These past few years have seen massive upheavals in the economies of many countries around the world, big and small, yet Cayman remains strong as a resilient jurisdiction that continues to offer a professionally skilled workforce second to none, opportunities for growth, innovation in development and a lifestyle that is still envied the world over.
Just over six years ago marked the start of the current ‘financial crisis’ when two CDO hedge funds run by Bear Stearns that had large holdings of U.S. subprime mortgages declared that they were halting redemptions
The frustrating part is that sellers do not want to hear what we have to tell them, in other words, that their property is not worth what they think it is and that they have to list lower if they expect to get their property sold. This was an inevitable reaction to the worldwide economic crisis, which is heavily affecting the US. Real estate values had been inflated in the US for some time and it was only a question of when (not if) their market would turn. That, combined with the decline in the stock market and very tight credit, has made it difficult for many Americans to make discretionary purchases. As much of our buying pool is from within the US, the slowing of our real estate market should surprise no one.
Tax is always an important question when considering the ownership and sale of property. Cayman has many desirable aspects with respect to taxes that make investment in Cayman Islands real estate a wise decision.
The Cayman Islands has always been an excellent market for real estate investment for overseas investors, with its close proximity to the United States, and offering stability and security as a British Overseas Territory, a plethora of ...
Much discussion has taken place over the past couple of years on the need for Cayman to expand its reliance on its two traditional economic pillars – financial services and tourism – and its quickly developing third, real estate, and look to embrace new forms of industry that will fit seamlessly with existing business, while at the same time broaden Cayman’s economic reach.
Some see the inking of these agreements as a further erosion of Cayman’s strict privacy laws that have helped the location build a successful wealth management industry for those who need to keep their financial affairs private for reasons of safety and so on.
Keeping Cayman’s primary industry on track means real estate can continue its upward trajectory.