Grand Cayman, Cayman Islands - 18 June, 2019
With over 108,000 millionaires migrating across borders in 2018 – representing a 14 per cent increase over 2017 (according to Bloomberg) – high-net-worth individuals are seemingly more prepared than ever before to relocate if their home country shows signs of political instability or changes in policies such as taxation.
A particular spike in 2018 exits from the United Kingdom further emphasises this trend.
Some of the most popular destinations for these migrations include Canada, Australia and the United States. The Cayman Islands, like many countries throughout the world, offers a path to residency for those of independent means and for qualified business investors, and also presents an attractive lifestyle option, thanks to its politically stable and tax-neutral environment.
With four residency certificate options to choose from in this thriving British Overseas Territory, a growing number of discerning individuals now live and work in one of the world’s premier financial centres.
The team at Provenance Properties Cayman Islands, the exclusive Christie’s International Real Estate affiliate in the Cayman Islands, is well versed in assisting offshore clients.
“I would estimate that 85 per cent of our buyers are overseas, hoping to purchase a home they can live in part-time or one which will allow them to relocate permanently to the Cayman Islands,” said Ruth Gustafsson, sales executive at Provenance Properties Cayman Islands. “We are able to assist them with turnkey solutions to make this a seamless process.”
Thanks in part to no restriction on foreign ownership of land, the Cayman Islands continues its reputation as a preferred locale for acquiring luxury real estate and enjoying an excellent standard of living. With a low crime rate, political stability and sophisticated infrastructure, it isn’t just the tax neutrality and lack of direct taxation that renders the country desirable. With a 3.6 per cent growth in GDP (2018) and unemployment rate of just 2.8 per cent (source), the government budget is currently enjoying a surplus of 136% (source). Add to these facts the notion that one could be enjoying life on Seven Mile Beach, voted one of the world’s best beaches (source), it’s not hard to understand why interest from overseas buyers is on the rise.
“The Cayman Islands offers a vibrant social life with a wonderful ease of living,” explains Fleur Coleman, sales specialist for Provenance Properties, adding that the newly renovated Owen Roberts International Airport offers easy and direct access to 20 major cities in North America and the UK.
As far as purchasing Cayman Islands property, the process is fairly simple, Ms. Coleman adds. “The professional service providers involved in the real estate industry and government offices are very efficient. There are no restrictions on foreign ownership and no special land holding licenses for foreigners. Land ownership is registered with the Cayman Islands Government, which means there is no need for title insurance. All in all, it’s a very straightforward process.”
The lack of direct taxation also offers cost-saving benefits. “Buyers pay a one-time stamp (land transfer) tax of 7.5 per cent on most properties and real estate commissions are paid by the seller,” Ms. Coleman explained.
The quickest path to permanent residency in the Cayman Islands is through the purchase of developed real estate valued at US$2.4 million or higher. With a portfolio of residential real estate properties beginning at US$1 million, the Provenance Properties team is ideally appointed to help overseas buyers find the Cayman Islands home they desire that will also help fulfil this requirement.
For more information on the residency certificates available for persons of independent means, visit the Cayman Islands Government website. For information on Provenance Properties listings click here, or to contact one of Provenance Properties’ sales specialists to receive their assistance on finding a property, click here.
ABOUT PROVENANCE PROPERTIES CAYMAN ISLANDS
Provenance Properties is the exclusive Cayman Islands Christie’s International Real Estate affiliate, the sole real estate brokerage for Dart Real Estate and a member of the Cayman Islands Real Estate Brokers Association (CIREBA).
Provenance Properties provides singular access to a large and growing portfolio of private residences, condominiums, hotel residences and land in the Cayman Islands. Provenance Properties is your gateway to the community that embraces all the Dart places have to offer, inclusive of special event invitations, custom and experiences. In addition to premium entry to the Cayman Islands most desirable properties, Provenance Properties leverages the experience and reputation of the region’s premier real estate developer.
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