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Quick Facts - About Grand CaymanGeography & Climate: Grand Cayman, the largest of the three Cayman Islands, is located in the western Caribbean about 150 miles south of Cuba, 460 miles south of Miami, and 167 miles northwest of Jamaica. It has an area of about 76 square miles and is approximately 22 miles long with an average width of 4 miles. Its most striking feature is the shallow, reef-protected lagoon, the North Sound, which has an area of about 35 square miles. The island is low-lying, with the highest point about 60 feet above sea level. The average temperature is 78°F in the winter and about 86°F in the summer. The average annual humidity in 2004 was 77 percent. Government: The Cayman Islands, a British Dependent Overseas Territory, is a parliamentary democracy with judicial, executive and legislative branches. Taxes: There are no property taxes or rates, and no control on the foreign ownership of property and land. Akin to transfer tax in the US, the Cayman government charges a stamp duty of 6% or 7.5% on the value of real estate at sale. Furthermore, there is no income tax, company or corporation tax, inheritance tax, capital gains or gift tax. The government charges an import duty of 20% on all imported goods.
"Ten year cycles are a thing of the past. The strong real estate activity and consequent rise in values can be expected to last well up into 2015 and beyond. Cayman is being rediscovered, as a world-class financial center and a five-star destination." (Kim Lund, Jan 2007) All property titles in the Cayman Islands are guaranteed by the government, eliminating the need for title insurance (although it is available if desired). Demographics: In spring 2004 the estimated population was 42, 397. The local currency is the Cayman Dollar, which is pegged to the US Dollar at a rate of CI$1=US$1.2. Crime is very low, making it one of the safest islands in the Caribbean. Web Resources: www.gov.ky |
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Real Estate Market:
"John, Marianne Weis |
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