2010 Cayman Census Report

The preliminary 2010 census results have been reported and the population of The Cayman Islands was 54,397. The breakdown by district is as follows:

 

George Town - 51%

West Bay - 21%

Bodden Town - 19%

North Side - 2.7%

East End - 2.5%

Cayman Brac and Little Cayman - 4.2%

Results of the 1999 census reported 39,020 residents living in Cayman, a 39% increase in the population in 11 years. “If the population were to continue to grow at this rate, it would double its size by the year 2033,” stated the census report. The full census is due to be released in October. 

With this amount of growth rate continuing in the Cayman Islands, real estate proves to be a worthy investment. Contact your Cayman Islands real estate agent today and invest your money in paradise.

Homeowner's Insurance in Cayman

When shopping for homeowners insurance, the average cost is 1.8% of the value of the property, unless you live on the water where rates can go upwards of 2%. It pays to shop around when buying homeowners insurance as rates will vary amongst companies and rates may not necessarily be the best with your mortgage banker. Ensure you have enough coverage for replacement if your home is completely destroyed. If your home is destroyed and you chose not to replace it, know the actual cash value. Your insurance company will give you replacement cost less depreciation. If you are purchasing a condominium, insurance rates are usually based on a per square-footage basis and is often included in your monthly strata fees. 


Contents insurance is highly recommended here in Cayman due to the risk of flooding and hurricane damage. Unless you live in a condo where strata insurance usually covers major kitchen appliances, these items should be included in your contents insurance coverage as they will not be covered in building insurance alone.


Be aware of exclusions to your coverage. Flood, earthquake or wind damage are usually not covered as standard items, these types of coverage must be purchased separately. Ask about any dollar limitation on claims as some insurers may limit how much they will pay.


Liability insurance is generally included with your policy, but it pays to know any upper limits on this amount of coverage. Ensure it is sufficient if you have significant assets.

Your Cayman Islands Real Estate agent is knowledgeable and will answer any of your questions regarding homeowner's insurance.

How Do I Get a Mortgage in the Cayman Islands?

After you have found the property of your dreams, mortgages are still available here in The Cayman Islands for residents, expats and foreign investors. It pays to shop around as rates are competitive and can be negotiated. Interest rates follow New York Prime as quoted by Citibank, usually +1%. Standard mortgage terms require a down payment of 20-35% plus closing costs. The usual mortgage length is 10-15 years and can be in US or CI dollars. Most banks do not charge pre-payment penalties.

When considering your mortgage allowance, please keep in mind stamp duty will be charged on the money you borrow. Loans less than CI $300,000 require a 1% stamp duty fee, loans over CI $300,000 require a 1.5% stamp duty fee. Legal feels are typically .5% and the bank will charge .5% on the cost of the mortgage. Interest only mortgages are not available in the Cayman Islands.

For any questions regarding mortgages, lenders, etc. please see your Cayman Islands Real Estate Agent for all the answers to your questions. 

Stamp Duty in Cayman Islands Real Estate

Because there is no income tax, property tax, capital gains tax or inheritance tax charged in the Cayman Islands, one of the ways the government generates revenue is through stamp duty on the purchase of real estate. This is a one time tax on land or building transfers assessed at the time of transfer. If a land purchase is being made, stamp duty is payable on the land value, not on the building after it has been built. For building purchases, furnishings are deducted from the sale price before stamp duty is calculated.  

Presently, stamp duty rates range from 6-7.5% based on the location of the land or property. Purchases along the Seven Mile Beach corridor incur a 7.5% stamp duty due to the high infrastructure in that area. All other areas fall in the 6% bracket.

Further information can be obtained from your Cayman Islands Real Estate Agent.

Strata in Cayman Islands Real Estate

When making the decision to purchase property in the Cayman Islands, multiple-unit, individually owned complexes or condominiums are definitely an option. In Cayman, these units are known as "strata" units. If individuals purchase a property which is part of a strata plan, they will have title to the house or apartment on the property in the plan. Individual unit owners hold title to their units in the same way as the owner of any other parcel of land, and the Land Register maintains the same type of records for these strata units. Owners will also retain a share of the strata corporation which owns all the common property including roads, gardens, pool, gyms, tennis courts, etc.

All strata corporations have "by-laws" which govern the activities of strata owners. These by-laws are upheld by a committee which is elected annually to govern and run the corporation. It is important to understand the strata by-laws as they can restrict individual owner's activities such as boat docking or pet ownership.

The strata corporation provides insurance for the strata property and has the responsibility to maintain it for all shareholders. All costs associated with maintenance and insurance are also the responsibility of individuals in the strata corporation. It is important to understand how much extra you can expect to pay the corporation for these monthly strata fees.

Your Cayman Islands Realtor can assist you in these matters and answer any questions you may have regarding strata ownership.

Little Cayman District Committee of the National Trust Easter Auction Team--2011

Dear Fellow Members, Donors and Friends of Little Cayman:





Once again it is time to ask for your generosity and support to the Little Cayman District National Trust Easter Auction.


This will be our 19th Annual Easter Auction on Sat, April 23, 2011 at the Little Cayman National Trust Building. Yes, Easter is approaching fast and we are asking for your support and we thank you for any previous participation. The Little Cayman District National Trust had a good 2010 auction and we thank all of you for making this possible.

Funds from this auction will be used for designated projects on Little Cayman, which support the mission of the National Trust of the Cayman Islands. The mission of the National Trust for the Cayman Islands is to preserve natural environments and places of historic significance for present and future generations of the Cayman Islands.

As the event continues to grow each year, enticing more and more people to attend, it brings more attention to the donations that have supported the Trust efforts, and to the names of those supporting the event. We are asking for your support again this year with donations of merchandise, services, or other items worthwhile for auction.


We have a live auction and a silent auction making all donations significant.


The National Trust is close to the hears of many people. There are many sub-committee members working on this event, and so you may hear from more of our eager volunteers. "Pardon our enthusiasm!"


We look forward to hearing from you in the very near future.

For shipments outside the Cayman Islands, the best way to send the package is Fed Ex for guaranteed arrival. All parcels must have a packing slip with a value and inoice and marked as a donation bcause we do have to pay duty on all items valued over $50.00. If they are not marked as a donation or gift, we pay as they value it. Please see speical IMPORTNAT PACKAGING DIRECTIONS BELOW.

FED-EX TO:

Little Cayman District National Trust
PO Box 35
953 Guy Banks Road
Little Cayman KY3-2501
Cayman Islands

INFORMATION ON LITTLE CAYMAN AND GRAND CAYMAN DELIVERY:

Gladys Howard: 
Phone: 345-948-1010
Fax: 345-948-1011
Email: piratept@candw.y

Debbi Truchan:
Phone: 345-948-0112
Email: debbit@candw.ky

Betty Bua-Smith:
Phone: 345-948-1077
Cell: 325-1097
Email: bettyboo@candw.ky 






National Trust Grand Cayman:
Erika Walton
Office: 345-749-1121
Phone: 345-749-1129
Email: info@nationaltrust.org.ky
 
IMPORTANT DIRECTIONS FOR INCOMING MAIL FROM OTHER COUNTRIES:
Please note on:
Customs Delcaration: Gift or Donation to the National Trust and you must have a declaration of value if handmade or an invoice for the purchased items as we have to pay duty on anything over $50.


If you are unsure of how to proceed please email us for further information.

Reasons to Invest

Investing in Cayman Islands real estate has never been more advantageous. 

Due to the recent global economic recession, the market has led to property values dropping. Sellers have become more competitive and have lowered prices and improved the quality of their holdings. Some market areas are showing discounts of 10-25% on sales prices. As a result, Cayman real estate holdings represent an excellent value for money. 

The Cayman Islands is a tax free jurisdiction. The government does not impose income tax, property tax, capital gains tax, or inheritance tax. Anyone can invest in Cayman real estate without restriction, no partner is necessary and residency is not mandatory. There is a one-time stamp duty on real estate at the time of purchase which varies from 5-7.5% and higher based on location. 

There are no restrictions on foreign ownership of real estate for personal use.  Individuals and companies can own property in the Cayman Islands. The land registry system is well organized and the government guarantees title as all deeds are registered under a unique block and parcel number. Land transfers are secure and expeditious. The Land Registry is a matter of public record, anyone can investigate a property for ownership, liens or covenants for a nominal fee.

Combined with a low crime rate, stable government and close proximity to US gateways, investment opportunities in the Cayman Islands has never been better. Contact a reputable Cayman Islands real estate agent and own your piece of paradise today!