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Where to Invest in Cayman Real Estate: A Buyers Guide
Cayman Islands have plenty of real estate investment options. Whether you're eyeing homes, commercial, or luxury estates, there's a slice of paradise waiting for you to invest in. Many savvy investors and affluent individuals are flocking to waterfront properties in Cayman because of its breathtaking views and top-notch amenities. Let’s find the finest investment prospects in Cayman Islands real estate today.
1. Invest in Residential Properties
In the Cayman Islands, you can invest in different kinds of homes, like houses, condominiums, and places for vacations. You can pick from myriads of spots, from George Town to West Bay, depending on what you want and how much you are ready to spend.
Why It's Smart to Invest:
Regular Income: Vacation rentals are a reliable source of income because of the Cayman Islands' growing appeal as a travel destination. You ought to expect consistent returns on your investment.
Possibility of Growth: The Cayman Islands real estate market has a history of growth. The rising popularity of the island may boost the value of your house.
High living standard - Imagine living in the Cayman Islands—a safe haven with immaculate beaches and a kind, inviting society. Property ownership in this area is a ticket to heaven, not just an investment.
Expert guidance - We have seasoned real estate agents on hand to help you at every turn. We'll make sure the entire investment process—from choosing the property to finishing the deal—is easy and well-informed.
2. Purchasing Commercial Properties in Cayman
The Cayman real estate offers a range of commercial properties to invest in, including offices, stores, and places where people can live and work.
Why Commercial Property Investment Makes Sense:
Business Opportunities: The business-friendly environment of the Cayman Islands encourages investment in banking, tourism, and hospitality. Thus, investing in commercial real estate enables you to launch or expand your company in these rapidly expanding Cayman industries.
High Demand: There is a great need for commercial space for businesses to operate and shop as more people and businesses move to the Cayman Islands. Therefore, you may profit from this demand by making an investment in commercial real estate and then leasing out spaces to businesses.
Benefits-related taxes: In the Cayman Islands, you don't have to pay taxes on things like income, profits from selling assets, or property. This means owning commercial buildings here can help you save money, unlike in other places where you might have to pay more in taxes.
Many Choices: The Cayman Islands offers a variety of commercial assets, including shops, offices, and mixed-use structures. Thanks to this Variety, you can choose properties based on your risk tolerance and goals.
3. Buying Luxury Properties in Cayman
One can invest in a variety of commercial assets in Cayman real estate, such as upscale condominiums, riverfront villas, and beachfront homes.
Why It's Worth It to Invest:
Amazing Living: The Cayman Islands offer some of the most luxurious living arrangements available, making them an excellent spot for people to call home. This is why investing there is worthwhile.
Gorgeous vistas: A lot of investors in lush Cayman Islands properties like to locate them close to the shore in order to take advantage of the breathtaking vistas.
Luxurious homes: The lavish residential properties in the Cayman Islands attract rich people and tourists, which could make the homes more valuable and generate a lot of money from renting them out.
4. Buy Land (Lots) in the Cayman Islands
In the Cayman Islands, you can invest in different commercial properties, like empty land, land for houses, and land for businesses.
Why It's a Good Idea to Invest in 2024:
Building Opportunity: With many new buildings being made, buying land now could mean making big money later when you build something.
Potential for Gains: If you buy land smartly, it could be worth much more. As more people move here and buildings go up, land value could also increase, giving you a chance to make more money.
Future Profits: Investing in land now gives you options for what you want to do with it later on, possibly leading to bigger profits.
Conclusion:
Investing in Cayman real estate provides numerous opportunities across a variety of property types. Every investor can find something here, from residential properties to commercial spaces, luxury properties, and undeveloped land. The Cayman Islands provide a good standard of living, potential for appreciation, and consistent rental income.
With skilled assistance, advantageous tax benefits, and a varied choice of possibilities, now is the time to capitalize on this burgeoning market. Whether you're looking for holiday rentals, commercial operations, opulent living, or land development, the Cayman Islands offer a promising destination for discerning investors in 2024 and beyond.
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Find your perfect Cayman rental property that suits your wants and needs with Milestone’s property professionals. Contact us for more details.
#Cayman rental properties#Cayman Islands lifestyle#sell my house in cayman#cayman office space for lease
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Executive ImpactLogistics real estate firm ESR explores diversity, renewable energy
TOKYO
While we may enjoy the fruits of consumerism—marked by an abundance of goods and, increasingly, on-demand services and delivery—we rarely give much thought to the systems and infrastructure that underpin this global social force. A key component of the logistics systems that are vital to the consumerist world is the humble warehouse. For British Chamber of Commerce in Japan (BCCJ) member ESR Ltd., warehouses are their bread and butter.
The firm is a fully integrated logistics real estate development and fund management enterprise, with operations spanning Japan, China, South Korea and Singapore. The firm owns or leases 132 properties across Asia, making it one of the largest developers and investors in this asset class.
“These glorious looking warehouses, that’s all we do—there’s nothing sexy about them”, said Stuart Gibson, co-founder and chief executive officer of ESR. “It’s not a glass building in Marunouchi or in front of Tokyo Station—they’re just giant warehouses, or distribution centres as we prefer to call them, with not many windows”.
But while they might not be glamorous, they’re significant business, as the sums in ESR’s various funds attest. Attracting investment from the likes of Morgan Stanley and various endowment funds and institutional investors, the firm’s Redwood Japan Logistics Fund 1 is now worth $1 billion, and a second fund is at the same level and will be closed once it reaches about $1.35 billion. Another for projects in South Korea currently sits at $500 million.
After financing is factored in, the firm has around $4 billion at its disposal, a figure that will continually increase. Currently, ESR has an investment pace of around $800 million each year in Japan. “I personally don’t view our type of business as a real estate business—I see it more as an infrastructure play, and logistics really is the backbone of the economy”, said Gibson.
While ESR is the product of the January 2016 merger of China’s e-Shang Cayman Ltd and the Redwood Group Asia, Pte. Ltd., Gibson’s firm, he is adamant that ESR remains a British firm, owing to its roots. Meanwhile, although the merger has expanded Redwood’s China operations, Japan remains a key focus.
“We’ve probably invested more in the past three years than any other British firm in Japan, and by that I mean some of the big iconic firms”, said Gibson. “In the past three years, we’ve probably invested about $3.2 billion in Japan”.
Labour pains
As with many firms in Japan, ESR is having to adjust to the country’s ageing demographic.“The big white elephant in the room right now is labour”, said Gibson. “There are fewer and fewer people of working age in Japan, since the death rate is 1.82, whilst the birth rate is 1.42—the maths does not lie—and all the artificial intelligence and robotics in the world isn’t going to cure that in the next 10 years.
“Five years ago, my customers, the first thing they would say to me was, ‘How much is that rent per tsubo per month?’”
But that is no longer the case.
“Before we talk about rent, before we talk about the length of the lease contract, they ask, ‘Where do I get workers? Is there a labour pool nearby?’” Gibson explained.
With levels of immigration still low, firms and policymakers have had to explore ways to make the most of the underutilised section of the labour force, namely, women. This reflects Prime Minister Shinzo Abe’s womenomics agenda.
“I can’t procure workers, but I can create an environment where people want to go there”, explained Gibson. “The only untapped resource is stay-at-home mums—we need to bring these ladies back to work if we can, and the only way you can do that is if you take care of the kids”.
Since government centres are oversubscribed, the firm has chosen to make daycare facilities a standard provision at ESR warehouses that are larger than 100,000m2. In addition, the newer warehouses also have lounges and spaces that employees and members of local communities can use. This is all a part of what ESR calls “human-centric design”, and Gibson joked that in some cases the facilities look more like resorts than traditional warehouses.
These steps represent a costly undertaking for the firm. Not only does it provide and pay for the services, but the facilities eat into the bottom line by taking up valuable floor space that would otherwise be used for storage and distribution.
Meanwhile, the government is also trying to do its bit by encouraging the adoption of different work styles. Notably, that has come in the form of the Premium Friday initiative, which encourages firms to let staff leave at 3pm on the last Friday of the month. Although he does believe this to be a step in the right direction, Gibson characterises the scheme as “gimmicky”.
“I would much rather the government put increased pressure on firms to make people work a little bit less and get paid a little bit more”, he said, pointing out that many Japanese firms sit on hoards of cash.
“If they’re sitting on a bunch of profits, they really have to pass it down to their workers before it can go into the general circulation of the economy, and that’s what they really have to tackle. I just don’t think they’ve really got to grips with that right now”.
ESR has also made a push into renewable energy by installing solar panels on its warehouse roofs. This not only provides ESR with a profitable side business, but also helps Japan in terms of its energy needs.“[The development at Nanko in Osaka] gets us almost seven megawatts, which is huge”, explained Gibson. “We’ve got a separate firm called Redwood Renewables, which I think now has got a pipeline of about 20 megawatts of power that we can generate.
“I’m quite proud of these kinds of offshoot businesses that came up”, he continued. “There was a problem generating electricity and we turned it into an opportunity. And it’s also that our investors love it as well, because it’s part of your corporate social responsibility and your carbon footprint”.
Indeed, the chance to promote its contributions to tackling two of Japan’s biggest problems—labour and energy—was one of the motivations for ESR’S BCCJ membership.
“I think it could be a good stage for us, to maybe just shine a light on who we are and what we do, and maybe to just underline some of the initiatives that we’re coming up with, like bringing women into the workplace, trying to enhance the workplace environment”, said Gibson.
“If you’re just building warehouses and people pay rent, it can become a kind of dull business to be quite honest. But we like to change the perception of what people think of as a warehouse”.
A Day in the Life: Stuart Gibson
7 a.m.: Woken up by twins, go through breakfast ritual with children, catch up on emails
9:30 a.m.: Get to the office. Go over areas of land, design and leasing throughout the day
10:30 a.m.: Meetings and conference call with staff
12 p.m.: Lunch with clients
1:30 p.m.: Meetings with banks, clients and investors
4 p.m.: Conference calls with oversea clients in Asia and Europe
6:30 p.m.: Dinner with clients
9 p.m.: Back home, take care of children
10 p.m.: Conference call with clients in North & South America
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IRS Guidance on Long-Awaited Qualified Transportation Fringes (QTFs) for Exempt Organizations Is Finally Here:
Marcum LLP informed tax exempt organizations about new IRS guidance providing clarification of a rule under the Tax Cuts and Jobs Act (TCJA) of 2017 that created unintended taxable income for many nonprofits.
Frank H. Smith, national nonprofit tax leader of Raffa-Marcum’s Nonprofit & Social Sector Group, explained, “The new guidance provides some relief for failure to make estimated tax payments, some clarity as to what type of payments are considered taxable, and definitions of important terms, as well as a way to change reserved employee parking designated areas retroactive to January 1, 2018, and an exclusion for parking spaces considered ‘primarily for the general public.’”
Background
The TCJA, signed into law in December 2017, provided sweeping changes affecting almost all businesses and individual taxpayers. One such change pertains to limitations on businesses deducting transportation fringe benefits related to employee transportation unless the employee recognizes income related to the fringe. An unexpected result of this rule could result in unintended taxable income to many exempt organizations.
While tax exempt businesses continue waiting to see if Congress will find a way to repeal this part of the Tax Cuts and Jobs Act, two IRS notices were issued in December 2018 which answered many questions regarding the tax treatment of qualified transportation fringes (QTFs).
New Guidance
Notice 2018-99 provides interim guidance for taxpayers to determine the amount of parking expenses considered to be QTF. The notice states that taxpayers may rely on any reasonable method for determining nondeductible parking expenses related to employer-provided parking until further guidance is issued.
Notice 2018-100 provides certain tax-exempt organizations that are first-time Form 990-T filers, due to the imposition of the QTF rule, a waiver of penalties for underpayment of estimated income tax payments required to be made on or before December 17, 2018.
“The interim guidance clarifies that, indeed, any amounts paid by tax exempt employers for nontaxable commuting costs of their employees, including parking, or elections by their employees to have part of their salary used on a pre-tax basis to cover such costs, does create unrelated business income to the exempt organization,” Mr. Smith said.
Some of the takeaways of the interim guidance include:
If an exempt organization pays a third party for employee parking spots, the amount up to the $260 monthly limit can qualify as a QTF and be excluded from the employee's income. However, this excess would create taxable income to the exempt organization. Any amount over the $260 would be taxable to the employee and would not be considered taxable income to the exempt organization.
If an exempt organization owns or leases all or a portion of a parking facility, the amount of the cost of the parking may be calculated using any reasonable method. However, using the value of the employee parking is not considered a reasonable method to determine cost.
The term "parking facility" includes indoor and outdoor garages, as well as parking lots and other areas where employees park on or near business premises or from which the employee commutes to work.
"Total parking expenses" include repairs, maintenance, utilities, property taxes, interest, snow, ice and leaf removal, trash removal, cleaning, parking lot attendants, security, and rent and lease payments. It does not include depreciation.
Reserved employee spots that are identified by signage or segregated by a barrier to entry is considered a disallowed parking cost and creates taxable income. Taxpayers that remove these identifications and eliminate the reserved spots prior to March 31, 2019, will be deemed to not have reserved employee spots retroactively to January 1, 2018.
If more than 50% of parking spots are primarily used by the general public, none of the costs will be considered disallowed, and no taxable income will be created for tax exempt organizations. General public includes, but is not limited to, customers, clients, visitors, patients of a healthcare facility, students of an educational institution, and congregants of a religious organization. The general public does not include employees, partners, or independent contractors of the taxpayer.
In addition to the release of these federal notices, New York State Governor Andrew Cuomo signed legislation that decoupled the New York State tax code from the federal tax rules related to QTFs, thus eliminating the requirement to consider the amount incurred or paid related to QTFs as taxable income for such exempt organizations within the state of New York.
For more information, visit www.marcumllp.com.
About Marcum
Marcum LLP is one of the largest independent public accounting and advisory services firms in the nation, with offices in major business markets throughout the U.S., as well as Grand Cayman, China, and Ireland. Headquartered in New York City, Marcum provides a full spectrum of traditional tax, accounting, and assurance services; advisory, valuation, and litigation support; managed accounting services; and an extensive portfolio of specialty and niche industry practices. The Firm serves both privately held and publicly traded companies, as well as nonprofit and social sector entities, high net worth individuals, private equity funds, and hedge funds, with a focus on middle-market companies and closely held family businesses. Marcum is a member of the Marcum Group, an organization providing a comprehensive array of professional services. For more information, visit www.marcumllp.com.
# # #
Contact:
Julie Gross Gelfand, APR
[email protected]
(631) 414-4302
source: http://www.csrwire.com/press_releases/41635-IRS-Guidance-on-Long-Awaited-Qualified-Transportation-Fringes-QTFs-for-Exempt-Organizations-Is-Finally-Here-?tracking_source=rss
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Cayman Islands Economic Growth Surpasses 2017 Projections
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Cayman Islands Economic Growth Surpasses 2017 Projections
GRAND CAYMAN, Cayman Islands/ July 17, 2018 (STL.News)
With economic growth projections surpassed for 2017, analysts say the Cayman Islands is enjoying an economic boom.
The latest report from the Cayman Islands Economics and Statistics Office shows the jurisdiction’s GDP grew by 2.9 per cent in 2017, a jump from the 2017 third quarter projection of 2.4 per cent. The trend is expected to continue throughout 2018, with a projected GDP growth of 3.0 per cent by the end of the year.
This growth has been attributed to the increasing diversification of the economy, as well as significant gains in the financial services, tourism and construction sectors – the three pillars of the British Overseas Territory’s economy.
Perhaps the most dynamic industry in the Cayman Islands – the construction sector continues to emerge as a significant player showing positive growth, increasing its gross value by 7.2 per cent in 2017.
The growth in this industry reflects the infrastructural capacity of the islands keeping pace with its growing population’s demands for residential and commercial real estate for sale from companies who want to do business on Grand Cayman.
Dart Real Estate, Grand Cayman’s largest developer has invested US$1.3 billion in infrastructure and development projects over the past 20 years, with a further commitment to invest US$400 million through 2025.
“We were pleased to read the reports on the country’s economic performance to date,” said Justin Howe, Senior Vice President of Development at Dart. “Given the current state of the Cayman Islands’ robust GDP and diminished public debt levels, we have confidence in the long-term sustainability of a broader financial services and tourism-based economy, which will in turn drive our continued development of commercial, residential and hospitality offerings.”
In the short-term, this investment includes the continued development of its 685-acre master-planned new urbanism community, Camana Bay, via the construction of underpasses on two of Grand Cayman’s main roadways, the expansion of the Cayman International School and the construction of a 60,000- square foot supermarket.
This uptick in development is driven by an increase in demand for commercial real estate for lease from companies who choose to do business on Grand Cayman or expand their current footprint on the island.
“We have seen an increase in enquiries for Class A office space at Camana Bay over the last year,” said Dart Real Estate President Jackie Doak. “The territory’s positive economic performance is definitely a factor and we expect more interest over the next year.”
For more information on Dart Real Estate’s developments and commercial real estate for lease, visit dartrealestate.com..
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SOURCE: https://www.prweb.com/releases/2018/07/prweb15624332.htm
#Cayman Islands#Cayman Islands Economoics and Statistics Office#Dart Real Estate#economic boom#economic growth#financial services#Grand Cayman#Justin Howe#real estate#TodayNews
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