Are the Cayman Islands misunderstood?
Many of us would love to settle on our own piece of Caribbean paradise, somewhere we can get some much needed sun. Unfortunately, the costs and objections we face in the process can be significant. On the islands of Bermuda or the Bahamas’, the purchase of property by foreigners is highly restrictive and many a left empty handed.
The Caymans on the other hand are very welcome to foreign ownership, with many investment firms touting plots available ready for development. With first world infrastructure in place, development can be relatively straight-forward.
With a population of around 60,000, this relatively small population hasn’t hindered the islands economy from growing, with the islands achieving an amazing 15th highest global GNI (Gross National Income) per capita. This money has then been fed back into the state, with the development of first world schools and hospitals.
Sadly, for the Cayman Islands, it has often been portrayed as a money-laundering hot spot, most notably in the film “The Firm” based on John Grisham’s bestselling novel. Many feel this is only down to the ignorant few, who fail to realise the islands have one of the toughest due diligence regimes in the world. It proves harder to obtain a bank account here than in Switzerland.
With a balanced economy, the Cayman Islands does offer investors a market built on good foundations. With a mix of land and developed property available, the Caymans should not be overlooked.