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Cayman Islands News, Articles and InformationFIRST TIME BUYERS STRUGGLE IN THE CAYMANSIs there no sanctuary from the misery house price inflation has caused? Not in the Cayman Islands that's for sure, where swathes of potential first time buyers are being excluded....Not unlike many affluent societies around the world, the Cayman Islands faces the increasingly critical problem of affordable housing for all of the country's workers - indigenous or expatriate. Property investment here is an intrinsic part of our successful economy, but as a result, the price of land and therefore residential development prices homes beyond the grasp of growing numbers of people. The demand for property investment has seen real estate prices rocket which is all well and good for those investors, (many of whom don't even live here), who have sunk their wealth into property here and seen it grow -- it leaves the ordinary man in the street without any hope of purchasing his own home or even renting something affordable.
REITs Fuel Growth in Asian MarketHONG KONG, July 25 /PRNewswire/ -- Walkers, the global offshore law firm of choice for investment managers, financial organizations, and international law firms, said today that a new analysis of the Hong Kong marketplace shows that the structured finance market in Asia appears to be gaining momentum with an increased number of Real Estate Investment Trusts (REITs) and cross-border securitisation transactions. Many of these deals are employing a combination of Cayman Islands and British Virgin Island (BVI) structures.According to a recent Standard & Poor's report, the total market value of REITs across Asia, including Australia, recently exceeded the USD$100 billion mark. While rising interest rates in the region may slow down some of the short-term growth, the S&P report predicted that more favorable regulatory frameworks, strong economic growth, and continuing improvements in property markets will encourage the formation of more REITs this year -- particularly from Japan, Singapore, and Hong Kong. Real estate magazine hits the netHouse hunters can now search for their Cayman Islands dream home on the Internet following a move from Cayman Islands Real Estate Brokers Association, (CIREBA) to put its is magazine on-line through the association's website.The link for "magazine" is located on the home page. Once users click on that link, they can then select various parts of the magazine to view - with each page being available in several different resolutions, so viewers can select which pages they wish to zoom in on. The Fall issue is currently available in print and on the website. "This is a critical step for CIREBA," said CIREBA president, James Bovell. "Utilization of the world wide web and today's technology is the key to staying ahead. The real estate agents in Cayman, at least CIREBA members, now have an additional tool to market properties globally, not just locally." The CIREBA magazine, featuring properties for every budget, is published three times per year in the Spring, Fall and Winter. The full colour publication averages more than 250 pages per issue. More real estate up for grabs in Partrick's IslandParamount Group Directors Kent Rankin and Kenny Rankin survey Regatta Townhomes' plans with a site worker. Photo: Eyewaves Graphic DesignLocal media, real estate and retail conglomerate Paramount Group said its latest development Regatta Townhomes in Omega Bay offer waterfront living at a reasonable price. "The Paramount Group recognizes that everyone wants convenience and luxury in their everyday life, particularly in the Cayman Islands where we are so work-oriented," said Kenny Rankin of Paramount Group. "This development addresses all the needs of the modern family and professional who wish to increase quality of life drastically." The Regatta Townhomes are nestled in a picturesque peninsula, right near Patrick's Island.
BVI And Cayman Islands Play Role In Asian REIT Boom,Asian real estate investment trust (REIT) transactions are using offshore entities in the British Virgin Islands and the Cayman Islands in increasing numbers, according to an analysis of the Hong Kong REIT market by Walkers, the offshore law firm.We have been involved in a significant number of the REIT transactions in Singapore and Hong Kong in the last 12 months. Direct investment into commercial real estate in China is also growing rapidly, observed Hugh OLoughlin, recently named managing partner for Walkers Hong Kong office. According to a recent Standard & Poors report, the total market value of REITs across Asia, including Australia, recently exceeded the US$100 billion mark. OLoughlin continued: One of the trends that we have seen is that both of these types of deals are using a mix of BVI and Cayman Islands entities in the same transaction.
FATF report reveals differences on AML measuresThe Financial Action Task Force (FATF) released its assessment of the anti-money laundering (AML) and counter-terrorist financing (CFT) measures on the United States in June.The report found that in general its measures were strong, particularly from the USA Patriot Act. The Managing Director of Global Compliance Solutions, Karen O'Brien, said there are some differences between the regulation in the US and the Cayman Islands that service providers should be aware of. "According to the report, accountants, lawyers, other legal professionals, real estate agents, and trust and company service providers are not currently subject to AML/CFT requirements," said Ms O'Brien. "In Cayman, these professional intermediaries, known as 'gatekeepers,' are subject to AML/CFT requirements when conducting certain types of business. I think for financial service providers in Cayman, it is important to keep this fact in mind, especially when clients are introduced by such gatekeepers," she added.
More objections to rollover roll inThe recent luncheon meeting last week of Human Resource professionals highlighted a potential serious crisis looming for this country when it comes to key staff.As noted by the speakers at the Cayman Islands Society for Human Resources Professionals, (CISHRP) luncheon meeting on Wednesday 5 July, the Cayman Islands like many Western countries is struggling with recruitment and retention issues already and this country's immigration policies are adding to their woes. With Cayman's sophisticated offshore financial sector and the tourist industry being the twin pillars of this economy and with a very small indigenous population, this country more than many others is dependent on recruiting the world-over for the talent it needs. However, numerous factors are making that job extremely difficult for many businesses here from banks and hedge funds to hoteliers and real estate brokers, recruiting and retaining staff is becoming increasingly difficult for all concerned. Americans celebrate Independence in CaymanSome American tourists took advantage of the historical holiday by vacationing on our local beaches while most American residents of the Island went to work as usual but openly spread their perspective of freedom among colleagues.Florida natives Dhanlal, Pamela, and Shari Murally along with Nicholas Jones enjoyed the holiday at the Public Beach and discussed the importance of spreading American values of freedom throughout the world. "As an American, we enjoy many freedoms and are happy to have opportunities to share our independence with people in other parts of the world," said Dhanlal. On vacation for 10 wonderful days in the Cayman Islands, the group couldn't think of a better way to celebrate America's notorious independence. Sandi Tristan, a patriotic American and long time resident of Cayman celebrates the holiday by reflecting on all the social contributions she was able to achieve by utilizing her wide range of freedom as an American. Great diving not far awayQ. Were looking for a warm locale with excellent scuba diving within a three-hour flight of the East Coast. Any suggestions?A. Divers looking for tropical fish, reefs and seaweed wraps dont have to fly off to Fiji not when there are scuba and spas a couple of hours south of Miami. Stay in the Caribbean, says Buck Butler, editor of Scuba Diving magazine, although he points out that Little Palm Island in the Florida Keys has good diving. The Caribbean is a fail-safe diving destination, thanks to its warm, crystal-clear water, colorful marine life and mix of reefs and wrecks. Whats tougher is the flight-time restriction, since some Caribbean islands require two plane changes or hours-long layovers (Tortola, for example). But in many cases, you can be in the water by afternoon or early evening.
Insect expert arrives to help with mealybug fightLeader of Government Business, the Hon. Kurt Tibbetts met with Dr Amy Roda, United States Department of Agriculture Entomologist and Chief Agriculture and Veterinary Officer (Acting) Adrian Estwick this week. Dr Roda and Mr Estwick briefed Mr Tibbetts on the training and activities occurring this week in relation to the Pink Hibiscus Mealybug campaign. Dr Roda is on island until 22 July and will work with DoA staff in training and information sessions as well as give advice during the release of the second stage biological control insects (wasp) later this week.Back... Send us your comments! Send us your comments on this article for publication in our Readers' Forum. All fields are required and in the interest of openness and transparency we will no longer accept anonymous submissions. We therefore request that all submissions include a name for publication, regardless of content. |
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