The potential of the Cayman Islands

Mike Cosy
Mike Cosy
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MIKE Cosy, chartered surveyor and building consultant of Coseyhomes, says there is good news out there on the property market.

IT may be a refreshing change for this week to write about something more uplifting than the state of housing market.

I would like to introduce you to a phenomenally attractive location which belongs to us British people, it is called Cayman Islands.

There are three islands south of Cuba and one hour flight from Miami.

These Islands are British territories. Her majesty the Queen appoints a governor to ensure the futures of these islands are shaped in accordance with our political views.

That is what made Hong Kong a success story. There is never going to be a commercialisation to the scale that Hong Kong was subjected to as the locals want to preserve the natural beauty and environmental attractions of this corner of paradise.

Most people have heard of Cayman Island as a tax haven or best diving destination in the world but not a great deal more. I visited the Islands last week and spoke to the head of the Cayman Enterprise City equivalent to our enterprise zones as well as Re/max estate agents, ex minister of tourism and a number of government advisors and those responsible for construction of many buildings on the island.

A helicopter tour was organised to see all three Islands from air to appreciate the scale of economic activities as well as to appreciate the breath-taking quality of the area.

Some of the schemes and measures introduced are as follows:

1) A new hospital is being built to attract American and other patients for specialised treatments and operations.

2) Cayman government is offering incentive to international businesses to move their head offices to their territory to benefit from no tax incentives.

3) Grand Cayman airport is expanding to take more direct flights from the main international cities.

4) Publicising the unique status of the territory in relation to its almost no crime rate and political stability.

5) Welcoming investors from all over the globe.

6) Construction of a new university building.

The population of Grand Cayman is forecasted to increase drastically due to the measures mentioned above which will result in increase in land value. As the value of our houses may remain static or even drop it is nice to know that some were within British territory there is good news on growth and prosperity.

If you wish any further information on Cayman Island please contact Mike Cosy on 01744 750005