|
[top]
The
Cayman Islands are situated approximately 480 miles south of Miami,
just a little over an hour by air. Cayman consists of three islands:
Grand Cayman, the most populated; Little Cayman, the smallest
and least developed; and Cayman Brac, known for its spectacular
spine-like bluff. Little Cayman and Cayman Brac are located about
90 miles from Grand Cayman. All three islands are coral outcroppings
of an undersea mountain range, which extends from Cuba to Belize.
The
"Cayman Trench" lies between Grand Cayman and Jamaica. This is
the deepest part of the Caribbean Sea, with depths charted down
to four miles. As you fly into Cayman, you will be awed by the
ever-changing hues of the water. Colors range from the palest
of lime to aquamarine to inky cobalt and finally to deep sapphire,
as the sea pulls away from the Island walls.
 The
three islands cover a total area of approximately 100 square miles.
Grand Cayman is about 22 miles long, and eight miles across at
its widest point. On a map, it appears to wrap itself around a
body of water known as the North Sound, Cayman's water sport playground,
also home to the famous "Stingray City". The "Sister Islands",
as they are called, have their own distinguishing features and
all offer excellent diving, fishing and snorkeling. A lot of the
snorkeling sites are shore accessible. Located off the Old Buccaneer's
Inn is the famous M/V Capt. Keith Tibbetts, a Russian destroyer
sunk in 55-100 feet of crystal clear water. From the surface,
snorkelers can view this superstructure as it rests on the sea
floor below. Land lovers can grab a bicycle and explore the bluff
in Cayman Brac, which rises to an elevation of 140 feet, affording
majestic views from the top. The "Brac" is 11 miles long. Little
Cayman, truly an uncut gem, is approximately 10 miles long and
a mile wide. Some of the best diving in the world can be found
off "Bloody Bay" wall. Here too, there are shore accessible sites.
Additionally, most dive operators will allow snorkelers to go
out on dive trips and snorkel from the boat. Cayman, of course,
is a world-renowned dive attraction.
 The
40,000 + permanent residents of the Cayman Islands represent a
harmonious blend of peoples from over 80 different countries.
Approximately half of the population is Caymanian with British,
Scottish and African origins. Christopher Columbus discovered
the Islands in 1503. Spain eventually ceded them to the British
Crown. Today, Cayman remains a dependent territory of Great Britain;
the Queen appoints its Governor.
[top]
The
main industries are financial center operations, tourism, and
real estate sales and development. Service industries, such as
construction, jewelry manufacture, hotel and restaurant operation,
retail trades, and scuba diving and boat rentals are ancillary
to the main industries. The Cayman Islands Government has never
depended on the British Government for its recurrent budget, and
all aid for capital projects has ceased for the last 15 or more
years.
The
real estate market here is a buoyant one. It is uniquely attractive
to those looking for an overseas holiday get-away, or a retirement
abode. To foreign investors, it can offer a solid capital return
on their investment, as well as the chance to own a secluded piece
of "paradise". Cayman attracts not only Fortune 500 corporations,
but all types of investors as well.
The
Cayman Islands Real Estate Broker's Association: A regulatory
broker's association which guide the members under strict rules
and regulations. Consisting of an MLS service similar to the US
and Canada, the members have access to every listing currently
on the market. This makes it easier for prospective buyers as
it enables them to work with one agent Island wide and still be
assured of viewing all available properties of interest.
CIREBA also publish a magazine showcasing the majority of properties
currently on the market. This magazine is published three times
a year and can be obtained free of charge locally or mailed by
pre-paid subscription.
-
there are no legal restrictions of any kind on foreign ownership
of property. Title to real estate can be held in one or more
names of individuals or in a corporation. Title is granted
and guaranteed by the Cayman Islands Government, thus ensuring
and protecting property ownership. Further, there are no imposed
requirements to develop land (excluding subdivisions which
do have Covenants) within a stipulated time period; consequently,
parcels can be held indefinitely, with little or no expense,
for future use or speculation. Note: there is no yearly property
tax in Cayman
-
:full legal and financial services are available.
Additionally, there are many highly qualified architects,
engineers, surveyors and building contractors. Building materials
are readily available; including locally made cement block
and ready-mixed concrete. Special materials and products can
be shipped efficiently from the US.
-
:
a number of banks and financial institutions offer mortgage
packages. The cost of money here is based on the floating
New York prime as quoted by Citibank. Some banks offer between
10-35% down plus closing costs for loans on condos and residences.
The loan duration is usually 10 to 15 years, however some
lenders offer 20. Most do not charge pre-payment penalties.
-
: there are no exchange controls. Funds and financial
assets in any currency or gold can be transferred freely into
and out of the country. The official currency is the CI dollar,
however, the US dollar, with a fixed rate of exchange, is
widely used in local finance and commerce. The bank rate of
exchange when converting US dollars to CI is: US $1.00 = CI
$.82
-
:
Cayman has a well-developed and efficient infrastructure.
With fully digital network and fiber optic cables, our telecommunications
system provides reliable links with the rest of the world,
thus fulfilling the business and financial community's expanding
needs. Cayman is ranked among the ten top countries for highest
penetration of cellular customers.
In
addition to the aforementioned, Cayman holds many natural attractions,
i.e. beautiful climate, gorgeous sunsets, pristine powder beaches,
crystal clear water, caves and trails, scenic coastal areas, and
renowned dive sites. Further, Cayman offers a safe, clean and
friendly environment.
[top]
There
is no direct form of taxation levied within the Islands, aside
from a one-time "stamp duty" on real estate at time of purchase
with is either 9% (Seven Mile Beach corridor due to high infrastructure)
or 7.5%. Essentially, it is a government assessment on actual
real estate at the time ownership transfers. Note: furnishings
are deducted from the sales price before calculating stamp duty.
Further, there is no property tax, no income tax, no capital
gains tax and no inheritance tax. Note: Government has temporarily
reduced stamp duty (effective until mid November of 2002) to
5% Islands wide.
[top]
As
you know, one of the major criteria for determining real estate
value is "location, location, location". Building contractors
and developers offer quality products for those choosing to
buy raw land and design their own dream home or for those buying
into a developer's project. Cayman's Building Control Department
follows stringent codes for approving and monitoring on-site
construction. The relevant Government inspectorates similarly
use codes for plumbing and electrical installations. To ensure
adequate structural protection against hurricane threats, contractors
here are similar to the building codes used in South Florida.
(Note: construction costs in Cayman will reflect the charges
incurred in shipping materials to the Island, as well as the
import duty on such; consequently building costs will be higher
than those in the US.)
[top]
Highly
professional banking and investment services are readily available.
The tight Monetary Authority guidelines and regulations are
in compliance with the OECD's (Organization for Economic Development
and Cooperation) requirements. And a "know your customer" policy
is stringently practiced. Although there are approximately 500
banks in Grand Cayman, only a few are licensed to do retail
business. The major banks with facilities to offer full service
banking include: Barclays' Bank, Bank of Butterfield, Cayman
National Bank, CIBC Banks & Trust, Royal Bank of Canada
and the Bank of Nova Scotia. All are located in or near George
Town. Travellers cheques are accepted at most places in Cayman,
as are major credit cards. ATM machines are conveniently located
Island wide.
[top]
Visitors
may enter and reside in Cayman for a period of up to 6 months,
but a visitor is not allowed to work during his/her stay here.
All non-Caymanians that wish to work in the Islands must apply
for a work permit. The application process can be somewhat lengthy.
It is advisable to talk with an Island attorney regarding the
permit process, as well as residency. Government encourages
people of independent means to apply for Island residency. It
requires an ultimate investment in a property or a local business
of at least $180,000.00 US dollars. Additionally, there is a
fee of CI$15,000.00 (US$18 dollars), (includes spouse and children
under 18). Applying for permanent residency is a two-fold process.
Once granted, it allows unrestricted time in the Islands and
can possibly benefit the holder from a tax standpoint in his/her
home countr.
[top]
Anyone
wishing to reside in Cayman without engaging in employment of
any kind may apply to the Chief Immigration Officer for consideration.
There are two stages to the procedure. Initial residency will
be granted only if it appears that the applicant will qualify
for permanent residency.
[top]
Applications
are granted for a six-month period but can be renewed providing
the Authorities are satisfied that an application for permanent
residency has been made or is forthcoming. Basically, the prospective
resident must show that he/she does not need to work in Cayman
to support himself or his dependents, and that he/she is of
sound mind and in good health. Property need not be identified
or acquired during this initial phase of the procedure. In addition
to the application form, the following is required:
-
a
valid passport
-
a
police clearance certificate (covering the past 10 years)
from the applicant's last place of residence. This can be
obtained through the police department where the applicant
resides. (British applicants may submit an affidavit sworn
before a magistrate or notary)
-
a
medical clearance certificate on a prescribed form accompanied
by a lab report indicating results of specified blood tests.
-
three
personal references from persons not related to the applicant.
-
proper
documentation demonstrating the applicant's ability to support
himself and his dependents without gainful employment in Cayman.
-
Passport
photos as specified.
The
completed applications including the above documentation are
sent to:
The Chief Immigration Officer
Department of Immigration
PO Box 1098GT
Grand Cayman
If
the initial residency application is approved, an entry certificate
is issued on payment of a cash deposit based upon nationality.
This ranges from $150 CI to $2000 CI. An individual may then
take up residency upon presentation of this certificate at Port
of Entry within six months from date of issue.
[top]
The
second step is to apply for the initial residency to be made
permanent. It is at this stage that an applicant is expected
to have met the necessary property purchase or investment requirement.
Once a person has been granted permanent residency, no further
permission is necessary to enter or remain in the Cayman Islands.
Note: permanent residency can be withdrawn if a person resides
out of Cayman for a continuous period of one or more years.
[top]
A
permanent resident may, after two years of continuous residence,
apply for a work permit. The Immigration Board will take into
consideration the applicant's standing in the community, as
well as any contributions he/she has made in terms of participation
to the betterment of the community. Note: permission to engage
in gainful employment is usually restricted to a specific occupation;
additionally there is a required annual fee
-
For
further information concerning any of the above, please contact
the Department of Immigration, PO Box 1098GT, Grand Cayman,
Cayman Islands B.W.I.
[top]
Applications
should be made on the prescribed forms and are available from:
The
Department of Immigration,
P.O. Box 1098, Grand Cayman, B.W.I.
Any
specific enquiries should be directed to the Chief Immigration
Officer, who may request information additional to that included
in the forms of application. Application forms may also be obtained
from the office of the Cayman Islands Government representative
in the United Kingdom at :
Cayman
Islands Government Office
In the United Kingdom
6 Arlington Street, London, SW1A 1RE
England, UK
Telephone:171-491-7772
Fax:171-491-7944
[top]
The
information provided is for guidance, and decisions will be
made on each individual case by the Immigration authorities
acting under the powers granted by the Immigration Law,1992,
amendments thereto, regulations made there under, and any instructions
issued under the provisions of the law.
[top]
Anyone
intending to bring a family pet or other animal into the islands
must direct these inquiries to the Department of Agriculture.
Importation of dogs and cats require an import permit or a valid
animal passport issued by the Department of Agriculture, and
an official health certificate issued by a government-employed
or accredited veterinary inspector in the country of origin.
Application forms for permits are available from the Agriculture
Department, at the numbers listed below.
Applications should be submitted well in advance of travel and
must be accompanied by a non-refundable fee of CI$50 (US$61)
in the form of a bank draft or an international money order,
payable to the Cayman Islands Government.
[top]
Anyone
intending to bring a family pet or other animal into the islands
must direct these inquiries to the Department of Agriculture.
Importation of dogs and cats require an import permit or a valid
animal passport issued by the Department of Agriculture, and
an official health certificate issued by a government-employed
or accredited veterinary inspector in the country of origin.
Application forms for permits are available from the Agriculture
Department, at the numbers listed below.
Applications should be submitted well in advance of travel and
must be accompanied by a non-refundable fee of CI$50 (US$61)
in the form of a bank draft or an international money order,
payable to the Cayman Islands Government.
[top]
The
cost of living is generally higher than in the United States
or the United Kingdom, as most commodities are imported and
have to bear the cost of freight and insurance, plus customs
duty if payable.
This is partly offset by the absence of income and property
taxes, but monthly rent on apartments and houses in prime areas
are usually quite a bit higher than for comparable properties
in the US or UK. Most are rented furnished. Gas (petrol) is
less expensive than in Britain, though higher than in the US.
The cost of electricity and water (in properties using desalinated
water) can also be higher than a resident of the UK or US are
accustomed to.
The Government's Economic and Statistics Office keeps records
of prices. The office assesses the cost of living increase for
1997 to be 2.7%.
[top]
The
range of food items, household goods, linens, clothing and other
items available in the Islands is likely to surprise the newcomer.
There is regular cargo shipping service to Grand Cayman from
Miami, Tampa, Central America and Jamaica, with service from
Miami being the most frequent. Cayman Brac also has cargo-shipping
service from Grand Cayman every week.
Several large hardware outlets carry a wide range of items,
and other outlets supply appliances, furniture, linens, photographic
equipment and supplies, sporting goods, gift items, plants and
nursery items, books and magazines, hobby supplies, radios,
televisions, video recorders and other electronic equipment,
prescription and non-prescription pharmacy items, building supplies
and most other items needed for everyday living.
To given an idea of price levels to be expected, the following
is a selection from the Economics and Statistics Office list
in March 1988: (All prices are in $US)
-
- 1
lb, 4oz. Loaf of white bread = $2.46
- 1
dozen eggs = $1.79
- 100-bag
pack of tea = $4.87
- 8oz
jar of instant coffee = $8.88
- bacon
= $3.85
- 1
lb stewing beef = $3.50
- 1
lb apples = $1.66
- oranges
= $0.41 each
- 4
lb sugar = $2.49
-
- 1
litre Johnny Walker Red Whiskey = $34.40
- 1
litre Beefeaters gin = $33.65
- 24
bottle case of 12 oz Heineken = $40.17
- 750
ml B&G Beaujolais = $19.13
- 750
ml B&G Chablis = $18.30
-
- 10-pack
carton B&H cigarettes = $25.99
- 10-pack
Winston = $23.84
- ten
boxes matches = $2.90
-
- Long-sleeved
men's shirt = $68.67
- pair
men's slacks = $48.66
- women's
cotton dress = $145.46
- pantyhose
= $5.44
- full
size bed sheet = $51.26
- bath
towel = $12.13
-
- 60
aspirin tablets = $8.52
- 7
oz toothpaste = $4.10
- 5-pack
razor blades = $6.83
- toothbrush
= $3.66
|
