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The main industries are financial
services, tourism, and real estate
sales and development. Service
industries, such as construction,
jewelry manufacture, hotel and
restaurant operations, retail
trades, and scuba diving and boat
rentals are ancillary to the main
industries. The Cayman Islands
Government has never depended on the
British Government for its recurrent
budget, and all aid for capital
projects has ceased for over 18
years. Following the abolition in
1985 of an annual head tax of CI$10
on all adult male residents up to 60
years, there are no direct taxes in
the Cayman Islands. There is no
income tax, company or corporation
tax, inheritance tax, capital gains
or gift tax. There are no property
taxes or rates, and no controls on
the foreign ownership of property
and land. The government charges
stamp duty of 7 1/2 per cent (in
most areas, but 9 percent in a few)
on the value of real estate at sale
and there is a 1 percent fee payable
on mortgages of less than
CI$300,000, and a 1 1/2 percent on
mortgages of CI$300,000 or higher.
Cayman Islands currency circulates
on the three Islands. Different
colored notes come in $1, $5, $10,
$25, $50 and $100 denominations.
(CI$100 = US$80.) Coins (100 cents
equals one dollar) are valued at 1,
5, 10, and 25 cents. American
dollars (but usually not coins) are
also in circulation and accepted
everywhere.
The cost of living is generally
higher than in the United States or
the United Kingdom, as most
commodities are imported and have to
bear the cost of freight and
insurance, plus customs duty if
payable. This is partly offset by
the absence of income and property
taxes, but monthly rents on
apartments and houses in prime areas
are usually quite a bit higher than
for comparable properties in the
U.S. or U.K. Most are let furnished.
Petrol is less expensive than in
Britain, though higher than in the
U.S. The cost of electricity and
water (in properties using
desalinated water) can also be
higher than a resident of the U.K.
or U.S. is accustomed to. The range
of food items, household goods,
linens, clothing and other items
available in the Islands is likely
to surprise the newcomer. Freight
arrives several times a week by ship
and by air, so grocery stores have
stocks of fresh meats, dairy
products and produce. There are
stores that specialize in office
equipment, hardware, fishing and
marine supplies, books, toys, pet
supplies, furniture, appliances and
electronics. There are drug stores,
auto parts stores and sporting goods
stores. Jewelry and perfume are
available duty free. Imports come
from around the globe. Shops feature
Cuban cigars, Chinese plastic goods,
and souvenirs for visitors, suits by
Italian designers, and the latest CD
from the most popular band in
Honduras. In the 1990s a large range
of properties were built and made
available for rent, particularly
apartments in privately owned or
condominium complexes. Unfortunately
90% of the housing stock was damaged
by Hurricane Ivan in September 2004.
This has created some challenges.
Rents are higher since many
properties have been painted and
fitted with new roofs, windows,
cabinets and furnishings. In January
2006 a survey of the ‘For Rent’ ads
in a local paper show rooms going
for CI$500-650 per month; studio
apartments $800; one-bedroom
apartments ranging from $700-1800;
two-bedroom $1450-4900; and
three-bedroom from $2300-7000 (all
in CI$ per month). These units are
furnished, usually including dishes,
linens and other household
accessories, but utilities are not
included. Usually something closer
to or in George Town, the Seven Mile
Beach area or West Bay is more
expensive than a place in Bodden
Town, North Side or East End.
Properties are more expensive if
they’re on a beach or canal. Some
ads read “No smokers, no students,
no children, and no pets.”
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