INVESTMENT GUIDE
CAYMAN ISLANDS
w w w. c r o w n w o r l d . c o m
“Find out where the people are going and buy land before they get there.� On the dark and moonless night of the 8th of February 1794, a navigational error resulted in ten British Royal Navy ships being wrecked on the treacherous coral reefs off East End, Grand Cayman. The local people saved everyone aboard the ships, including, so the story goes, a Royal Prince. When King George III of England heard about this act of gallantry, he is said to have decreed that the people of the Cayman Islands should forever be free from taxes.
Cayman Islands
INVESTMENT GUIDE
Welcome to Paradise Reading through this brochure you will discover some of the personal benefits of owning a freehold building plot of land in the Cayman Islands in the Caribbean.
The Cayman Islands are a beautiful idyllic place which many people consider a piece of paradise. Owning a plot of land in such an ideal setting is a unique and exclusive opportunity, not to be missed.
We at Crown want to offer you an opportunity to own ‘care-free’ freehold building plots of land with permission for residential homes. ‘Care-free’ means you don’t have any schedule to build on the land so you can simply buy the land and hold on to it... for as long as you like. You can build when you are ready. Build at your discretion. With no holding costs this is truly ‘Care free’.
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Cayman Islands
INVESTMENT GUIDE
Cayman Islands Bathed in the sparkling waters of the Caribbean Sea lies a unique offshore banking haven that boasts an enviable combination of international glamour and desert island beauty.
This ultra-elite island destination has an abundance of white powder soft beaches and the highest standard of living in the Caribbean.
Governed under British Common Law and famed for the absence of direct taxation, the Cayman Islands has become one of the safest and most privileged populations in the world.
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Outstanding Potential Crown is a company as committed Our Objective to the success of our clients’ Our objective is to achieve optimum results for every client. We strive to fulfill the investments as it is to the potential of each project. We formulate outstanding potential offered by plans that work, whether they are fearlessly the Cayman Islands. futuristic or surprisingly simple.
Our Vision Our vision is to find affordable building plots of land for our clients, allowing them to benefit from the experience of our negotiation and purchasing power.
Our Approach We communicate and perform with a result-orientated focus delivering secure and affordable freehold building plots of land. Our approach to business is direct and designed to deliver an uncomplicated package.
Our Mission Our mission is to deliver freehold building plots of land to our clients ahead of the current world market.
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Cayman Islands
INVESTMENT GUIDE
Caribbean Experience As an independent land purchasing company Crown specializes in identifying locations providing opportunities to own freehold building plots of land.
Our Knowledge of the Caribbean property market allows us to introduce you to these exciting opportunities.
Our High Level of commitment and comprehensive experience enables us to introduce you to the excellent independent Cayman Island support structures including lawyers, accountants and re-sales agents. You are in control of whom you use to build your dream.
Crown has processed all the relevant paperwork so you can reserve, purchase and sell your freehold building plot of land from the comfort of your armchair, over the Internet or with one of our agents. We are committed to making your purchase as simple as possible. If you decide to build, we can introduce you to the local contractors we use and you can deal with them directly so that you are in control of your dream.
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Benefits Of Buying From Us • No hidden liens or claims. We own the land outright • Low deposits, with an extended purchase plan • No hidden charges • Freehold building plots • Land ownership made simple
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Boston
Toronto
New York
Chicago Washington DC
Charlotte
Atlanta
ATLANTIC OCEAN
Orlando Houston
Tampa Ft. Lauderdale Miami
BAHAMAS
Havana CUBA
JAMAICA
O CAYMAN ISLANDS
CARIBBEAN SEA
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Cayman Islands
INVESTMENT GUIDE
Location London UK
Location & Geography Grand Cayman, the largest of the three Cayman Islands, lays 480 miles southwest of Miami, Fl. (a 70 minute flight). It is 150 miles south of Cuba and 180 miles northwest of Jamaica. Cayman Brac and Little Cayman are 89 miles to the northeast of Grand Cayman.
Airports Owen Roberts International Airport (ORIA) – Grand Cayman. The main airport is on Grand Cayman. ORIA is a fully equipped commercial facility that handles more than 800,000 passengers each year. Because of the growing global popularity of the Caymans, the airport is presently under expansion, nearly tripling its current size. International carriers operating out of ORIA include the national airlines, US Airways, Delta, Northwest, Continental, Air Jamaica and Air Canada. British Airways operates five weekly flights from London. There are at least 5-daily flights connecting Grand Cayman to Cayman Brac and Little Cayman. Sir Captain Charles Kirkconnell International Airport (MWCB) is an international airport located on Cayman Brac, Cayman Islands. It is one of the hubs for Cayman Airways. The airport averages approximately 14,800 aircraft movements a year and is capable of accommodating the growing international traffic. There are several daily flights connecting Cayman Brac to Grand Cayman, Little Cayman, Cuba and Miami Florida. Edward Bodden Airfield – Little Cayman. Air service to Little Cayman is facilitated through Edward Bodden Airfield and by Cayman Airways with 5 scheduled daily flights. The airfield can also accept small private aircraft.
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INVESTMENT GUIDE
Climate and Weather Located 20 degrees north of the equator, Cayman enjoys a temperate climate year-round, cooled by prevailing trade winds.
The Cayman Islands enjoy summer like weather all year round. Lying between the latitudes of 19° and 20° North, in the far Western Caribbean, the Cayman Islands has an enviable climate. Temperatures reach highs of 29°C (85°F) to 32°C (90°F) during the summer months of July and August. Relative humidity varies from 68% to 92%. Temperatures are coolest during February, ranging from 22°C (72°F) to 30° C (86°F) during the day and 17°C (64°F) to 22°C (72°F) at night. The sea temperature ranges from 25°C (82°F) to 27°C (82°F) in the winter months and from 27°C (82°F) to 30°C (86°F) in the summer. The rainy season starts in May and lasts through to October, with May and October usually the wettest months. December through to April is dry season, with February and March being the driest months of the year. Average annual rainfall is estimated at 46 inches.
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Frequently Asked Questions With extensive experience in working with investors we have pulled together the most commonly asked questions.
Are there roads on the islands? Yes. There are a total of 46.5 miles (74.8 km) of paved roads and 6 miles (9.7 km) of unpaved roads.
Are there roads in the subdivision? Yes. When sub-divisions are approved, the survey company marks out the roads between each of the plots and the roads are then completed to the specification of the Cayman Islands Government. *A subdivision is a parcel of land that is divided into individual plots.
Is there any electricity or water? Yes. Electricity is fed to the freehold building plots of land from the pylons that are close to the building plots. This work (fitting the pylons) is undertaken by the different Cayman Island utility-companies. The Cayman Brac Power & Light Company powers Cayman Brac and Little Cayman. The installed capacity for Cayman Brac is 6.7 Megawatts and for Little Cayman it is 2.08 Megawatts. The Water Authority supplies the water. The Water Authority currently produces 130,000 gallons per day for piped water with a production capacity of 150,000 gallons per day.
Are the freehold building plots of land transferred to the purchaser? Yes. Your freehold building plot of land is secured by a legal contract that is issued by our legal team. We always recommend that you have your own professional team of experts review the contracts before signing. All freehold
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building plots of land are given unique numbers from the Cayman Islands Land and Survey Department and these unique numbers are registered as yours on your contract and with the Government Lands Department.
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in control. You can hold onto your land indefinitely and keep it ‘Care Free’. Unlike the purchase of a residential property, you will have no ongoing expenses such as water, gas, electricity, insurance, property tax etc. for your freehold building plot of land until you decide to build, if ever.
Can I build on my freehold building plot of land? Yes. Once roads and electrics are complete and title is transferred to your name, you are then free to submit your plans to the Cayman Islands Planning Department for approval. Villa – One per 10,000 sq. ft. (929 sq. metres/ 0.23 acre) On a 10,000 sq. ft. freehold building plot a villa is allowed to have two habitable floors (the ground floor + one more floor above the ground floor). On a 10,000 sq. ft. freehold building plot 2,500 sq. ft. (232 sq. metres) of habitable space is allowed on the ground floor. Two floors are equal to a total of 5,000 sq. ft. (464 sq. metres) of home. Building Site Coverage – All types of development 25% of site Landscaping Site Coverage – All types of development 25% of site (minimum) Building Height – Villa – two habitable floors
How do I go about obtaining a quotation in order to build on my freehold building plot of land? The Cayman Islands has no shortage of prestigious homes. The Cayman Islands are now boasting one of the finest RitzCarlton Hotels and building more exclusive resort hotels, holiday homes and luxurious second homes constantly throughout the islands. Crown uses the same engineering firm that completed the Ritz-Carlton Hotel. You can rest assured that the Cayman Islands have an abundance of highly experienced construction companies. Local architects and contractors in the building trade will provide plans and quotes for all aspects of building your property. You are only limited by your imagination. You will be interacting with these contractors directly on the work you require. You are in control. It generally works out at around $100 psf.
Do I have any ongoing expenses? No. You are not required to build on your freehold building plot of land so you can avoid ongoing expenses. You are
Can I sell my freehold building plot of land at any time? Yes. You can sell at any time or during any stage of development, including as soon as you purchase, if you want to. You have the option of selling (assigning) your contract containing your unique Land Registry number for your freehold building plot of land at any time, allowing you the difference in prices i.e. the difference between your purchase price and the price paid by the person you are selling (assigning) your contract to. All sales are registered with the Cayman Islands Land Registry Department.
If I am interested in purchasing a freehold building plot of land, what should I do now? It’s simple and easy. Pick a freehold building plot of land that you like from the availability list and site plan, and just ask your agent to fill out the Reservation Notice for you. Alternatively you can call us and we will do it for you. You can also download the Reservation Notice from our website. You can reserve your freehold building plot of land by completing the Reservation Notice and returning it to your agent/us along with your deposit payment. You can visit our website www.crownworld.com and download the Reservation Notice. In order to stay compliant with U.K. Money Laundering Regulations we will also need a copy of the purchaser’s passport and a current utility bill.
If I spread the purchase price of my plot over 1,2,3,4 or 5 years, will it cost any more money? No. You can make equal quarterly payments at no additional cost. If you want to pay for your freehold plot of land over a number of years, there is no extra charge.
Do I have any other expenses? Is there Stamp Duty? Yes. You will pay 7.5% Stamp Duty on the purchase price of the land. There will also be a one time fee for registration of your freehold building plot of land with the Land registry, normally around $995.
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Cayman Islands
INVESTMENT GUIDE
10 questions CrownWorld asked before buying land in the Cayman Islands. Many factors combine to make real estate purchase in the Cayman Islands attractive. In no particular order, here are ten of the main reasons we decided to buy here.
Cayman Islands remoteness in the Caribbean and its lack of mountain river run-off help maintain ultra-clear waters near the shore, making for some of the best scuba diving in the world. Add tropical plant life and beautiful white sandy beaches and it’s easy to see why many visitors see the Cayman Islands as paradise.
Are the Cayman Islands politically stable? Yes. Many British Overseas Territories in the Caribbean rushed into independence in the years following World War II, often with harmful results. Not the Cayman Islands, where they have remained under the gentle rule and protection of the United Kingdom.
Is it a great location? Yes. Location is often cited as the main determining factor of value of a specific property. The same concept applies generally when considering the Cayman Islands. This exclusive piece of paradise is only a 70 minute flight from the superb shopping of Miami, or the lovely Mexican destination of Cancun and less than an hour from the legendary Jamaica, or the salsa tropics of Cuba. Located in the middle of the tranquil, blue Caribbean Sea, the Cayman Islands boast a climate that seldom sees temperatures above 32°C or below 21°C.
Caymanians by and large govern themselves, but within a tried and true framework developed by the British and ruled by the Queen’s Governor. Moreover, the Caymanian Government is keenly aware of the country’s position as the World’s 5th largest Financial and Investment Centre and the requisite of remaining stable in the business world’s eyes.
Are there any advantageous tax regulations? Yes. The Cayman Islands are free from most forms of taxation. This holds true for its exclusive foreign property owners as well. With regard to real estate ownership, the Cayman Islands assess no regular property taxes or capital gains taxes. There is also no tax due to the Cayman Islands Government for other income derived from real estate investment such as rent or dividends.
Are there foreign-friendly property ownership laws? Yes. The Cayman Islands have no restrictions on the foreign ownership of real estate for personal use. Land can be owned
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by any adult individual (either alone, with others jointly or as proprietors in common), or in the name of a company. Additionally, the islands-wide cadastral survey and implementation of the Compulsory Registration Process in the 1970’s was designed to take away the risk of previous ownership claims on property. Every plot of land in the Cayman Islands is registered under a unique block and parcel number and ownership of each freehold building plot of land is guaranteed. The Land Registry is a matter of public record and for a nominal fee, anyone can inspect or get a photocopy of a particular Land Register which will show not only the registered owner, but any liens, covenants or other restrictions on the freehold building plot of land. There are also no time deadlines for foreign landowners to build on raw land; it can be held undeveloped indefinitely.
Is there social and economic stability? Yes. Very few places in the world can combine people from 100 different countries, with a make-up of every possible race and income bracket and experience the kind of social harmony found here in the Cayman Islands.
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The rebuilding of the government hospital and the opening of a private hospital has helped vastly improve the quality of medical treatment here in the Cayman Islands. In cases of severe trauma, air ambulance jet service can have patients in an appropriate hospital in less than an hour. The public school & private school system is outstanding and widely known as the best in the region.
Do Caymanians have a friendly attitude toward foreign business? Yes. The ‘Foreign Business Person’ is welcomed here in the Cayman Islands. The development and prosperity of these islands has gone hand in hand with foreigners who have chosen the Cayman Islands, a fact that is not lost on the population because it is one of the fastest growing populations in the world.
Are there competent and ethical professional services? Yes. The Cayman Islands abound with professionals from all over the globe. The attorneys, accountants, architects, surveyors, builders and realtors as well as doctors, dentists, educators, service providers that you deal with here rival the finest you can find anywhere.
Is it a clean and safe environment? Buoyed by one of the world’s highest per capita incomes and a natural tolerance for racial difference, the people of Cayman have not only learned to live together, but to respect each other as well. There are over 70,000 international and national businesses registered in the Cayman Islands. Crime rates are low compared to many other Caribbean countries. In Little Cayman and Cayman Brac, crime is virtually non-existent.
Is there a sophisticated and reliable infrastructure? Yes. Gone are the days of dusty dirt roads, spotty electric service, cistern water and frozen milk. One of the biggest improvements over the past 25 years to these islands has been to its infrastructure. All public roads are now paved, utility companies provide electricity and water and communications systems are now state of the art, offering clear, high-speed telephone connections, speedy Internet service and 24 channels of cable television. The improvement of the port facilities has helped bigger and better ships bring a large variety of durable and perishable goods here for use and consumption. A new airport terminal was built in 1984 to comfortably accommodate more passengers and more improvements are under way now that the number of flights arriving here has increased.
Yes. With no heavy industry and fresh air brought by steady trade wind breezes, the Cayman Islands boast some of the cleanest air you will ever breathe. The ocean water around the Cayman Islands is among the deepest and clearest in the Atlantic. The water is kept crystal clear and unpolluted by strict regulations on sewerage disposal throughout the Cayman Islands. Visitors to the Cayman Islands are not required to have injections and pills for normal tropical diseases. Cayman has no venomous creatures and in fact is one of the few places in the world that is rabies-free. With the mosquito population held largely in check, the tropical diseases that plague other Caribbean/Latin American countries are virtually non-existent in the Caymans.
Are there modern building materials & methods? Yes. With the United States close by, Cayman has access to the most modern building materials. Most of the building that occurs in Cayman is of high quality. This is partially due to the superior economic status of those who are coming to the Caymans. Cayman has based its building code on the Southern U.S. Building Code and as a result of that and the long tradition of building with reinforced concrete blocks; it has some of the strongest dwellings in the region.
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Cayman Islands
INVESTMENT GUIDE
Why invest in the Caymans? The Cayman Islands enjoys a prominence on the global stage that far belies its physical size.
These prestigious islands are quite unlike any other place on earth and their uniqueness provides real estate investors with unrivalled opportunities.
Why NOW is the time to invest in land in the Cayman Islands? There’s never been a better time to invest in land on the Cayman Islands. A recent shift in land ownership has opened up opportunities for private investors that were once the sole domain of existing landowners on the islands. Already a major global player in the tourism and financial services sectors, this British Overseas Territory has now become a hotbed for investment thanks to an outstanding set of credentials. Assets such as their natural beauty, tax free status, economic and political stability, supportive business environment, direct access to international markets and a standard of living that compares favourably to most cosmopolitan cities in the world.
While land suitable for development can cost up to 40% of the price of a new property elsewhere in the world, our residential building plots in the Cayman Islands cost as little as 5% of the potential re-sale price of a completed property. This significant extra profit potential makes Cayman Islands land investment one of the most potentially lucrative strategies in the current market.
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Primary Market Drivers Medical Tourism
Cuba
Cayman is positioning itself as a frontrunner in this emerging trend with the opening of a new state-of-the-art hospital at the east end of the island.
The next President of the United States might find himself lifting the trade and travel restrictions on Cuba. As capital begins to flow into Cuba there will be opportunity for the Cayman Islands.
As health care professionals immigrate to the island to staff and support the facility, the need for long-term housing at all price points will need to be met quickly. Adding specialist hospitals, clinics and senior care facilities will bring a whole new demographic to the island.
World Economy The Cayman Islands have positioned themselves well. By restricting residency, they have insured that the cost of social programs is far lower than in most countries. In uncertain times, many have flocked to the purchase of physical gold. However, the Cayman Islands are in a great position to leverage the lack of real estate taxes on property owned in the Caymans. With less fluctuation than a commodity like gold or silver, property can be purchased and held with no holding or carrying costs.
The cruise-ship industry will add additional cruises to the Cayman Islands as part of a shorter more frequent Caribbean getaway. Professionals involved in the development of Cuba will want to set-up shop and live close to Cuba but in a stable, tax friendly environment like Cayman.
Non-Service Job Growth Grand Cayman has the potential for seeing large increases in non-service job growth. The financial services & insurance industries will bring more positions to the islands. Medical tourism and the ancillary businesses surrounding it will bring waves of jobs to the Caymans.
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Facts: Composition: Location: Capital Size: Population: Currency:
Three islands - Grand Cayman, Cayman Brac & Little Cayman 480 miles southwest of Miami George Town Total Area 101 sq. miles Grand Cayman 76 sq. miles Cayman Brac 15 sq. miles Little Cayman 10 sq. miles 57,000 (56% Caymanians) CI$ (Cayman dollar) 9th strongest currency in the world, 20% stronger than the US dollar
National Income: GDP per capita CI$40,253 Total GDP CI$2,254 million Unemployment 4% Inflation Rate 2.9%
Tourism Arrivals Air arrivals Cruise ship Main Industries: Political Status:
382,816 1,609,555 Tourism, Medical Tourism & Financial Services British Overseas Territory
Useful telephone numbers/contacts Cayman Islands Government Lands & Survey Department Cayman Islands Government Statistics Office Savills Cayman, Residential & Development Specialist JEC Property Consultants RICS Department of Commerce & Investment
(345) 244 3420 (345) 949 0940 (345) 640 6400 (345) 945 5930 (345) 945 0943
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Cayman Islands
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Plots of Land Take advantage of our extended payment terms and choose to purchase over 1 to 5 years.
All development sites sold by CrownWorld or their Agents are independently and professionally surveyed and when sold, each freehold building plot of land is marked out to exact size. Along the boundary, brass ‘Kaps’ are driven into the ground to clearly mark each site. On top of each Kap is a unique plot reference number given by the Cayman Islands Government. It is illegal to remove the Kaps once installed by the surveying company. All CrownWorld freehold building plots of land have outline permission to build.
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An Exceptional Investment Opportunity FREEHOLD BUILDING PLOTS OF LAND IN THE CAYMAN ISLANDS Plots of land with permission to build residential homes Take advantage of our extended payment terms and choose to purchase over 1, 2, 3, 4 or 5 years. Below is a purchase example of a freehold building plot of land with a 5% reservation fee and 20% deposit on contracts. Typically this is within 7-days of the reservation and the balance is paid over 5-years. Stamp Duty is due on completion of contracts.
5
%
Reservation Fee
20
%
Deposit Balance
3.
75%
Payable Every 3 Months Over 5 Years
Includes Roads and Electricity Pylons
There are no extra costs.
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INVESTMENT GUIDE
About CrownWorld CrownWorld is now one of the market-leading luxury real estate brands in the Cayman Islands.
Crown established itself in the Cayman Islands back in 2006. In addition to the stunning Caribbean backdrop, we were impressed by the Cayman Islands’ highly sophisticated infrastructure, political and economic stability and their status as a tax free British Overseas Territory. Crown quickly saw the exceptional business and investment potential of these spectacular Islands – a place with zero taxation, a thriving financial community and a progressive government that actively fosters a supportive commercial environment. The unique benefits of the Cayman Islands provided an outstanding platform on which to build a business that would provide clients from around the world with an unrivalled investment product. Crown is now one of the market-leading luxury real estate brands in the Cayman Islands, specialising in the acquisition of prime residential building plots and the delivery of turnkey design and build solutions. A vital part of the Crown service is the ability to provide our clients with a non-status, interest-free payment plan when purchasing our land investments in the Cayman Islands. We are excited to be invested in the future of the Cayman Islands along with our clients.
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AIPP (Association of International Property Professionals) Member Why CrownWorld is a member of the AIPP and what it means to you. The AIPP has been set up to guide and to regulate the international property industry. It will give the buyer of international property confidence in choosing where to spend their money. Companies who are listed as members have signed up to follow the industry Code of Conduct, established to help the consumer in buying overseas. These guidelines dictate that a professional approach is followed and that company’s act with honesty, transparency and integrity at all times. Where you see the AIPP Member logo, you should feel confident about doing business.
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Telephone: +44(0) 1565 740 740 Email: info@crownworld.com
www.crownworld.com