Cayman Islands - utopialand/Utopia GitHub Wiki
View CAYMAN ISLANDS on Wikipedia
Capital: George Town
Official Language: English and Cayman Island English
Governor's Office
Martyn Keith Roper
Governor to the Cayman Islands
Telephone: (+1 345) 244 2431
Fax: (+1 345) 945 4131
District Commissioner's Office
Mr. Ernie Scott JP
District Commissioner
Mr. B. L. (Mark) Tibbetts Jr. JP
Deputy District Commissioner
Telephone: 345-948-2222
Fax: 345-948-2506
There are no legal restrictions of any kind on foreign ownership of property. A title to real estate can be held in one or more names of individuals or in a corporation. A title is granted and guaranteed by the Cayman Islands Government, thus ensuring and protecting property ownership. Furthermore, there are no imposed requirements to develop land (excluding subdivisions which have covenants) within a stipulated time period. Consequently, parcels can be held indefinitely with little or no expense, for future use or speculation. There is no annual property tax in Cayman
A trade and business licence is generally required to carry on a local trade or business. Unless 60 per cent of the ownership and a number of directors are Caymanians, a Local Companies (Control) Licence (LCCL) will also be required.
Cayman’s land registry system is well-organised and up-to-date, guaranteeing title, as all deeds are registered in one location. The land transfer process is expeditious and secure and allows individuals to confirm history on a particular property, including restrictions or easements.
On purchase of a condominium apartment, the owner becomes a member of the general owners association, known as the Strata Corporation. This is usually run by an executive committee of several owners selected by the general membership at the annual general meeting. Many condominium developments also have resident salaried managers employed by the Strata. Periodic payment of Strata dues covers maintenance of common areas, building insurance and other expenses. All types of real estate, including condominium apartments, may be leased on a long or short-term basis. Any lease for a period of over two years is required to be registered at the Land Registry.
There is no direct form of taxation levied within the Islands, aside from a one-time stamp duty on real estate at the time of purchase. This is calculated at 7.5 per cent. First time Caymanian buyers are exempt from Stamp Duty on certain real estate purchases. Stamp Duty is a government assessment on real estate at the time ownership transfers. The cost of furnishings (chattels) is deducted from the sales price before calculating Stamp Duty. It is worth remembering that there is no property tax, no income tax, no capital gains tax and no inheritance tax in the Cayman Islands.
Building contractors and developers offer quality products for anyone choosing to buy raw land and design their very own dream home, or for anyone buying into a developer’s project. The Government’s Building Control Department within its Planning Department follows stringent codes for approving and monitoring on-site construction. In a similar way, the relevant Government inspectorates use stringent codes for plumbing and electrical installations. To ensure adequate structural protection against disasters such as hurricanes, contractors use similar building codes in Cayman as in South Florida. Construction costs reflect charges incurred in shipping materials to the Island, as well as import duties on materials, consequently building costs are higher in Cayman than those in the US.
CIREBA is an organisation that guides its members under strict rules and regulations. Members have access to a multiple listing system (MLS) similar to those in the US and Canada, providing access to every listing currently on the market. This system makes it easy for prospective buyers because it enables them to work with one agent island-wide and still be assured of viewing all available properties of interest. CIREBA also publishes a magazine three times a year showcasing the majority of properties currently on the market. The magazine is available free-of-charge locally or mailed by pre-paid subscription.
Full legal and financial services are available. Additionally there are many highly qualified architects, engineers, surveyors and building contractors available on island. Building materials are readily available, including locally-made cement block and ready-mixed concrete. Special materials and products can be shipped efficiently from the US.
The Registered Land Law of the Cayman Islands
source:https://www.google.com.ph/url?sa=i&source=images&cd=&cad=rja&uact=8&ved=2ahUKEwik_u3UseTeAhUsx4UKHeI_BUsQjRx6BAgBEAU&url=http%3A%2F%2Fwww.travelweek.ca%2Fnews%2Ftourism-up-in-cayman-islands-canadian-visitors-hit-12757-in-first-4-months-of-2015%2F&psig=AOvVaw1X9Fm8F8b5jRnNjYCDtTFM&ust=1542851953931600