The Cayman Islands is an autonomous British Overseas Territory in the Caribbean Sea, comprised of three islands: Grand Cayman, Cayman Brac and Little Cayman.
Grand Cayman, the largest of the three islands, is currently experiencing a real estate boom, ending 2017 with a record best of CI$679 million in value sales. When you factor in luxury developments under construction or scheduled to break ground in the coming year, and high-end residences available for sale including the Tuscan-inspired villas of Casa Luna and the modern high-design condos of The Residences at Seafire located on the world-acclaimed Seven Mile Beach, property buyers are spoiled for choice in 2018.
Here are seven reasons why you should buy Grand Cayman luxury property right now.
1. No property taxes
There is no income, property, corporate, or inheritance taxation in the Cayman Islands. Buyers only pay a one-time stamp duty payment of 7.5% on the purchase price of real estate or the market value of the property, whichever is higher.
2. No restriction on foreign ownership
There is no restriction on foreign property ownership in the Cayman Islands so ownership can be held directly by the purchaser, via a trust or by a company, making it a straightforward transaction.
3. No obligation to develop land
In most cases, buyers can purchase land with no obligations to develop.
4. Convenient airlift
Grand Cayman’s Owen Roberts International Airport offers direct flights daily to numerous North American hubs including Atlanta, Charlotte, Chicago, Dallas, Miami, New York City, and Toronto. There is also a direct flight (with a tarmac stop in Nassau, Bahamas) four times a week to London’s Heathrow Airport, providing an easy transfer to continental Europe.
Grand Cayman’s airport is undergoing a major expansion throughout 2019 to increase its annual capacity for arrivals from approximately 500,000 to three million visitors.
This expansion is projected to lead to an increase in flight options, making it even more convenient to travel to and from the Cayman Islands.
5. Year round events and lively social scene
Although famed for its turquoise waters and white sand beaches, residents in the Cayman Islands know there’s so much more to island living than beaches. Living in Grand Cayman offers an enviable lifestyle with an outstanding selection of cultural, music and sporting events, as well as a vibrant fine and performing arts scene. Sports fans, live music enthusiasts and theatre-goers alike will always find something to do in Grand Cayman!
Highlights of the entertainment calendar include:
- Legends at Camana Bay - An annual tennis showcase featuring where reigning and former Grand Slam tennis champions and Hall of Fame legends compete for bragging rights.
- KAABOO – A uniquely curated international festival featuring the best of comedy, music, art and cuisine.
- Batabano – Cayman Islands national carnival
- Pirates Week – Cayman Islands national cultural festival.
6. A vibrant culinary scene
Often described as the culinary capital of the Caribbean, Grand Cayman’s 76 square miles are home to more than 150 restaurants with a range of cuisine from fine dining to beach-side fish fries.
Foodies will be tempted by a host of culinary festival and events throughout the year including the Cayman Cookout, a celebrity-packed food extravaganza hosted by Michelin-starred Chef Eric Ripert and Taste of Cayman, a food festival where local restaurants compete against each other for the title of Cayman Island’s best restaurant.
7. Modern infrastructure
Grand Cayman is at the forefront of modern infrastructure in the Caribbean, making living and visiting the island easy and convenient. There are three hospitals, 10 private schools including an international school offering the International Baccalaureate curriculum, modern grocery stores, an extensive and developed road network and a variety of retail and professional services. High-speed wireless internet and telephone service are widely available, making it effortless to keep in touch with family, friends and business contacts overseas.
Buying property in the Cayman Islands can be a rewarding and exciting experience, and the experienced sales professionals at Provenance Properties Cayman Islands are happy to guide you every step of the way. Visit our listings page to find great Grand Cayman luxury property for sale.