Bloomberg recently reported that the Cayman Islands was the sixth most frequently visited country in the world by private jet arrivals in 2018, and the country continues to achieve record-breaking visitor arrivals month over month and year over year. The most recent tourism statistics from the June 2019 report show an 11% year-to-date increase in stayover visitor arrivals over 2018’s figures.
While the answer may seem obvious – the country does offer abundant sunshine as well as its crown jewel, Seven Mile Beach (repeatedly voted among the top beaches in the world) – there are several other reasons why the Cayman Islands is a small country with a big international presence.
- Year-round good weather!
Cayman Islands weather is wonderful year round. With average winter temperatures ranging from 75-85°F and increasing to 80-95°F in summer months (source), you need only maintain one wardrobe when you live here full time. For those planning a quick weekend escape, the consistently warm weather makes packing light for added convenience and easy getaways.
- Ease of access
The newly renovated Owen Roberts International Airport now services 25 gateway airports throughout 22 metropolitan hubs across the globe. With nonstop flights to cities such as London, Toronto, New York and Miami, travellers from all over are finding it easier than ever to jump on a plane and enjoy a quick getaway to the Cayman Islands to unwind. It is now even easier for visitors from North America’s west coast to get to Grand Cayman, thanks to the launch of Cayman Airways’ Denver route, which launched in March 2019.
- Ease of doing business
International travel continues to rise thanks to the increase in the number of people conducting business in the Cayman Islands. Recently ranked by the Global Complexity Index in last place (making the Cayman Islands the easiest place in the world to do business), the country continues to appeal to business leaders and owners across all sectors as an attractive place to do business, thanks to numerous benefits including tax neutrality, a stable and thriving economy and sophisticated infrastructure. In fact, the Organisation for Economic Co-operation and Development (OECD) recently completed a review of the Cayman Islands’ economic substance legislation and found our tax-neutral regime to meet all economic substance requirements. As a result, it’s not just tourists that are boosting flight arrivals. Savvy business leaders are increasingly looking to Cayman as a place to establish global headquarters, which in turn is prompting a steady year-over-year increase in business travel to this leading offshore hub (source: Cayman Islands Customs and Border Control).
- Part-time residents are enjoying the best of both worlds
It’s easy to own a second home in the Cayman Islands and split time between your permanent residence and your beachfront getaway. The ease of airlift and modern infrastructure make telecommuting feasible, and since there are no restrictions on foreign ownership of property, buying a vacation property is a straightforward process. Oftentimes, people start by owning a vacation home on the island and then fall in love with the island lifestyle and relocate here full time. Residency by investment is possible in the Cayman Islands and investors are qualified to apply for permanent residency by spending at least US$2.4 million on a property. If you want to enjoy pina coladas all winter long, click here for guides on this topic from international law firm Bedell Cristin, based in Camana Bay on Grand Cayman, who can further advise on this path to residency.
- Luxurious stays in beachfront property with world-renowned views
Nothing gets the blood pressure down like a stunning sunset or sunrise view, and Grand Cayman is home to numerous properties that offers this view to both visitors and residents. If you are visiting, try a stay at The Residences at Seafire, beachfront condos with many offering wraparound balconies that will have you taking in the sunrise over the North Sound canals and the unparalleled sunsets over Seven Mile Beach (one sunset and you will understand how Seafire got its name!). The rental programme is managed by the Five-Diamond AAA Kimpton Seafire Resort + Spa located next door. If you wish to own a home here, The Residences at Seafire are for sale and available for full-time residents or as a part-time property with the option to include your home in the rental programme. Click here to request more information on The Residences at Seafire on Seven Mile Beach.
While our team specialises in fulfilling your property needs, our sales specialists are also well-versed in the Cayman Islands and all that you need to know if setting up a home here, whether a part-time or full-time residence. Contact them today with any questions about what it means to live where you vacation.