On behalf of IPG let me be the first to answer some of your questions. I'm assuming you've probably been to our websites and seen this
Link on our IPG/related links page if not towards the bottom of the page is an excellent Cayman Islands Government portal which addresses residency etc.
With regard to joint ownership we have just started a list for those interested in that. You may find our latest
Email Newsletter interesting as it discusses the concept in detail. In a nutshell the 3 bedrm unit is eligible for 3 Permanent Resident Certificates (PRS) it also has the option of being rented as 2 studios and a 1 bedroom (providing maximum financial return) or as a studio and a 2 bedroom and as a 3 bedroom. Alternatively, you can utilize one side and rent the other two.
The 2 bedrm is eligible for 2 PRS and has the option of being rented out as a studio and a 1 bedroom or as a 2 bedroom. Alternatively, you can utilize one side and rent the other.
In terms of residency there is no requirement to be in the Cayman at all nor is nationality a factor. The basic criteria is a minimum of a US $ 180,000.00 investment either in a business or property a background check and medical it's really very simple. The Government also charges a US $ 15,000.00 one time PRS payment. We are currently in negotiations with them to pay this fee over 7 years although even with it the Cayman has the cheapest PRS requirements of all the major tax-frre jurisdictions in the Caribbean. For Example the Turks is US $250,000.00 and New Providence (Nassau) in the Bahamas is US $ 500,000.00. If you're interested in downloading a Residency Application you can Login to our
Castaways' Cove website and under Airline Employees/Purchase or Reserve a Villa to view it.
Finally, IPG is an international consortium of airline pilots, it is an adhoc group, we have incorporated a limited company to enter and execute any legal matters etc. Castaways Cove is a joint venture between us and the Thompson Group who among other things have been developing in the Cayman for over 30 years. They are fully capitalized and bonded. The whole purchase and any related transactions are handled by Century 21 Realty one of the largest in North America and the Caribbean. All monies are held by them in escrow IPG does not receive any funds from purchasers.
Purchasers pay according to the following Payment Schedule:
(all funds are in US Dollars)
1)$1000.00 REFUNDABLE Deposit to hold a unit for 30 days ( during this timeframe any mortgage funding (if required) is arranged (we also have an extensive Corporate Package) with preferential mortgage rates etc.) We also offer (and encourage interested party(s) to) visit Castaways for a few days with complimentary accommodation to personally tour the island and the Resort.
2) Upon signing of Contract - 5% (including the $1,000 already paid)
3) Upon casting of the ground floor slab - 10%
4) Upon completion of the roof framing and plywood sheeting thereof - 10%
5) Upon Certificate of Occupancy - 75%
The Cayman is the largest offshore banking center in the world and the fifth largest worldwide with over 600 banks. They have an excellent reputation for being extremely credible and as a British Crown Colony operate under the British rule of law.
Lastly, our partners estimate a 5-10% tax-free return on investment (based on a 30% downpayment & 65% occupancy as well as unit size) when they place their unit in the Resort Rental Pool. This is after mortgage and maintenance fees. For many of our pilots they recoup their initial investment in a couple of years of tax savings.
I hope the aforementioned helps.