Varying the terms of a trust in the Cayman Islands

I took part in a telephone interview recently for a legal directory, in the course of which the question came up, as it does...

Data protection update

In an article published in the Cayman Financial Review in the third quarter of 2016, I talked about the English case of Dawson-Damer &...

Cayman – a solid force in a sea of change

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. 

 

The various roles of the successful family office

As technological advances have eased international travel and communication, the homes, education, investments and business interests of high net worth families are no longer...

Past and present –

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 

 

Hard assets for hard times

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.

 

Real Estate Review: Time for a Caymanian overhaul

As the Baby Boomers age, finding ways to earn passive income has become more important. Many of them are ready to retire from their regular jobs and have been looking to supplement pensions, retirement accounts and Social Security to enable them to retain their usual lifestyle.

Opportunity knocks

 It is certainly not a secret that the volume and value of real estate transactions has fallen dramatically over the last two years. Statistics from both Lands & Survey and CIREBA, our real estate association have confirmed that time and time again. 

Real estate: The third pillar of Cayman’s economy

It is well understood that the first two industry power houses have been mainstays of the economy over the years; however the real estate and development industry has been intrinsically linked to both tourism and financial services, providing the physical framework within which both can operate, while at the same time contributing significant sums to the Cayman Islands government’s finances and the country’s economy as a whole.

The real state of the real estate market

Some of this is the fault of the media which in recent times has become much more of a sales tool than an objective source of information. But I think some of it is also the result of focusing on short term trends rather than taking a longer term view.

Real estate and the Cayman tax advantage

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. 

 

Cayman real estate a smart addition to an investment portfolio

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 ... 

 

Relocating to Cayman

  Pressures from international regulatory bodies placed upon entities to show a physical presence in their offshore location has meant that the Cayman Islands are quickly becoming an attractive place for relocation.

The key to diversification

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.

 

Will the trust revolution make lawyers redundant?

What differentiates modern economies such as those of present-day Europe and North America from their primitive ancestors of 500 years ago? People living today...

Trustees and divorce

Recent developments in the case law of onshore jurisdictions like England and Hong Kong have only highlighted for trustees the very difficult position they...

Trustees and the protection of private client confidentiality

As practitioners in the financial services industry are well aware, in recent years, technological developments and changing business practices have combined to create a...

How Cayman should benefit from the FATCA signing

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.   

 

Steady as she goes…

Although our year to date sales figures cannot possibly keep pace with previous years due to the decrease in foreign investment, we would describe...

Offshore jurisdictions still under scrutiny

Keeping Cayman’s primary industry on track means real estate can continue its upward trajectory.