A limited liability company arrangement has been approved by lawmakers as a new type of business vehicle for the local financial services industry in the Cayman Islands.
The bill will make Cayman the first Caribbean overseas territory to implement a limited liability company, or LLC, arrangement.
“It is certainly a very exciting development for the financial services industry,” Financial Services Minister Wayne Panton told Legislative Assembly. “In five years, this legislation … will be viewed as an iconic product in the Cayman Islands.”
The Limited Liability Companies Law will “complement,” not replace, existing Cayman Islands business vehicles, he said. The designation allows the LLC firm to use the quicker, “more flexible” accounting rules of a partnership but provide a legal designation of an entity as a corporation. It is essentially a mix of Cayman’s current rules for an exempted company and an exempted limited partnership. (more…)
Robert McCrimmon
May 17, 2016
Blogbusiness, Cayman Islands, Finance
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Cayman islands attract high-quality clientele through having a sophisticated and robust financial services industry at the heart of its economy. The result of this is that other business can flourish from its strong foundation.
By not solely relying on the tourism industry, like many Caribbean islands, the diversification and strengthening of the economy lead to a much more sustainable future.
Amidst increased consumer and investor confidence Cayman Islands property market is now gaining momentum. Property transactions are picking up and residential property construction is improving considerably.
The number of single-family home sales has increased from US$18,308,833.16 to US$44,910,332.77, which is a 30 percent increase. This represents a 145 percent increase of the value of these properties sold. (more…)
Robert McCrimmon
April 29, 2016
BlogCayman, economy, property, real estate
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In 2010, during the height of the global recession, the volume of Cayman’s property transfers dropped to $300 million, six years on it is safe to say that Cayman has recovered. In the past year Cayman has seen property transfers grow 11 percent to a total volume of CI$600 million, beating 2008s high of $560 million.
Tourists numbers and spends have also been on the increase with cruise ship tourists spending approximately $100 per day. A total of 1.7 million arrived on the island, up from 1.6 million the previous year, but still short of the record 1.9 million in 2006.
People flying into Cayman hit a 15 year high as air arrivals topped out at 385,378 during 2015. More than 80 percent of arrivals came form the United States or Canada, 9 percent from Europe and the rest traveled from elsewhere.
There’s also plenty of public and private money being spent across the island, with renovations to the cruise port in the early stages and upgrades to the airport currently underway. Health City is expanding medical tourism, and has announced a $25 million capital investment program this year. Cayman Enterprise City is scheduled to start work on two $25 million gateway buildings, kicking off a 20 year, $300 million project to build a Special Economic Zone. (more…)
Robert McCrimmon
March 15, 2016
BlogBarefoot Beach, Beach Bay, Cayman, Cayman Enterprise City, Dart, economy, Frank Sound, Health City, Ironwood, land sales, property, Special Economic Zone, tourist
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A Dart Realty affiliate will pay the Cayman Government US$14,574,000 for the conversion of leasehold to freehold on the 280-acre former North Sound Golf Course.
As it stands the land is subject to a 99-year-lease that has 75 years left. Negotiations of the freehold transfer began in 2011 with both the government and Dart Realty having appraisals done on the value of converting the land from leasehold to freehold.
Conversion of the lease will have to be finalised in accordance with the requirements of the Governor (Vesting of Lands) Law, but the deal has been done in principal.
This is the latest of a number of Dart Realty projects. Last Wednesday (January 27 2016) Dart Realty Ltd. celebrated the official opening of its new Camana Bay LEED® Gold certified 86,000 square foot office building.
The building at 18 Forum Lane will minimise energy use through their shade-on-shade design, rooftop solar panels and thoughtfully designed landscaping to offer ample shade. (more…)
Robert McCrimmon
February 2, 2016
BlogCamana Bay, Cayman Government, Dart Realty, freehold, Grand Cayman, Kimpton, Kimpton Seafire Resort and Spa, leasehold, LEED Gold certified, luxury residence, North Sound Golf Course, Seven Mile Beach
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Former Ocala Entertainment Complex building to become new school of nursing.
Rasmussen College’s School of Nursing current building is getting cramped, with nearly 500 nursing students taking classes at the facility. The need for more computers, skill labs and clinical simulation activities has grown over the last couple years, along with the parking challenges that come with the excess of students.
The college announced that the 29,000-square-foot former Ocala Entertainment Complex building would soon become the new home for the School of Nursing. The new building offers twice the space, offering much need space for students, teachers, equipment and parking. (more…)
Robert McCrimmon
February 1, 2016
BlogFlorida, Minnesota, Ocala, Ocala Entertainment Complex, Rasmussen, Rasmussen College, Regional Nurses, School of Nursing, Walter Rasmusses
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Cayman Brac’s Beach Resort reopens following a 4-month major face-lift. Formaly known as the Brac Reef Beach Resort, the well known resort, along with recent upgrades to the Charles Kirkconnell International Airport, is helping to improve Cayman Brac’s standing in the global marketplace.
Deputy Premier and Tourism Minister Moses Kirkconnell says the new-look resort and airport upgrades makes Cayman Brac more attractive from an investors perspective.
“I think the fact that we have improved the air service, and that we have improved the ability to get your guests here(in Cayman Brac); we are now in a position that developers and investors have an opportunity to look at Cayman Brac as a place to come and take advantage of a business opportunity.”
The revamped facility features a free-form beach front pool, multi-level bar, a new paint job, a new bar menu and upgraded accommodations. The resort was only open to local guest from August to mid-December, which in turn kept its staff employed during the renovations. (more…)
Robert McCrimmon
January 22, 2016
Blog2015 TripAdvisor Certificate of Excellence, Brac Reef Beach Resort, Cayman Brac, Cayman Brac Beach Resort, face-lift, global marketplace, resort, TripAdvisor, TripAdvisor Hall of Fame, upgrades
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A 70-acre site in South Sound has received approved zoning for Cayman Enterprise City proposed campus.
The Planned Area Development approval provides general permission for Enterprise City’s envisaged overall master plan that was supplied during a meeting of the Central Planning Authority on Thursday 10th December.
Enterprise City will still need to apply for separate planning approval for each phase of the project, which when completed will see a cluster of office buildings, homes, restaurants and a hotel surrounding a man-made lake.
The first phase of the project will see an application for two five-story “gateway” office buildings early next year.
Chief development officer for the zone, Cindy O’Hara, has said that there are already enough businesses to fill the first building. (more…)
Robert McCrimmon
December 14, 2015
Blogbusiness, Cayman Enterprise City, Cayman Islands, Central Planning Authority, Cindy O'Hara, Grand Cayman, homes, office, South Sound, zone
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TEN Arquitectos of Mexico City and New York have been announced winners of Beach Bay Land Ltd’s design competition for the St. James Point, Beach Bay Resort.
The US$250 million luxury resort in Bodden Town was unveiled Saturday 5th December at an event in at the Art Basel Gallery in Miami Beach. The project is set on a lush 16-acre property fronted by a 1,000 foot secluded and private natural beach, and features a 200-room hotel and 90 residential units, spa, shops, restaurants and water sports.
John Layton, managing director of the development company, said he was impressed with the firms “bold ideas” as well as being impressed with their past projects.
The lead architect for TEN Arquitectos, Enrique Norten, said “We have a unique concept here that will fit harmoniously within the landscape” and creating buildings that sync with the natural environment was key to the project.
TEN Arquitectos competed in the design competition with two other firms, Garcia Stromberg and SB Architects. (more…)
Robert McCrimmon
December 10, 2015
BlogBeach Bay Land Ltd., Beach Bay Resort, Bodden Town, Cayman Islands, design, development, Garcia Stromberg, Grand Cayman, SB Architects, St. James Point, TEN Arquitectos
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Unlike other Caribbean islands, buying in Cayman has no restrictions on foreign ownership. Every property in Cayman is registered under a unique block and parcel number, which means every owner is registered with the Government guaranteeing the right of ownership. A potential purchaser may examine the public records regarding any property to check whether there are any liens, charges or restrictions on it.
When buying in Cayman the purchasing process is relatively easy. The prospective buyers presents personal documents, including certificates of identification and confirmation of the source of funds. Buyers then file a “Search and Stay” status on the land with the Department of Lands and Surveys upon entering into a contract. This essentially grants the purchaser a priority period during which the property is put on “freeze”, preventing any other interest from being registered against the land until the property has been officially transferred.
Unless stipulated within a particular development, there are no time deadlines for building on raw land. The land can be held undeveloped indefinitely; you can land bank now for your future generations. Planning approvals are valid for five years following the grant of planning permission. (more…)
Robert McCrimmon
November 25, 2015
Blogbuying in cayman, buying land in cayman, Buying Land In The Cayman Islands, Cayman information, Cayman investment, Cayman Islands, Cayman Islands investment, purchasing process in Cayman, things to know when buying in Cayman
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On Wednesday 28th October the Cayman Cabinet officially approved the cruise berthing facility recommendations.
The Cayman Government announced in September that they were pushing ahead with the plans to build a cruise berthing facility in George Town, however a design has not been finalized.
The cruise pier project estimates a potential economic upside of US$439 million over 20 years for the Cayman Islands.
The estimate factors in anticipated increase in passenger spending based on the assumption that the piers would allow passengers to spend more time on shore.
The engineers are tweaking the project design to minimize the environmental impacts. The plans do look certain to involve dredging the George Town Harbour to build the $189 million cruise berthing facility. (more…)
Robert McCrimmon
November 5, 2015
BlogCabinet, Cayman Government, Cayman Islands, cruise, cruise berthing facility, Deputy Premier Moses Kirkconnell, dredging, environmental impact, George Town, George Town Harbour, officially approved, Tourism Minister Hon. Moses Kirkconnell
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