The Cayman Islands have no property taxes and there is no direct taxation; however, government revenues are derived from stamp duty on property sales, import duties, government licenses and fees. The infrastructureis of first world-class stature , telecommunications approach state of the art, and air carriers provide dependable and readily available access to the United States, the United Kingdom and the European Union. The Cayman Islands are truly the em of the Caribbean.
Under provisions in the most recent Immigration legislation persons wishing to reside permanently in the Cayman Islands without engaging in employment must submit their admission requirements to the Chief Immigration Officer for permission to take up PERMANENT RESIDENCE in Cayman Islands, which includes, Grand Cayman, Cayman Brac and Little Cayman. In order to qualify for residency facilities, the applicants must be in a position to make a substantial investment in locally developed real estate property or in the required sum, such sum to be specified by the Cayman Islands Government by Immigration Regulations following the introduction of the new provisions. The applicant must also be in a position to support financially, both themselves and any members of their families, without the necessity of having to engage in employment by any means whatsoever in the Cayman Islands. In addition, to be eligible to apply for Permanent Residency the Applicant must be a least eighteen years of age, not have any serious criminal conviction, be in good health and possess adequate health insurance coverage.
The Cayman Islands offers excellent investment and real estate opportunities. There is a demand for properties in the Seven Mile Beach Area and the highend condominium properties. The demand for ocean front properties shows great potential for the future. There is also a market for mid-range properties developed in South Sound and the George Town areas. Seven Mile Beach condominiums purchased at fair market value and generating a long-term rental income can provide a return of 5% to 8% per annum whereas smaller units in the South Sound and George Town areas may generate a return of 6%-10% per annum. Property appreciation has historically been excellent in the Cayman Islands.
