Preparations have been ongoing in George Town, and across the cosmopolitan little island of Grand Cayman to welcome its first post-pandemic tourist arrivals. The capital has always been a busy destination for droves of cruising day-trippers, with snowbirds preferring the resorts and villas along Seven Mile Beach, just to the North. 2019 saw the highest visitor numbers in the islands’ five centuries of recorded history, a stark contrast to 2020 and Covid-19. The people and government of this tax-neutral financial centre generate revenue through alternative means, including fees from tourism, work permits, and import duties. The Government made tough decisions, and took drastic measures to handle the pandemic, attracting immensely positive press attention abroad and favourable sentiments at home for its approach to curb the spread of COVID-19. Strict lockdown measures, closed ports, exceptional healthcare, and some of the highest per capita testing measures in the world are still fresh memories, but they have largely protected the island’s citizens and residents. There is a palpable combination of hope and optimism as the paint dries, structures whitewashed, and hard surfaces sanitised and polished to welcome the returning cruise ships, stayover guests, and seasonal residents. These three jewel-like islands in the Northwest Caribbean Sea are home to a thriving tourism industry and business community. Its quiet residential enclaves and stringent building codes are popular with property investors, snowbirds, and retirees. Stability, governance, regulatory and legal framework have developed and evolved into a major financial centre, home of most of the world’s hedge funds, and the second largest domicile of captive insurers.

In recent decades, Grand Cayman has attracted interest from potential residents of independent means who consider this the perfect place to settle for the long term. Reopened borders and ports have restored daily airline routes to Miami, New York and Toronto, and regular direct flights from Heathrow. Private aircraft facilities are as readily available as yacht berthing. Reliable utilities and telecommunications have helped to maintain business continuity in the worst weather and at the height of the pandemic. The Government encourages investment and new business through streamlined processes that are typically quicker and easier than most other business markets and financial centres. The islands are also home to a Special Economic Zone within its tax-neutral jurisdictional structure. Over 250 thriving companies are domiciled within Cayman Enterprise City’s three special economic zones.

Liveable, accessible, safe and welcoming – and the routes to long-term residency are remarkably simple. Why not come for a visit? Visitors invariably wish that they could stay longer. Many return for longer stays. For the lucky few, residency by independent means or residential investment is similarly straightforward, and expedited by a competent attorney. Restrictions on the foreign ownership of property are minimal, and beyond the one-time stamp duty paid upon purchase, there are no subsequent property taxes. There is a growing trend for investors approaching career or investment milestones to remain in Cayman for retirement, or new vocations in beachcombing and painting the local sunsets. few locales are as well situated, or offer miles and miles of pedestrian-friendly footpaths and bicycle lanes, even along the famous Seven Mile Beach. Sunscreen and regular health checks are highly recommended so close to the equator, but can be carried out locally thanks to easy access to accredited medical doctors, the region’s leading cardiac and tertiary care hospital, or a second opinion less than an hour’s flight away.

Equal parts cosmopolitan and relaxed, Caymanian hospitality and good manners prevail, even at traffic junctions and roundabouts. The Cayman Islands enjoy one of the lowest crime rates in the world and status as a British Overseas Territory ensures the protection of the United Kingdom from all contingencies.

The Cayman Islands property market presents a compelling investment opportunity for those seeking a stable, tax-efficient, and luxurious destination. With its strong economy, high quality of life, and vibrant culture, the islands are poised for continued growth in the real estate sector. Be it a dream vacation home or a lucrative investment, Cayman remains an idyllic destination with exceptional potential.

Antonio Arch

Grand Cayman Open for Business