How Does Real Estate Operate in The Cayman Islands?

Click here to perform a full home search
Click here for FREE resources on our website

Today I just want to take the time to explain a little bit more about the real estate association here in the Cayman Islands. It is called CIREBA, which stands for Cayman Islands Real Estate Brokers Association. It was founded over 30 years ago, and is comprised of 31 different agencies and 179 different agents.

We are a very well managed and monitored association that has very strict rules and regulations. We have a board of directors, elected annually, that monitor and manage all of the different agents in these fair isles.

CIREBA offers us agents many things, training for example, but the most important thing they provide us with is a multiple listing system, or MLS; something that investors from Europe may not understand if they haven't purchased a home on this side of the world. The MLS is a database that houses all the information on every listing that goes on the market in The Cayman Islands. The important thing to remember is that for access to our MLS, you just need 1 agent. 1 agent has access to ALL the listings, and makes life a great deal easier for you as a property investor.

If you have any particular questions, or would like further clarification about anything to do with the Cayman Islands property market, feel free to give me a call or send me an email. I am looking forward to hearing from you soon!

Enjoy the Many Benefits of Owning Property in the Cayman Islands

Click here to perform a full home search
Click here for FREE resources on our website 

Nobody likes paying taxes. Yes, they're something we have to live with, but it is possible to minimize their impact on the strength of your investments! If you invest in Cayman property you have the ability to protect the growth of your wealth. Seriously! With no annual property tax, just a one time stamp duty - or transfer tax - on the purchase of property. It is a fixed rate at 7.5% of the purchase price after the value of furniture and chattels are deducted. 

How does that compare to the U.S. and other jurisdictions? They have an annual tax anywhere from 5-7% of the property value. Here in the Cayman Islands, there's no tax on the income, selling, inheritance, or capital gains on the home - it's a one time duty. There are no restrictions of foreigners purchasing in Cayman...What could be a safer investment?

There are different values associated with the "tax" according to your particular purchase. If you have questions pertaining to a specific home or location, or are interested in knowing about the various options and opportunities, then please call or email for more guidance. We would love to help bring you to paradise.

Ironwood Development Looks to be a Stellar Investment for the Cayman Islands

Click here to perform a full home search
Click here for FREE resources on our website

Today I wanted to speak with you about the Eastern District development and all the exciting things that are happening out there such as the Ironwood development. This is great news for investors, and this will also be good for those of us here in the Cayman Islands. 

The Ironwood development is a $360 million development that will cover 600 acres and will be a commercial, tourism, and residential community. It will have stores, hotels, boutiques, a grocery store, a sports training complex, and an Arnold Palmer signature 18-hole golf course. The site will be modeled in the West Indian / Spanish Colonial architectural themes which should blend in well here in the Cayman Islands. It's going to be absolutely amazing, and I think it will benefit our community significantly.

The good news that comes along with this is that there will be a 10-mile extension of the East-West Corridor from Hirst Road to Frank Sound Road, which will make the area much more accessible. Denise Gower of Fountainhead Business Development was quick to outline the importance of this project to the local economy:  “The development of Ironwood and the continuation of the East-West Corridor is the catalyst for more development in the area as it provides the nucleus of infrastructure needed to develop beautiful East End and North Side in a responsible and sustainable way”. 

I'm guessing that in 5 or 10 years, many people will be thinking that they should have invested in the East End. I know I'm a real estate agent and it's my job to sell property, but I am trying to be very clear here: even I am looking into this development because I have a lot of confidence that this will pan out extremely well. 

Aside from this development, there will also be an all-inclusive beach-front resort in the Eastern District and there will likely be an agreement with developers and government to connect the Frank Sound East-West arterial going into East End, and this will just open up the area even more. 

Ironwood is a great sign of renewed confidence that has come into the area, and I am looking forward to the prosperity it will provide. This will benefit our community significantly by bringing in foreign investments, creating jobs and opportunities, reducing commute times, facilitating future opportunities for development, and much more. 

If you would like more information about these development and investment opportunities, then please feel free to contact me. Don't forget that I can always help you find properties to buy or sell here in the Cayman Islands.

Have a great day!

You can find the real Cayman experience on the North Side

Click here to perform a full home search
Click here for FREE resources on our website

Welcome to the North Side of the Grand Cayman!
Today I will be showing you Rum Point, Starfish Point, and the Laguna Kaibo.

Rum Point is a great destination for families. Children will enjoy the shallow waters that are clear and blue, which make for fantastic snorkeling. It's also close to many different hotels, so it is a convenient destination no matter where you're staying on the island.

Starfish Point is nearby and is a beautiful, secluded beach. It is situated at the end of a finger kai and is home to starfish that naturally live in the shallow, crystal-clear waters. This is a great spot for beachcombing, swimming, relaxing, sunbathing, young children, non-swimmers and picnics.
 
Kaibo is another tranquil retreat on the North Side of the Grand Cayman. Kaibo represents one of Grand Cayman's few genuine retreats. It is completely removed from full scale development, and the owners of Kaibo pride themselves on giving visitors the opportunity to experience Grand Cayman as it appeared decades ago. It features a five-star restaurant, but you can also find more affordable food and drink nearby. Cruise passengers are not bused in, and there is no admission charge to enter. You don't have to worry about crowds here!

I hope you know that there is much more to see here than this video has to offer. I look forward to seeing you in the Cayman Islands.

As always, please do not hesitate to contact me with any of your questions or concerns about real estate in the Cayman Islands.

The Cayman Islands are Great for Family Life

Click here to perform a full home search
Click here for FREE resources on our website

What's It like Living in the Cayman Islands?

Today I will be answering more of your questions in order for you to make better decisions regarding real estate.

I will try to be fair when answering about life in the Cayman Islands, but to be honest, it is absolutely fantastic. My opinion may be a little biased because I was born and raised here, but I would tell this to anyone.

The Cayman Islands are actually a very good place for young families because there are many opportunities and activities here for kids. We have something like 150 different sporting agencies, so we have anything you can imagine: squash, tennis, scuba, fishing, sailing, underwater hockey, roller hockey, tag football, rugby, soccer, etc. The list goes on forever.

There are about 55,000 people living here and cruise ships can add an extra 15,000 to our population during the winter months.

There are also direct flights to all the major US cities from the 3 airports that we have here.

I try not to sound corny or inauthentic when I say this, but the Cayman Islands really are a great place to call 'home'. I do lots of boating, scuba diving, fishing, and much more. To get away I sometimes take weekend trips to Little Cayman or the East End. There are endless things to do here. Also, there are no taxes and no pollution!

Thanks for tuning into this blog. If there are any particular questions that you would like to have answered, please feel free to contact me and I would be glad to set aside some time to accommodate you. 

Building Wealth Through Real Estate: Think About the Future Today

Click here to perform a full home search
Click here for FREE resources on our website

Building Wealth Through Real Estate

People often ask me how to build wealth with real estate. This is a pretty big question, and the only things I could recommend would be...patience and time. Particularly with the market that we have here in the Cayman Islands, you cannot buy a property and flip it for lots of money in a few days. It's not as simple as putting on a coat of paint and selling the property for an extra $20,000. 

Here is some other information that I have written down about investing in real estate:

• Location, location, location: This is the most important thing to consider when investing in real estate. 
• To get back to the main question about wealth-building, you have to buy real estate in a key location where you can sell it off in the future to upgrade, or where you can sell it to invest in more properties. 
• There is also the stepping stone approach, which I took for about a decade. 
• Over the last 10 years I lived in a 1 bedroom, sold it for barely any profit, and then moved into a 2 bedroom. Next I moved into a 2 bedroom with a den, and now I'm in a 3 bedroom on a canal with a boat. However, this took a very long time. (The better part of 10 years)
• There seems to be a recurring theme when I'm guiding clients through this process. 
  
• The theory is that you secure tomorrow with today by sacrificing and compromising the wonderful things in life for your future benefit.
• There is a fine line to this, you can't take all the enjoyment out of your life. However, you need to be forward thinking and plan for the future today. 

If you would like to discuss real estate investment with me, I would be happy to answer more of your questions. As always, I am here to help you with any and all of your real estate needs here in the Cayman Islands.

You can call me at (345) 926-6784 or email me at michael.joseph@remax.ky