A Tropical Vacation and Financial HavenIyna Bort Caruso
Of the three Islands surrounded by glistening turquoise waters that make up the Cayman Islands, the largest, Grand Cayman, is where the action is. This thriving tropical paradise is not just a tax-free haven known for off-shore banking and international finance. Grand Cayman is heralded for its year-round summer weather, excellent diving and snorkeling, scant crime and a well-planned infrastructure.
With no restrictions on foreign ownership of land and no property tax on developed or undeveloped land, the British territory is considered a vacation home paradise.
From secluded Caymanian cottages on the scarcely populated east end to luxurious oceanfront condominiums on the pristine sands of the Seven Mile Beach peninsula, residential options abound. In George Town, the capital, the port bustles with cruise ships, and the business district buzzes with banks, accounting and law firms. With larger than usual plots and mature shade trees, architect-designed homes in the city’s upscale Webster’s Estates sell the moment they hit the market.
It is an easy stroll to the restaurants, bars, nightclubs, shops and cinema along Seven Mile Beach, where long and short-term rentals range from pricey to expensive. New five-star luxury condominium with unobstructed ocean views range can top more than $8 million.
South Sound, a tranquil, upscale neighborhood south of George Town, offers spacious single-family residences, townhomes, condominiums and beachfront properties plus rugby, tennis and squash clubs. Developers build to suit. Twenty canal subdivisions jut inland from the North Sound, some lined with gated estate homes with private docks. Boaters can also dock at their doorstep in family-friendly Governors Harbour and the Cayman Islands Yacht Club. Living on the North Side, far from town, practically ensures a sea view and the feel of a perpetual vacation.