from the islands, as well as between them, is quite easy. Located just 480 miles south of Miami, Grand Cayman is served by Owen Roberts International Airport while Cayman Brac is served by Charles Kirkconnell Airport. Two services, Cayman Airways and Cayman Express, provide inter-island flights throughout the day. Several airlines, including American Airlines, Delta, Southwest, and more, provide service to and from the islands, and many offer nonstop flights.
The islands are also easy to reach by ship. The largest port is George Town, which can accommodate as many as four cruise ships or mega yachts at one time. The harbor can hold any overage and ferry passengers to three different terminals, each of which are only about five minutes away. The islands also accommodate charters at two major ports.
4. The Islands Are Safe and Luxurious
Whether you choose to live in South Sound, Rum Point, or Seven Mile Beach, you can be sure you are safe and have plenty of recreational options when searching for Cayman Islands homes for sale. In fact, when it comes to safety, the Caymans are the most secure islands in the Caribbean and has one of the lowest violent crime rates in the world. In terms of recreation, there is plenty to do, especially for ocean lovers. Snorkeling, sport fishing, coral reef tours, swimming, and much more are common activities. There are also a variety of boutiques, spas, and other onshore recreational activities.
Of course, as with any real estate purchase, be sure to do your research first. Never purchase a property unseen or before receiving all the proper paperwork. If you’re looking for a new home, property in the Cayman Islands may be right for you.