BUSINESS WORKS IN THE CAYMAN ISLANDS
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The Cayman Islands The Cayman Islands is an acclaimed tourism and diving destination hailed for its white sand beaches, extensive coral reef system, burgeoning culinary scene and luxury resorts. But it’s not all play. Beyond the veneer of flip flops and designer sunglasses is a sophisticated business community consisting of global banks, accounting and law firms, all operating in a highly regulated international financial centre. The legal system is rooted in English common law with an established, wellrespected judiciary overseen by a stable, democratically elected government.
One Nexus Way, Camana Bay
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The absence of corporate, income and capital gains taxes make the jurisdiction a particularly appealing one in which to operate a business. Those who choose to make the Cayman Islands their personal as well as their business address find the absence of personal income tax highly desirable. They also enjoy a selection of luxury residential properties to choose from that are free from property tax.
Seven Mile Beach
Why operate a business from the Cayman Islands? 1 | Taxation
There is no direct taxation in the form of corporate, capital gains, personal income or property taxes. Government revenue is derived from taxes on visitor arrivals and tourist accommodations resulting from a high-performing tourism industry, a one-time stamp (property transfer) tax applied to real estate transactions, and regionally competitive import duties on consumer goods.
2 | Stability
The Cayman Islands is led by a democratically elected government. As a British Overseas Territory, the country has a Governor permanently in residence to serve as the representative of the Monarch of the United Kingdom.
3 | Safe and Sophisticated
The Cayman Islands is one of the safest places in the Caribbean (if not the world) to live and work. A low crime rate, a professional and well-established police force, and a stable judicial system contribute to the successful growth of the country as an offshore business locale. The expansion
of the business community has catalysed sophisticated networks – modern hospitals and road infrastructure, a sound communications network, a quality education system and cosmopolitan shops, services and restaurants.
4 | Robust Economy
The economy grew by approximately 4% in 2018 and new company registrations grew by 34.5% in the same period. The Government surplus rose, and debt decreased. Air arrivals surpassed all previously recorded statistics for 10 consecutive months and grew by 12.2% over the previous year.
5 | Ease of Doing Business
Authorities have worked hard to ensure the Cayman Islands is a transparent and pro-business jurisdiction. This has helped it to achieve the lowest complexity score on the TMF Group’s Global Business Complexity Index 2019. With its healthy economy, the Cayman Islands is an easy place for foreign companies to operate.
6 | Location
The country’s close proximity to the United States (90-minute flight to Miami) and nonstop flights to other major North American cities in under a half-day’s flying time make doing business in the Cayman Islands easy and accessible. DARTREALESTATE.COM | 3
Direct flights from the Cayman Islands USA
Regional
Canada
Atlanta......................... 2hr 40min Baltimore*................... 3hr 15min Boston*........................ 3hr 55min Charlotte...................... 2hr 50min Chicago*...................... 3hr 50min Dallas*.......................... 3hr 30min Denver*........................ 4hr 30min Detroit*........................ 3hr 40min Fort Lauderdale........... 1hr 45min Houston....................... 2hr 50min Miami........................... 1hr 20min Minneapolis*............... 4hr 35min Newark*....................... 3hr 50min New York..................... 3hr 40min Philadelphia*............... 3hr 25min Tampa.......................... 1hr 40min Washington, Dulles*... 3hr 15min
Nassau, Bahamas............ 1hr 30min Cayman Brac.................... 35min Havana, Cuba.................. 1hr Roatan, Honduras............ 1hr 10min La Ceiba, Honduras......... 1hr Kingston, Jamaica............ 55min Montego Bay, Jamaica.... 45min Little Cayman.................... 35min
Toronto.................. 3hr 54min
UK London.................. 11hr (via Nassau)
* Seasonal flights
London Toronto
Boston Newark Chicago Philadelphia New York Washington, DC Baltimore
Minneapolis Denver
Detroit
Charlotte Dallas Ft. Worth Houston
Atlanta
Tampa Havana
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Roatan La Ceiba
Ft. Lauderdale Miami Cayman Brac Little Cayman Montego Bay Kingston
There is also a direct flight from London, England to Grand Cayman, operating four times weekly with a tarmac stop in Nassau, Bahamas. The Owen Roberts International Airport exanded to accommodate up to three million passengers. The expansion was officially opened by Prince Charles and The Duchess of Cornwall during their visit to the Cayman Islands on 27 March 2019.
The Cayman Islands comprises three islands: Grand Cayman, Cayman Brac and Little Cayman. Combined, the three islands cover 102 square miles, with the highest point being The Bluff on Cayman Brac at 140 feet above sea level.
N
MA CAY TLE
AN
M CAY
LIT
60 miles northeast of Grand Cayman
C
BRA
90 miles northeast of Grand Cayman
WEST BAY
Rum Point
Seven Mile Beach
NORTH SIDE
Starfish Point NORTH SOUND Camana Bay
GEORGE TOWN
George Town Hospital
GRAND CAYMAN EAST END
Airport Doctors Hospital
Health City Hospital BODDEN TOWN
SOUTH SOUND
CARIBBEAN SEA
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Government Administration Building
The Cayman Islands Government The first recorded election in the Cayman Islands took place in 1831; however, historical documents at the Cayman Islands National Archive indicate the islands were administered by magistrates as early as 1798. Today a democratically elected government is appointed every four years, led by a Premier, the leader of the political party with the majority votes. The Cayman Islands is a British Overseas Territory and accordingly, a Governor is appointed by Her Majesty’s Government.
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The Governor presides over the meetings of Cabinet, but is not a member. The Governor also chairs the National Security Council, and, in accordance with the Constitution, is bestowed special responsibility for defense, external affairs, internal security, the police and civil service. Under the Constitution, the Governor promotes good governance and acts in the best interests of the Cayman Islands “so far as such interests are consistent with the interests of the United Kingdom.” The Governor, in addition to overseeing the civil service, also appoints members of the judiciary and various commissions established by the Constitution.
Cayman Islands Judicial System
The Cayman Islands has a stable judicial system dating back to 1798. The Judiciary is one of three separate arms of Government. It administers the law independently of the Executive and the Legislative arms of Government, an independence that is safeguarded in the Constitution of the Cayman Islands. It is comprised of the following hierarchy: Summary Court, Grand Court, Court of Appeal and Privy Council. The practice and procedures of these courts are based on English law.
Government House – Official residence of the Governor of the Cayman Islands
A Chief Justice was first appointed in 1975. There are more than 800 lawyers licensed to practice law in Grand Cayman.
Peace Memorial Town Hall, George Town DARTREALESTATE.COM | 7
Quick Facts
2
Public hospitals
Esterley Tibbetts Highway underpass
Safe and Sophisticated Modern Infrastructure
The economic growth of the Cayman Islands is well supported by modern infrastructure. The progressive road infrastructure is matched by underground telecommunications, a recent major airport expansion project and, potentially, a new port to welcome the approximately two million tourists who arrive annually by cruise ship.
2
Private hospitals
1,000+ Healthcare professionals
2.9% unemployment
(Cayman Islands Government, 2019)
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Environmental Responsibility
Protecting the island’s environment and its fragile ecosystem is another example of how forward looking the Cayman Islands is. The Caribbean Utilities Company (CUC) introduced ConsumerOwned Renewable Energy tariffs in early 2009. Customers with an interest in environmentally friendly renewable generation can connect to CUC’s distribution grid and receive credits for generated power. The programme is offered to residential and commercial properties.
Health City Cayman Islands
First-Rate Healthcare Facilities
There are three full-service hospitals on Grand Cayman and one on Cayman Brac and several public clinics across the three islands. Healthcare is provided by more than 1,000 healthcare professionals.
Quality Education
Private and public schools offering a choice of American and British curriculums are available to residents. Public education facilities are free to citizens of the Cayman Islands, and private schools are attended by citizens and expatriate children.
Some properties take the commitment to environmental responsibility a step further and apply for LEED® certification. There are two office buildings at Camana Bay built to LEED® Gold standards, and Kimpton Seafire Resort + Spa and the adjacent The Residences at Seafire are the first two resortresidential properties on Grand Cayman built to LEED® Silver standards. There are a number of private residences which have also earned LEED® certification. The country’s natural environment benefits from the work of the National Trust. The Trust is a not-for-profit non-governmental organisation created to preserve the history and biodiversity of the Cayman Islands. The organisation conducts education and conservation work to protect environmentally sensitive and historically significant sites across all three Cayman Islands.
School attendance is compulsory from kindergarten to grade 12. The population is largely skilled, educated and literate, representing a 99% literacy rate. Approximately 97% of high school-aged students complete high school. In addition to elementary and secondary schools, the Cayman Islands has St. Matthew’s University (medical school), the Truman Bodden Law School, two accredited colleges largely offering undergraduate degree programmes, and a number of private schools offering vocational training programmes. Organisations such as the Cayman Islands Chamber of Commerce routinely offer professional development seminars.
Cayman International School, Camana Bay
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Quick Facts
1,000+
Kimpton Seafire Resort + Spa
Diversified and Robust Economy Home to one of the world’s premier global financial hubs and one of the most highly recognised tourist destinations in the Caribbean, the Cayman Islands economy is diversified and robust. The 22-mile-long island of Grand Cayman welcomes over two million visitors annually. There are also 100,000 companies and over 600 banks registered in the Cayman Islands. It’s a dramatic change from the humble early beginnings of the island, which was largely characterised by shipbuilding, fishing and rope making from the native silver thatch palm tree. But what has endured throughout the centuries is a culture of entrepreneurship and innovation, which continues with consistent growth in the small business sector on island.
Stocks, Eurobonds, Global Depository Receipts on CSX
10,500
+
$6.1
Net Value of Funds:
USD
Trillion
(Cayman Islands Government, 2018) 10 | DARTREALESTATE.COM
Mutual Funds
Financial Services
The Cayman Islands is a leading offshore financial centre. The country has long maintained its position among the top 10 largest global financial sectors and is internationally regarded as a world-class centre of commerce. Some 600 banks and trust companies have been incorporated in the Cayman Islands. With approximately 700 captives, it is also the world’s second largest captive domicile in the world. Financial services contribute approximately 55% of the country’s GDP. Companies incorporated in the Cayman Islands are listed on major stock exchanges around the world, including the NASDAQ, NYSE, London Stock Exchange, Hong Kong Stock Exchange, Singapore Stock Exchange and the Cayman Islands Stock Exchange. The country’s domestic bank is Cayman National Bank. International retail banks include Scotiabank, Royal Bank of Canada, Fidelity and Butterfield Bank. There is also a Cayman Islands branch of CIBC First Caribbean Bank, a subsidiary of the Canadian Imperial Bank of Commerce (CIBC) and a leading financial institution in the Caribbean region. The country’s financial services sector has been the recipient of a number of prestigious international awards, including Top Specialised Financial Centre by Banker Magazine, Best Hedge Fund Services Jurisdiction by Hedgeweek Global Awards, and Top Offshore Captive Domicile at the U.S. Captive Services Awards.
62 Forum Lane, Camana Bay
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Quick Facts Cayman Islands Court House
Legal The Cayman Islands is home to leading international law firms Maples, Walkers, Appleby, Ogier, Mourant, Bedell Cristin and Conyers Dill & Pearman as well as several boutique law firms. Individual lawyers and law firms alike have been recognised in Legal 500, Legal 500 Caribbean, Chambers and Partners, Chambers Global, IFLR1000 and the Citywealth Leaders List, and taken home accolades at the STEP Private Client Awards and Who’s Who Legal. The Cayman Islands’ legal system is based on English common law, locally enacted by statutes and Orders-in-Council. Local principal statutes (laws) are passed by the Legislative Assembly and assented to by the Governor. There are over 50 law firms and more than 800 lawyers practicing in the Cayman Islands. The private sector legal system is represented by the Cayman Islands Law Society, an association which aims to promote a fair and ethical practice of the law.
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50+ 800+ Law firms
690 Notary publics
Licensed attorneys
223
Justices of the Peace
Insurance With over 800 active insurance licences, the Cayman Islands is a major centre for international insurance business, offering a broad range of coverage in the areas of home, health, life, personal property, marine, automobile, business, construction and liability. Aetna, Generali, Fidelity Insurance, Aon and Pan-American Life Insurance are but a few of the regional insurance companies with offices in Grand Cayman. The Insurance Law was first passed in the Cayman Islands in 1979. Since then the country has become a major centre for international insurance business. The Cayman Islands is the second largest domicile for captives and holds the number-one position worldwide for healthcare captives.
Quick Facts • 800+ insurance companies • 28 Class-A insurers • 415 captives • 147 SPCs • 699 Class-B, C & D insurers • 55% contribution to GDP (includes financial services)
According to the Cayman Islands Monetary Authority, healthcare is the primary class of business among Caymandomiciled captives, while workers’ compensation is the second largest class. The Cayman Islands captive insurance industry is composed mainly of North American companies. The next most important geographical source is the Caribbean and Latin America, collectively. The annual Cayman Captive Forum is widely recognised as the leading conference in the insurance industry.
Camana Bay
Accounting Firms The economic strength of the Cayman Islands is a natural draw for globally recognised top accounting firms. KPMG, Deloitte, EY, Grant Thornton and PwC are among the firms offering accounting, auditing and advisory services and add to the country’s reputation of having a well-regulated business environment. The accounting industry is supported by the Cayman Islands Institute of Professional Accountants, which was first established in 1970 and has some 1,000+ professional members. 18 Forum Lane, Camana Bay
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The harbour at Camana Bay
Family Offices One of the very first family offices to move to the Cayman Islands was that of the Dart family, who made the move in 1993 after visiting the Islands several times on holiday and recognising the opportunities Cayman could offer as a place to make their home and base their business.
trusts to reserve a range of powers over the trusts and, through the use of the innovative and unique “STAR Trust�, it allows the creation of purpose trusts which can be used to facilitate philanthropic giving, succession planning, or the furtherance of commercial goals.
Some 20 years later, many high-net-worth families have chosen to move their family offices to the Cayman Islands. More than ever before, the Cayman Islands is prepared to serve singlefamily offices and the professionals responsible for wealth preservation, management and growth.
Cayman Islands continues to innovate with its Foundation Companies Law, an exciting legal development which introduces another unique form of legal entity to the Cayman Islands. This commitment to legal innovation, supported by a network of highly qualified professionals allows the Cayman Islands to continue to meet the needs of an increasingly sophisticated client base.
In the early 1990s when Ken Dart set up his family office, the jurisdiction offered political stability, good transport links to the US, and a communications infrastructure to allow a family office to operate. Over the past 25 years, the Cayman Islands has continually been refined to the point where today, it offers the depth and diversity needed to establish and service sophisticated wealth and succession planning structures. Building on solid English legal principles for trusts, the Cayman Islands has introduced trust-specific legislation which provides a number of creative and flexible tools for family offices to use. The Cayman Islands specifically permits those creating
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There is only one place in the Western Hemisphere where sophisticated trust structures can be managed in a tax-neutral environment with access to excellent professional services, in a location with a stable government, proximity to the US and an incredible quality of life: Grand Cayman.
Shipping and Aviation Shipping
The Cayman Islands is widely recognised in the maritime industry as a top-quality flag state and in the international aviation sector as the registry of choice. The Cayman Islands Shipping Registry was first established in 1903. The Merchant Shipping Law, which was revised in 2016, is the governing legislation for all boats registered in the Cayman Islands. The law offers many different types of yacht registration, including full, interim, provisional, a ship under construction, and demise charter/bareboat registration.
Owen Roberts International Airport
Photo Credit: AirVu Media
The Maritime Authority of the Cayman Islands provides a well-developed regulatory framework for the registration, security, certification and crew documentation of merchant ships and pleasure yachts. While a boat licence is required in the Cayman Islands, insurance is not.
Aviation
Owing to the Civil Aviation Authority of the Cayman Islands’ steadfast standards and exact requirements to qualify, the country has earned a high level of respect throughout the aviation industry. This statutory body works closely with prospective registrants through the process of applying, seeking legal counsel, obtaining insurance and issuance of the certificate of registration. The Owen Roberts International Airport in Grand Cayman facilitates arrivals from major airlines including Air Canada, American Airlines, British Airways, Delta Airlines, JetBlue, Southwest, United Airlines and WestJet and the national carrier Cayman Airways. A separate fixed-base operator, the General Aviation Terminal, caters to private aircraft.
Cayman Islands Yacht Club marina
Quick Facts • 210 new pleasure yachts registered (2015/16) • 4.3 million gross registered tonnage • Four full-service marinas in Grand Cayman
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Since 2017, the Cayman Islands tourism industry earned the following awards: • Scuba Diving Magazine, Readers’ Choice Awards 2018 • Conde Nast Traveler, Readers’ Choice Awards 2017 George Town harbour
• Cruise Critic, 2017 Cruisers’ Choice Destination Awards • TripAdvisor, Travelers’ Choice Best Hotel Award 2017
Tourism
• TripAdvisor, Travelers’ Choice Awards, Best Beaches in the World – Seven Mile Beach #5
Grand Cayman welcomes over two million visitors to the island each year via air and cruise ships. Approximately 400,000 of these tourists are overnight visitors who are attracted to the islands white sand beaches, world-acclaimed dive sites, thriving culinary scene and a blend of Caribbean charm and modern conveniences. Close proximity to the United States and airline and cruise ship options offered by leading companies in their respective industries makes access easy and affordable.
• TripAdvisor, Travelers’ Choice Awards, Best Beaches in the Caribbean – Seven Mile Beach #4
Visitors can choose from 19 hotels, including the AAA Five Diamond-rated The Ritz-Carlton, Grand Cayman and Kimpton Seafire Resort + Spa as well as a wide selection of luxury villas, traditional B&Bs or beachfront condos for their vacation accommodations.
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• TripAdvisor, Best Destination 2017 • Wine Spectator Awards 2018 • Caribbean Journal, The 50 Best Restaurants in the Caribbean 2017 • Caribbean Journal, The Ten Best Beach Resorts to Visit 2018 • Microsoft Network, 25 Best Beaches in the World • Caribbean Journal, The Cool List, The Coolest Hotels in the Caribbean 2017 and 2018 • USA Today, Reader’s Choice 2018, Best Restaurants in the Caribbean • Caribbean Journal, Best Caribbean Islands to Visit 2019
Retail As a small island with minimal exports, most resale goods are imported into the Cayman Islands from the USA. The retail industry in Grand Cayman thrives with an abundance of storefronts, most of which are located in the heart of George Town or along Seven Mile Beach. While many retail stores are family-owned or entrepreneurial ventures, there are some international brand stores including Victoria’s Secret, Island Company, GNC, Books & Books and Cost U Less. In addition, many luxury brands are carried at local stores, such as POLO, Apple, Rolex, Cartier, Philip Stein, Hermes, Tory Burch and Tacori. Shopping on the Paseo, Camana Bay
Quick Facts
2
million+
tourists annually
200+
82.5%
air arrivals from USA
90
min
flight from Miami
5,500+ international flights annually
500+
restaurants
9.7%
Contributions to GDP:
cruise ships dock annually
12,500+ industry employees
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Camana Bay Harbour
Why choose Dart Real Estate? 1 | Global Organisation. Local Focus.
2 | Committed to the Cayman Islands
Dart Real Estate is a subsidiary of Dart, a global organisation with headquarters in the Cayman Islands. Dart Real Estate is responsible for real estate development and creates places where people want to be and are inspired to live their best lives. Dart Real Estate has developed more than US$1.5 billion in mixed-use, residential, commercial, recreational, educational and hospitality projects throughout the Cayman Islands.
Camana Bay, the developer’s signature property, is a lively waterfront town blending New Urbanism with traditional Caribbean charm. The address for the head offices of a number of global accounting firms, including EY and PwC, a superlative range of restaurants, independent boutiques and residential property, it is a testament to Dart Real Estate’s commitment to quality, thoughtful design and placemaking.
3 | Growing Portfolio
4 | Broad Scope of Investments
In 2016, the company achieved a new milestone in its real estate portfolio with the opening of Kimpton Seafire Resort + Spa and the adjacent The Residences at Seafire. The award-winning resort and its adjacent luxury condominium development firmly establish Dart Real Estate as a luxury lifestyle developer in the Cayman Islands. This milestone was followed in 2017 with the acquisition of The RitzCarlton, Grand Cayman, the standard bearer for excellence in the region for more than a decade. In 2018 the company expanded its residential offerings at Camana Bay with the waterfront community of OLEA.
The Dart portfolio of companies is owned by investor Ken Dart and spans a range of industries including real estate, development, hospitality, retail, entertainment, finance and biotech. Beyond the role of real estate developer, Dart is committed to the Cayman Islands. Through its thoughtful and innovative local investments and strategic partnerships with both the Cayman Islands Government and the private sector, Dart shares a vision of growth and sustainable development for the Cayman Islands which advances its position as a premier financial services jurisdiction.
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5 | Dedicated Landlord and Property Management Team
6 | Operational Efficiency
Dart Real Estate is dedicated to supporting the prosperity of its tenants. From design to delivery of leased premises, Dart Real Estate provides a meticulously managed work environment matched to tenants’ specific requirements, ensuring unburdened occupancy within a state-of-the-art infrastructure.
Dart Real Estate’s properties offer the best in operational efficiency, renewable energy, recycling and healthy living practices. Buildings are designed with sustainability in mind and typically incorporate energy efficiency in the way of lighting, mechanical, electrical, plumbing and airconditioning systems.
7 | Personal Approach
8 | Turnkey Services
Dart Real Estate’s property management team takes pride in providing best-in-class maintenance services while working collaboratively with tenants to foster strong, enduring relationships. The first point of contact for all premises matters, from day-to-day fundamentals to future planning or leasing, the property management team at Dart Real Estate ensures prompt management of all facilities or property issues and communication on all pertinent topics from operations to maintenance and billing. The fundamental goal is a long-term positive experience for each tenant, allowing them to focus on their core business.
Dart Real Estate’s sister company, Decco, provides turnkey solutions and custom interior fit-outs that provide certainty of delivery and costs and allow for a seamless relocation, permitting you to focus on work. In association with a prospective tenant’s interior design team, Decco is responsible for project management of the office fit-out phase, coordinating design and construction, overseeing specialist contractors and providing procurement and delivery of furniture, fixtures and equipment. DARTREALESTATE.COM | 19
The Kimpton Seafire Resort + Spa The Residences at Seafire
Salt Creek
North Creek
WEST BAY Regatta Office Park
Cayman Islands Yacht Club
RUM POINT The Ritz-Carlton, Grand Cayman
North Sound Golf Club
Beach Suites
Camana Bay
SEVEN MILE BEACH
OLEA
Flagship Building
Island Plaza
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GEORGE TOWN
SOUTH SOUND
NORTH SOUND
Our Portfolio At 22 miles long and three miles wide, Grand Cayman is perfectly proportioned and offers some of the most idyllic locations for real estate in the Caribbean. Dart Real Estate’s portfolio includes mixed-use, residential, commercial, recreational and hospitality projects.
NORTH SIDE
EAST END
BODDEN TOWN
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Quick Facts • Office suites ranging in size from 800 sq.ft. to 60,000 sq.ft. Camana Bay Town Centre
Camana Bay Camana Bay is a thriving business and financial centre in the Cayman Islands and offers a prestigious address to the local and international business community. The 685-acre community is located in the heart of Seven Mile Beach, boasts nearly 700,000 square feet of Class-A office space and is the Caribbean’s only true mixed-use, master-planned community.
• Approximately 2,000 people visit daily to work and use Camana Bay services • Nearly 2,800 indoor/outdoor parking spaces • 10-minute drive from Owen Roberts International Airport • Pedestrian sea-to-sound connectivity via the Rise
Camana Bay six-screen cinema, the only cinema in the Cayman Islands 22 | DARTREALESTATE.COM
Work/Life Balance
Consistent with its New Urbanism design philosophy of “live, work, play”, Camana Bay underscores the importance of a high-quality work and lifestyle environment. Tenants are awarded inspiring views, beautiful outdoor spaces, diversity in shopping, dining and entertainment, sports fields, a harbour, car parks, a helipad, a fitness centre, nightly entertainment and on-site medical services.
Sustainable Design The Paseo, Camana Bay
Camana Bay’s newest commercial buildings, 18 Forum Lane and One Nexus Way, were both designed by awardwinning firm Lake|Flato of San Antonio and are the first buildings in Grand Cayman built to LEED® Gold standards. This approach to sustainable design allows us to attract and retain global businesses.
Sophisticated Data Centre
Dining on the Crescent, Camana Bay
The Camana Bay Data Centre is a cutting-edge data facility with physical site security, environmental controls and power protection to ensure that tenants can get on with the business of doing business should a disaster or crisis strike. It is one of the most technologically advanced and physically secure of its kind in the Caribbean, with the superior communications infrastructure being particularly well suited to the demands of international banking, financial services, legal, insurance, accounting and retail businesses.
Living at Camana Bay
Waterfront living at OLEA, Camana Bay
Camana Bay offers two options for those wanting the convenience of living and working within the community: The Terraces, a for-lease luxury apartment complex located in the heart of the Town Centre, and OLEA, a for-sale waterfront community of condominiums, duplexes and townhomes located to the south of Camana Bay’s Town Centre and adjacent to Cayman International School. OLEA Phase 1 is scheduled for completion in August 2020 and Phase 2 in February 2021. DARTREALESTATE.COM | 23
Property Features • Walking distance to dining, shopping and hotels Regatta Office Park
Regatta Office Park Regatta features a fresh, distinctive working environment on nearly 10 beautifully landscaped acres. With 127,000 square feet of office space, Regatta is already home to an impressive tenant listing that includes Rawlinson & Hunter, CIBC, Cayman Water and St. Matthew’s University. North Sound Golf Club, Grand Cayman’s only 18-hole championship golf course, is also right next door. With office suites available from 1,300 to 10,000 square feet, Regatta Office Park is a remarkable business haven, with a character all of its own, offering Class-B office space at superb value for Seven Mile Beach.
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• Short drive to central George Town and Owen Roberts International Airport • Accessibility from West Bay Road and Esterley Tibbetts Highway • On-site property management • Fibre optic connectivity • Reserved parking available • Beautiful landscaping and courtyards • Entire building available for one tenant • Key fob access available • On-site security
Flagship Building Flagship Building is an iconic structure centrally located in George Town, the capital of the Cayman Islands, and is home to a mix of retail and commercial businesses. It is within close proximity to the cruise port, major offshore banks, global law firms, the courthouse and a range of restaurants and amenities. Office suites are available from 500 to 6,000 square feet.
Property Features • Oceanfront building in the heart of George Town • Assigned parking • On-site building maintenance • Two interior elevators • New chiller system • Back-up generator
Flagship Building
• Key fob access available • On-site security
Island Plaza
Located in central George Town, the capital of Grand Cayman, Island Plaza is a hub for duty-free shopping with internationally recognised retailers Pandora, Swarovski, and Diamonds Direct and the popular dining and entertainment complex, Jimmy Buffet’s Margaritaville.
Property Features • Central location • Ideal for retail businesses • Excellent foot traffic of cruise visitors • Outdoor seating • Dedicated property management
Island Plaza DARTREALESTATE.COM | 25
Provenance Properties Provenance Properties is the signature real estate brokerage of Dart Real Estate in the Cayman Islands. In keeping with Dart Real Estate’s reputation for quality and service, Provenance Properties specialises in representing quality, luxury properties and delivering exceptional service to clients at every stage of the transaction process.
The Nest, The Residences at Seafire
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The relationship with Dart Real Estate is artfully combined with another organisation renowned for quality, luxury and service – Christie’s International Real Estate. As the world’s foremost auction house, the Christie’s brand embodies the same characteristics of the real estate represented by Provenance Properties – one of a kind, intended to be owned by those who appreciate the finer things in life.
Christie’s International Real Estate is an invitationonly affiliate network comprised of the world’s most proven and qualified real estate specialists in the luxury residential sector. Provenance Properties is proud to be one of these exclusive affiliates, joining more than 1,200 global offices in 46 countries. The Provenance Properties team of luxury lifestyle sales specialists offers a richly diverse scope of expertise and experience. They are passionately committed to introducing the celebrated real estate, beaches, experiences and culture that make the Cayman Islands one of the best places in the world to own real estate.
The Residences at Seafire
ProvenanceProperties.com.
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Doing Business in the Cayman Islands
Setting up a business in the Cayman Islands is a straightforward process and involves a few essential steps.
Acquiring a Trade & Business Licence
Before conducting any business in the Cayman Islands, all individuals, partnerships and companies must apply to the Trade and Business Licensing Board for a grant of a Trade & Business Licence (subject to limited exceptions). If the company does not have at least 60% Caymanian ownership and control, it will also require a Local Companies Control License from the Trade and Business Licensing Board (unless it is otherwise exempted from such requirement). The Trade and Business Licence fee is payable every year and the application for renewal must be made at least 28 days before the anniversary of the grant of the Trade and Business Licence. It is an offence to operate a business without a valid Trade and Business Licence. The Trade & Business Licensing Board meet every two weeks to review applications, which may take two to six weeks to review, approve (or deny) and communicate with the applicant. Certain types of businesses will also require an inspection by one (or more) government departments; for instance, a new restaurant will need to be inspected by the Department of Environmental Health. A detailed guidance document, schedule of fees, further information and all necessary forms are located on the Department of Commerce & Investment website at dci.gov.ky.
Incorporating a Company
The most convenient way to incorporate a company is through the services of a corporate services provider, of which there are many in Grand Cayman. These firms specialise in providing compliance and regulatory advisory services, company incorporation and secretarial assistance, fund administration, client accounting and more.
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For more information about the advantages of registering a company in the Cayman Islands and a schedule of the registration and annual fees, visit the General Registry of the Cayman Islands: ciregistry.ky.
Applying for a Work Permit
Persons who have received permanent residency and the right to work do not have to apply for a work permit, nor do persons married to a Caymanian. All non-Caymanians are required to apply for a permit to work in the Cayman Islands. Permit applications are specific to a person’s role within the company and the fee structure is based on this role. Permits are generally granted in three-month, sixmonth, 12-month and two-year periods. In addition to a completed application, cover letter and payment of the application, prospective permit holders will need to complete a medical exam, undergo an English exam (for non-English speaking applicants), obtain a clean police record and include any supporting certificates, diplomas or degrees from educational institutions attended. If hiring non-Caymanian employees, the prospective employer must advertise the vacancy in a local newspaper to ascertain the availability of a Caymanian to fill the role. If no such Caymanian applies, the prospective employer may submit the permit application for a non-Caymanian. The Immigration Department provides a wealth of information on its website, including guides to completing a work permit application, fee structure, who is exempt from a permit and answers many frequently asked questions: immigration.gov.ky.
Arranging Health Insurance
Employers are required by law to provide each employee with basic health insurance, of which a minimum of 50% of the premium must be paid for by the employer. Employees may choose to include their spouse and/or dependent(s) on their health insurance plan at their cost.
Opening a Bank Account
There are several commercial banks in the Cayman Islands attending to everyday banking needs, including setting up a new account, transferring offshore funds to a Cayman Islands account, personal lending, business loans, mortgages and credit applications. Each bank will have its own required documents and forms for opening a business account; however, most request the company incorporation paperwork, the certificate of incorporation, financial statements or a business plan (for corporate accounts), a copy of the Trade & Business Licence, a bank reference, a passport, a utility bill, and professional references at the minimum.
Opening a Pension Account
Employees are also required by law to have a pension plan. A minimum of five percent of gross earnings are to be paid each pay period by the employer and employee to said account.
Buying Property
Unlike other Caribbean countries, there are no restrictions on foreign ownership of land in the Cayman Islands. Added to this, a simple and safe online land registry process that guarantees property title to landowners by the Cayman Islands Government.
There is a one-time stamp duty (land transfer fee) that is owed to the Cayman Islands Government when purchasing property. The dollar amount payable is based on the purchase price of the property or the value of the property, whichever is greatest. Buyers are encouraged to appoint an attorney to prepare the necessary legal documentation for closing and it is estimated to cost between 0.5% and 1% of the purchase price. If using a broker, real estate agent fees are present, but are paid only by the vendor – offering buyers another cost-saving benefit. If you seek a mortgage and choose to finance with a Cayman Islands bank, a valuation report is required and this cost is dependent on the size and value of the property, starting from approximately CI$400. The mortgage approval process usually takes four to six weeks from the time of application. With an abundance of legal and financial professionals on island, buyers can find comfort with expert care and advice when they have chosen a Cayman Islands home that best suits their requirements. Once you have completed the purchase process, international buyers are eligible for permanent residency in the Cayman Islands if real estate is purchased at a value of US$2.5 million or more. The real estate specialists at Provenance Properties can introduce you to a wide range of luxury properties and help explain the process of buying real estate in Grand Cayman. ProvenanceProperties.com
DARTREALESTATE.COM | 29
Quick Island Facts Official language:
Expatriate population:
ENGLISH
Time zone:
UTC (-5)
Nationality:
CAYMANIAN
YEAR-ROUND
Capital city:
45%
Nationalities:
120+
Total Population:
65,813
GEORGE
TOWN
102 Size:
(Cayman Islands Government, 2018)
square miles Total imports:
CI$852.2M Official currency:
CAYMAN ISLANDS DOLLAR (CI) CI$1
30 | DARTREALESTATE.COM
US$1.25
Average annual total compensation per employee:
US$66,585
Unemployment rate:
2.8%
(Cayman Islands Government, 2018)
Average high:
30째C / 87째F Average low:
24째C / 76째F
Average annual rainfall:
1,428mm/56in
Average relative humidity:
77%
National bird:
GRAND CAYMAN PARROT
Driving is on the
LEFT
National flower:
WILD BANANA ORCHID BLUE IGUANA indigenous to Grand Cayman
National tree:
SILVER THATCH PALM
Main industries:
TOURISM FINANCIAL SERVICES CONSTRUCTION
Political status:
BRITISH OVERSEAS TERRITORY DARTREALESTATE.COM | 31
+ 1.345.640.3600 | leasing@dartrealestate.com | dartrealestate.com July 2019 32 | DARTREALESTATE.COM