3 minute read
Pricing and Availability - One Bedrooms
by cdroyd
HOW TO OBTAIN RESIDENCY IN THE CAYMAN ISLANDS
OPTION 1 :
Advertisement
Apply for a 25 year renewable residency certificate.
This certificate is issued to an applicant (and immediate family including children under the age of 18) granting the family the right to reside but not the right to work in the Cayman Islands.
In order to obtain this certificate, an applicant must have invested at least CI$1,000,000 (approximately US$1,220,000)* in the Cayman Islands of which a minimum of CI$500,000 (approximately US$610,000)* must be in developed real estate. The “remaining” CI$500,000 (approximately US$610,000)* must be invested in a company or property in the Cayman Islands.
The cost of the 25 year certi cate is US$24,400* payable upon grant and an additional fee of US$1,220* per dependent. In order to maintain the certi cate, an investor must maintain his/her investment and reside in the Cayman Islands for at least 30 days in every 12 month period. The 30 days need not be consecutive.
*Please note these are price approximations and may be subject to change. We recommend seeking legal advice on all matters relating to residency. For full documentation required and legal recommendations, please visit our website. OPTION 2 :
Apply for the right to permanently reside.
Similarly to Option 1, the applicant must show a minimum investment of at least CI$1,600,000 (approximately US$1,952,000)* in developed real estate (it can be several different properties). The cost of this certificate is CI$100,000 (approximately US$121,955)* per family with an additional fee of US$1,220* per dependent at the time it is granted.
The main difference between the two certi cates is that with Option 2 the applicant obtains the right to permanently reside in the Cayman Islands and such right can be varied to include the right to work. It can also entitle the holder after ve years to apply for naturalization under the British Nationality Act as a British Overseas Territories Citizen if the holder complies with the necessary criteria.
*Please note these are price approximations and may be subject to change. We recommend seeking legal advice on all matters relating to residency. For full documentation required and legal recommendations, please visit our website.
FREQUENTLY ASKED QUESTIONS
1. What level of deposit is required to secure a residence now?
A deposit of 10% is required to secure a residence now. Local bank financing options have been arranged for qualified buyers and would require a 10% initial deposit followed by an additional 25% to be paid during the first year of construction.
2. When will the construction of the residences be completed?
We expect the residences to be completed in late 2019.
3. Can I customize my residence?
While Rum Point Club Residences have 12 unique floor plans to chose from, further customization options are available. Please contact us to discuss your requirements.
4. Do I need to visit the Islands to purchase a residence?
No. The transaction can be completed remotely provided we receive the necessary documentation.
5. Are there any taxes in the Cayman Islands?
While there is no direct taxation on individuals or companies, there is a one time stamp duty tax payable on the purchase of property which is approximately 7.5% of the purchase price. There are no sales taxes or income taxes and many items are also duty free. 6. Do the Cayman Islands use their own currency?
Yes - the Cayman Islands Dollar which is pegged to the US Dollar at a fixed rate of 0.82. The US Dollar is also widely accepted in the Islands.
7. Do I need a visa to visit?
Visitors from certain countries are required to hold a visa which is easily obtained and valid for three months.
8. What is the average temperature?
Temperatures range from 85F/29C to 92F/33C, with 80% relative humidity and water temperature ranges from 79F/26C in the Winter to 90F/32C in the Summer.
9. What is the most popular attraction or activity in the Cayman Islands?
Swimming with the stingrays at world famous Stingray City is only a short boat ride from Rum Point Club Residences. Cayman’s marine parks and unparalleled dive sites truly set it apart from other Caribbean destinations.
10. How do I travel to the Cayman Islands by air?
There are over 100 direct weekly flights from 16 major markets including: London (with British Airways), Miami, New York, Houston, Chicago, Toronto, Atlanta, Charlotte and Fort Lauderdale (with American Airlines, Delta, Southwest Airlines and Cayman Airways).
