CAYMAN About The Cayman Islands
The Number 1 place to live in the Caribbean.
The Cayman Islands is one of the most beautiful countries in the Caribbean. It’s beautiful for a range of reasons, not just the award winning beaches and exceptional tourism industry however.
Located just an hour south of Miami, nestled in the in the western Caribbean Sea, the Cayman Islands is a British Overseas Territory and is comprised of Grand Cayman, Cayman Brac and Little Cayman.
There are a multitude of reasons to visit Cayman and consider buying a home here. The country is English speaking and has a sound political, economic and social structure. The locals are extremely welcoming, friendly and pro-investment. In terms of its’ Caribbean competitors, Cayman is hands down the best country to consider a second home or Caribbean move.
Geography – Cayman’s Award Winning Beaches
There are about 60,000 residents living in Cayman, about 25,000 of which are on work permits and the vast majority of the population resides on Grand Cayman, followed by Cayman Brac and the much smaller Little Cayman. There are over 100 nationalities making up Cayman’s resident profile and the result is a laid back, eclectic and culturally diverse country. This influence on food alone is phenomenal.
Cayman is home to some of the most stunning beaches in the world, the famous 7 Mile Beach. It is simply breathtaking. It’s long enough to find your perfect spot, whether you prefer being close to a bar or hotel amenities, or you enjoy a secluded spot that is unvisited by tourists, there is one constant, the crystal clear, calm waters that are totally stunning. Seven Mile Beach is on the western shore of Grand Cayman Island and is also home to many ocean front condos, homes and hotels.
Cayman is more than 7 Mile Beach however – if you venture out to the North of Grand Cayman, you find the rugged yet gorgeous Barkers National Park, which is totally untouched, perfect for kite surfing, horse riding, dog walking and BBQ-ing. Further south you have Spotts beach, which is a regular ‘turtle spotting’ area that is always quite and serene. East End is a world of it’s own, and Rum Point and Kaibo seem like a tropical island on their own, the perfect place to staycation for the day or overnight.
If you venture to the sister islands, the Brac has the glorious Bluff and world famous rock climbing, and Little Cayman, the gem in the trio of islands is just the most wonderful Caribbean island to visit, with only 250 residents, home to the Red Footed Boobies and is just the most magical place on earth.
All three islands are known for their amazing Caribbean waters. Diving remains a hugely popular sport here due to the stunning visibility and calm conditions, fishing, boating and sailing are also integrated into the Cayman Islands’ residents daily lives. If you live in Cayman, the water will become a big part of your life, one way or another.
National stability and infrastructure – an amazing place to live
The Cayman Islands is recognised as a major international financial centre and the political and economic strategy for the country seeks to protect this global position at all times.
Cayman is one of the top international banking centres, the world’s leading domicile for offshore hedge funds, the second largest captive insurance centre and a world leader in structured finance. What does this mean for people considering a move to Cayman? The island is teeming with financial services professionals, along with the infrastructure to support the living requirements of some of the best professionals in the world. Cayman is very well developed, so whilst it may lose an tiny bit of it’s island charm, this is offset by fantastic facilities and a safe living environment for residents and visitors alike.
While achieving its commercial success, the Cayman Islands has maintained a high level of integrity. It is recognised as a leader within the Caribbean region in the fight against money laundering and adheres to all of the relevant international supervisory standards.
Private and institutional investors are therefore attracted to the Cayman Islands because of its professional infrastructure, business friendly approach, flexibility, an English common law framework, stability, well-regulated regime and tax neutrality. There is no income tax, capital gains tax or corporation tax in the Cayman Islands and whilst this remains the case, the Islands will continue to attract some od the best financial services and tourism companies and professionals in the world.
It’s also worth noting Cayman’s healthy tourism product which impacts hugely on local life. Tourism is of an extremely high standard locally, the hotels and condos offer exceptional service, which in turn ensures the services available to residents is superb. If you like food and wine, Cayman has a huge range of first class eateries and drink spots, ranging from laid back to high-end.
The tourism volume on island also ensures the transport routes to Cayman, for both people and cargo are extremely active and developing all the time. New flight paths are being contracted every year and shipping goods to the Islands is not an outrageous expense due to the amount of cargo making it’s way here. For people who like to travel, Cayman is a hot Caribbean destination with great links to the US, Cuba, Europe and Canada.
Why Consider Living in Cayman?
The Cayman Islands is hands down, the most amazing place to live. There are a plethora of reasons for this but one of the most important contributors is the approach of the local community to ‘foreigners’… Cayman Kind is infamous and the Caymanian culture remains at the heart of life in the Islands. The country is particularly family friendly and children are welcomed with open arms. Investing here is a sound long-term decision and with an average income of around USD$56,000, residents enjoy one of the highest standards of living in the Caribbean. Life isn’t just good here, it’s fantastic.
According to the CIA World Factbook, the Cayman Islands GDP per capita is the 14th highest in the world. The Cayman Islands Dollar (KYD) is pegged to the U.S. dollar at a fixed rate of 1 KYD = 1.25 USD. The Cayman Islands Real Estate market is a safe and secure investment option as all purchasers receive free and clear title to their property as guaranteed by the British Government. The real estate market has also sustained its footing throughout the global downturn and has proven and continues to be a sound investment opportunity.