The Cayman Islands is the perfect home for luxury real estate providing alocation of unparalleled natural beauty, a year round temperate climate, a stable political system based on British law not to mention the hospitable Caymanian people who are among thefriendliest, respectful folk on earth. Often referred to in ignorance as a “tax haven” the Cayman Islands is one of the most significant offshore financial centres in the world and importantly for those purchasing luxury real estate, there are no annual property taxes. There is also no local tax on capital gains from the sale of luxury property and the Cayman Islands government levies no taxes on income. The Cayman Islands enjoy the highest income per capita in the Caribbean, is in the top ten of the largest financial centres in the world as well as the principal offshore jurisdiction for hedge funds. Out of the top fifty banks globally, forty hold licences within the Cayman Islands with more than one trillion United States dollars on deposit. Many of the worlds’ richest people are happy to call the Cayman Islands home or have significant luxury real estate holdings here, it is a place where even the wealthiest can enjoy the many luxury lifestyle options offered in the Cayman Islands without significant concern for security.
Unlike many other offshore jurisdictions in the world and certainly the Caribbean region, there are no restrictions on foreign ownership of a single property, in fact the purchasing of luxury real estate by non-residents is encouraged and land title is government guaranteed.
For those of independent means looking to reside more permanently in the Cayman Islands as part of a tax planning strategy or simply to enjoy a luxury lifestyle with clement weather the Cayman Islands government offers a number of different options dependent on whether or not you wish to work on island. For those wanting to reside in the Cayman Islands without the right to work you can apply to the Chief Immigration Officer for a twenty five year, renewable, Residency Certificate. In Grand Cayman this will require proof of a minimum annual income of one hundred and fifty thousand Cayman Islands dollars without being employed within the Cayman Islands as well as a local investment of seven hundred and fifty thousand Cayman Islands dollars, two hundred and fifty thousand of which must be in developed real estate. Most people seeking this route will simply purchase a significant luxury house and cover the investment requirement immediately. A one time fee if payable on grant of this Residency Certificate, of twenty thousand Cayman Islands dollars.
Whether you are purchasing luxury property as a primary residence with a view to residing permanently in the Cayman Islands or you are just looking for a luxury villa as a second or third vacation home your Cayman Islands Sotheby's International Realty agent will be able to guide and assist through the whole process. Your local accountant or tax attorney should be consulted with regard to the overall benefit of buying luxury real estate in a tax neutral jurisdiction such as the Cayman Islands as this will differ depending on individual circumstances.