George Town  Grand Cayman

The largest of the Cayman Islands, Grand Cayman, is fast becoming one of the Caribbean’s favorite getaways, particularly for watersport lovers. The Caymans fully deserve their reputation as a paradise for divers: Translucent waters and a colorful variety of marine life are protected by the government, which has designated a number of marine parks. Several ship-wrecks add to the underwater attractions, and the number of professional diving companies outrank those in any other Caribbean island. Diving is not the only sport here, visitors can engage in numerous other watersports, in addition to golf and tennis. The beaches are gorgeous, with white, soft sand and clear, blue-green water protected by coral reefs that ensure calm swimming.

Grand Cayman is one of the most prosperous islands in the Caribbean, boasting some 500 offshore banks in George Town, the capital of the Cayman Islands. It is a small but pleasant town that can easily be seen on foot. Duty-free stores and local souvenir shops abound. There is a small museum located in the restored Old Courts Building with exhibits that provide a good introduction to the history, plant and animal life in the Caymans. The Cayman Maritime and Trearure Museum near the Hyatt Regency features a collection of gold and silver relics from sunken Spanish ships.

Real Estate Info

The real estate market in Cayman is simple and straightforward. Apart from a one-time stamp duty, there are no annual property taxes or restrictions on foreign ownership by individuals, and title is granted and guaranteed by the Cayman Islands Government. Title to land is recorded in a modern, reliable and centralised land registry, where every plot of land is mapped and given a descriptive title number based on location. Any encumbrances such as mortgages, rights-of-way and cautions pending contract are recorded on the title register of that parcel of land. Vacant land can be owned and held for future investment potential. To date, Cayman real estate has proved to be an attractive and profitable investment. Most law firms in Cayman have attorneys who are experts in property law, and it is recommended you consult one before signing a contract. Fees are negotiable, but usually less than 1% of value. Owning land in the name of a corporation is possible, but strict rules apply and a lawyer’s advice is essential.

Buildings are subject to planning regulations and required to be constructed to high standards. These are monitored by the Cayman Islands’ Building Control Department, which carries out inspections on such things as building sites, plumbing and electrical work. Construction companies now have to follow the guidelines of the recently gazetted Builder’s Law. Construction materials have to be imported and are subject to duty on the landed value, usually at 22%. Consequently, the cost of building is considerably higher than in places where materials are more readily available. Houses, apartments, condos and townhouses are available for purchase, as are time-shares. Prices vary depending upon location, size, design and other features. Water and beach-front properties, particularly those on Seven Mile Beach, command high prices