BUSINESS WORKS IN THE

DARTREALESTATE.COM | 1 Seven Mile Beach

4 | Safe and Sophisticated Why operate a business from The Cayman Islands is one of the safest places in the (if not the world) to live and work. A low crime The Cayman Islands the Cayman Islands? rate, a professional and well-established police force, and a stable judicial system contribute to the successful growth of The Cayman Islands is an acclaimed tourism and diving 1 | Location the country as an offshore business locale. The expansion The country’s close proximity to the United States (90-minute destination hailed for its white sand beaches, extensive coral of the business community has catalysed sophisticated flight to Miami) and nonstop flights to other major North reef system, burgeoning culinary scene and luxury resorts. networks – modern hospitals and road infrastructure, a sound American cities in under a half-day’s flying time make doing communications network, a quality education system and business in the Cayman Islands easy and accessible. But it’s not all play. cosmopolitan shops, services and restaurants.

Beyond the veneer of flip flops and designer sunglasses is 2 | Taxation 5 | Robust Economy a sophisticated business community consisting of global There is no direct taxation in the form of corporate, capital The economy grew by approximately 4% in 2018 and new banks, accounting and law firms, all operating in a highly gains, personal income or property taxes. Government company registrations grew by 34.5% in the same period. The regulated international financial centre. The legal system revenue is derived from taxes on visitor arrivals and tourist Government surplus rose, and debt decreased. Air arrivals is rooted in English common law with an established, well- accommodations resulting from a high-performing tourism surpassed all previously recoded statistics for 10 consecutive respected judiciary overseen by a stable, democratically industry, a one-time stamp (property transfer) tax applied to months and grew by 12.2% over the previous year. elected government. real estate transactions, and regionally competitive import duties on consumer goods. The absence of corporate, income and capital gains This is a place where savvy business leaders want to do taxes make the jurisdiction a particularly appealing one business. It’s a place where people can live their best lives 3 | Stability and achieve the sought-after work-life balance without One Nexus Way, Camana Bay in which to operate a business. Those who choose to The Cayman Islands is led by a democratically elected make the Cayman Islands their personal as well as their compromising on consumer convenience or a vibrant lifestyle. government. As a British Overseas Territory, the country business address find the absence of personal income Find out how you can start a business in the Cayman Islands has a Governor permanently in residence to serve as the tax highly desirable. They also enjoy a selection of luxury and do just that. representative of the Monarch of the . residential properties to choose from that are free from property tax.

2 | DARTREALESTATE.COM DARTREALESTATE.COM | 3 Direct flights from the Cayman Islands USA Regional Canada Atlanta...... 2hr 40min Nassau, Bahamas...... 1hr 30min Toronto...... 3hr 54min The Cayman Islands comprises three islands: , Baltimore*...... 3hr 15min ...... 35min Cayman Brac and . Boston*...... 3hr 55min Havana, Cuba...... 1hr UK Charlotte...... 2hr 50min Roatan, Honduras...... 1hr 10min Combined, the three islands cover 102 square miles, with the highest Chicago*...... 3hr 50min La Ceiba, Honduras...... 1hr London...... 11hr point being The Bluff on Cayman Brac at 140 feet above sea level. Dallas*...... 3hr 30min Kingston, Jamaica...... 55min (via Nassau) Denver*...... 4hr 30min Montego Bay, Jamaica.... 45min Detroit*...... 3hr 40min Little Cayman...... 35min Fort Lauderdale...... 1hr 45min Houston...... 2hr 50min Miami...... 1hr 20min Minneapolis*...... 4hr 35min LITTLE CAYMAN CAYMAN BRAC Newark*...... 3hr 50min 60 miles northeast 90 miles northeast New York...... 3hr 40min of Grand Cayman of Grand Cayman Philadelphia*...... 3hr 25min Tampa...... 1hr 40min Washington, Dulles*... 3hr 15min * Seasonal flights

WEST BAY

London Rum Point Toronto Boston Minneapolis Detroit Starfish NORTH SIDE Newark Point Chicago Seven Denver Philadelphia New York Mile NORTH SOUND Beach Washington, DC Baltimore Camana Bay Charlotte

GRAND CAYMAN

Atlanta GEORGE There is also a direct flight from London, EAST END Dallas Ft. Worth TOWN Airport England to Grand Cayman, operating four

Houston times weekly with a tarmac stop in Nassau, Doctors Hospital Health City Tampa Bahamas. The Owen Roberts International George Hospital Ft. Lauderdale Town Airport exanded to accommodate up to BODDEN Miami Hospital SOUTH TOWN three million passengers. The expansion was SOUND Havana Cayman Brac officially opened by Prince Charles and The Little Cayman Duchess of Cornwall during their visit to the Montego Bay Cayman Islands on 27 March 2019. Kingston Roatan La Ceiba 4 | DARTREALESTATE.COM DARTREALESTATE.COM | 5 Cayman Islands Judicial System The Cayman Islands has a stable judicial system dating back to 1798. The Judiciary is one of three separate arms of Government. It administers the law independently of the Executive and the Legislative arms of Government, an independence that is safeguarded in the Constitution of the Cayman Islands. It is comprised of the following hierarchy: Summary Court, Grand Court, Court of Appeal and Privy Council. The practice and procedures of these courts are based on English law.

A Chief Justice was first appointed in 1975. There are more than 800 lawyers licensed to practice law in Grand Cayman. Government House - Official residence of the Governor of the Cayman Islands

Government Administration Building

The Cayman Islands Government The first recorded election in the Cayman Islands took The Governor presides over the meetings of Cabinet, place in 1831; however, historical documents at the but is not a member. The Governor also chairs the Cayman Islands National Archive indicate the islands were National Security Council, and, in accordance with the administered by magistrates as early as 1798. Constitution, is bestowed special responsibility for defense, external affairs, internal security, the police Today a democratically elected government is appointed and civil service. Under the Constitution, the Governor every four years, led by a Premier, the leader of the promotes good governance and acts in the best interests political party with the majority votes. of the Cayman Islands “so far as such interests are consistent with the interests of the United Kingdom.” The Cayman Islands is a British Overseas Territory The Governor, in addition to overseeing the civil service, and accordingly, a Governor is appointed by Her also appoints members of the judiciary and various Majesty’s Government. commissions established by the Constitution.

Peace Memorial Town Hall, George Town

6 | DARTREALESTATE.COM DARTREALESTATE.COM | 7 Environmental Responsibility Protecting the island’s environment and its fragile ecosystem is another example of how forward looking the Cayman Islands is. The Caribbean Utilities Company (CUC) introduced Consumer- Owned Renewable Energy tariffs in early 2009. Customers with an interest in environmentally friendly renewable generation can connect to CUC’s distribution grid and receive credits for generated power. The programme is offered to residential and commercial properties.

Some properties take the commitment to environmental responsibility a step further and apply for LEED® certification. ® Health City Cayman Islands There are two office buildings at Camana Bay built to LEED Gold standards, and Kimpton Seafire Resort + Spa and the First-Rate Healthcare Facilities adjacent The Residences at Seafire are the first two resort- ® There are three full-service hospitals on Grand Cayman and residential properties on Grand Cayman built to LEED Silver one on Cayman Brac and several public clinics across the three standards. There are a number of private residences which have ® islands. Healthcare is provided by more than 1,000 healthcare also earned LEED certification. professionals. Quick Facts The country’s natural environment benefits from the work of the National Trust. The Trust is a not-for-profit non-governmental Quality Education organisation created to preserve the history and biodiversity Private and public schools offering a choice of American and of the Cayman Islands. The organisation conducts education British curriculums are available to residents. Public education and conservation work to protect environmentally sensitive and facilities are free to citizens of the Cayman Islands, and private historically significant sites across all three Cayman Islands. 2Public hospitals 2Private hospitals schools are attended by citizens and expatriate children. Esterley Tibbetts Highway underpass School attendance is compulsory from kindergarten to grade 12. The population is largely skilled, educated and literate, Safe and Sophisticated representing a 99% literacy rate. Approximately 97% of high + school-aged students complete high school. Modern Infrastructure 1,000 In addition to elementary and secondary schools, the Cayman The economic growth of the Cayman Islands is well supported Healthcare professionals by modern infrastructure. Islands has St. Matthew’s University (medical school), the , two accredited colleges largely offering The progressive road infrastructure is matched by underground undergraduate degree programmes, and a number of private telecommunications, a recent major airport expansion project schools offering vocational training programmes. Organisations and, potentially, a new port to welcome the approximately two such as the Cayman Islands Chamber of Commerce routinely million tourists who arrive annually by cruise ship. offer professional development seminars. Cayman International School, Camana Bay 2.9unemployment% (Cayman Islands Government, 2019)

8 | DARTREALESTATE.COM DARTREALESTATE.COM | 9 Financial Services The Cayman Islands is a leading offshore financial centre. The country has long maintained its position among the top 10 largest global financial sectors and is internationally regarded as a world-class centre of commerce. Some 600 banks and trust companies have been incorporated in the Cayman Islands. With approximately 700 captives, it is also the world’s second largest captive domicile in the world. Financial services contribute approximately 55% of the country’s GDP.

Companies incorporated in the Cayman Islands are listed on major stock exchanges around the world, including the NASDAQ, NYSE, London Stock Exchange, Hong Kong Stock Exchange, Singapore Quick Facts Stock Exchange and the Cayman Islands Stock Exchange.

Kimpton Seafire Resort + Spa The country’s domestic bank is Cayman National Bank. International retail banks include Scotiabank, + Royal Bank of Canada, Fidelity and Butterfield Bank. 1,000 There is also a Cayman Islands branch of CIBC Stocks, Eurobonds, Global Diversified and Robust Economy First Caribbean Bank, a subsidiary of the Canadian Depository Receipts on CSX Home to one of the world’s premier global financial hubs and Imperial Bank of Commerce (CIBC) and a leading one of the most highly recognised tourist destinations in the financial institution in the Caribbean region. Caribbean, the Cayman Islands economy is diversified and robust. The 22-mile-long island of Grand Cayman welcomes over two The country’s financial services sector has been the million visitors annually. There are also 100,000 companies and recipient of a number of prestigious international over 600 banks registered in the Cayman Islands. Mutual awards, including Top Specialised Financial Centre + Funds by Banker Magazine, Best Hedge Fund Services It’s a dramatic change from the humble early beginnings of 10,500 Jurisdiction by Hedgeweek Global Awards, and the island, which was largely characterised by shipbuilding, Top Offshore Captive Domicile at the U.S. Captive 62 Forum Lane, Camana Bay fishing and rope making from the native silver thatch palm tree. Services Awards. But what has endured throughout the centuries is a culture of Net Value of Funds: entrepreneurship and innovation, which continues with consistent growth in the small business sector on island. USD Trillion (Cayman$6.1 Islands Government, 2018)

10 | DARTREALESTATE.COM DARTREALESTATE.COM | 11 Insurance With over 800 active insurance licences, the Cayman Islands is a Quick Facts major centre for international insurance business, offering a broad • 800+ insurance companies range of coverage in the areas of home, health, life, personal property, marine, automobile, business, construction and liability. • 28 Class-A insurers Aetna, Generali, Fidelity Insurance, Aon and Pan-American Life • 415 Captives Insurance are but a few of the regional insurance companies with • 147 SPCs offices in Grand Cayman. • 699 Class-B, C & D Insurers The Insurance Law was first passed in the Cayman Islands in • 55% contribution to GDP (includes financial services) 1979. Since then the country has become a major centre for international insurance business. The Cayman Islands is the second largest domicile for captives and holds the number-one position worldwide for healthcare captives. Quick Facts According to the Cayman Islands Monetary Authority, Cayman Islands Court House healthcare is the primary class of business among Cayman- domiciled captives, while workers’ compensation is the second largest class. The Cayman Islands captive insurance industry is Legal composed mainly of North American companies. The next most important geographical source is the Caribbean and Latin The Cayman Islands is home to leading international law firms America, collectively. Maples, Walkers, Appleby, Ogier, Mourant and Conyers Dill & Pearman as well as several boutique law firms. Individual The annual Cayman Captive Forum is widely recognised as the Camana Bay lawyers and law firms alike have been recognised in Legal leading conference in the insurance industry. 500, Legal 500 Caribbean, Chambers and Partners, Chambers Global, IFLR1000 and the Citywealth Leaders List, and taken 50+Law firms 800+Licensed attorneys home accolades at the STEP Private Client Awards and Who’s Who Legal. Accounting Firms The economic strength of the Cayman Islands is a natural draw The Cayman Islands’ legal system is based on English common for globally recognised top accounting firms. KPMG, Deloitte, law, locally enacted by statutes and Orders-in-Council. Local EY, Grant Thornton and PwC are among the firms offering principal statutes (laws) are passed by the Legislative Assembly accounting, auditing and advisory services and add to the country’s and assented to by the Governor. reputation of having a well-regulated business environment. The accounting industry is supported by the Cayman Islands Institute of There are over 50 law firms and more than 800 lawyers practicing Professional Accountants, which was first established in 1970 and in the Cayman Islands. The private sector legal system is has some 1,000+ professional members. represented by the Cayman Islands Law Society, an association 18 Forum Lane, Camana Bay which aims to promote a fair and ethical practice of the law. 690Notary publics Justices223 of the Peace

12 | DARTREALESTATE.COM DARTREALESTATE.COM | 13 Shipping and Aviation Shipping The Cayman Islands is widely recognised in the maritime industry as a top-quality flag state and in the international aviation sector as the registry of choice.

The Cayman Islands Shipping Registry was first established in 1903. The Merchant Shipping Law, which The harbour at Camana Bay was revised in 2016, is the governing legislation for all boats registered in the Cayman Islands. The law offers many different types of yacht registration, including Family Offices full, interim, provisional, a ship under construction, and Owen Roberts International Airport Photo Credit: AirVu Media One of the very first family offices to move to the Cayman trusts to reserve a range of powers over the trusts and, through demise charter/bareboat registration. Islands was that of the Dart family, who made the move in the use of the innovative and unique “STAR Trust”, it allows 1993 after visiting the Islands several times on holiday and the creation of purpose trusts which can be used to facilitate The Maritime Authority of the Cayman Islands provides a recognising the opportunities Cayman could offer as a place to philanthropic giving, succession planning, or the furtherance of well-developed regulatory framework for the registration, make their home and base their business. commercial goals. security, certification and crew documentation of merchant ships and pleasure yachts. While a boat licence Some 20 years later, many high-net-worth families have chosen Cayman Islands continues to innovate with its Foundation is required in the Cayman Islands, insurance is not. to move their family offices to the Cayman Islands. More than Companies Law, an exciting legal development which ever before, the Cayman Islands is prepared to serve single- introduces another unique form of legal entity to the Cayman Aviation family offices and the professionals responsible for wealth Islands. This commitment to legal innovation, supported by a Owing to the Civil Aviation Authority of the Cayman preservation, management and growth. network of highly qualified professionals allows the Cayman Islands’ steadfast standards and exact requirements to Islands to continue to meet the needs of an increasingly qualify, the country has earned a high level of respect In the early 1990s when Ken Dart set up his family office, the sophisticated client base. throughout the aviation industry. This statutory body jurisdiction offered political stability, good transport links to works closely with prospective registrants through the There is only one place in the where the US, and a communications infrastructure to allow a family process of applying, seeking legal counsel, obtaining Cayman Islands Yacht Club marina office to operate. Over the past 25 years, the Cayman Islands sophisticated trust structures can be managed in a tax-neutral insurance and issuance of the certificate of registration. has continually been refined to the point where today, it environment with access to excellent professional services, in a offers the depth and diversity needed to establish and service location with a stable government, proximity to the US and an The Owen Roberts International Airport in Grand Cayman sophisticated wealth and succession planning structures. incredible quality of life: Grand Cayman. facilitates arrivals from major airlines including Air Canada, Quick Facts American Airlines, British Airways, Delta Airlines, JetBlue, • 210 new pleasure yachts registered (2015/16) Building on solid English legal principles for trusts, the Cayman Southwest, United Airlines and WestJet and the national Islands has introduced trust-specific legislation which provides carrier . A separate fixed-base operator, • 4.3 million gross registered tonnage a number of creative and flexible tools for family offices to use. the General Aviation Terminal, caters to private aircraft. • Four full-service marinas in Grand Cayman The Cayman Islands specifically permits those creating

14 | DARTREALESTATE.COM DARTREALESTATE.COM | 15 Retail As a small island with minimal exports, most resale goods are imported into the Cayman Islands from the USA. The retail industry in Grand Cayman thrives with an abundance of storefronts, most of which are located in the heart of George Town or along Seven Mile Beach. While many retail stores are family-owned or entrepreneurial ventures, there are some international brand stores including Victoria’s Secret, Island Company, GNC, Books & Books and Cost U Less. In addition, many luxury brands are carried at local stores, such as POLO, Apple, Rolex, Cartier, Philip Stein, Hermes, Tory Burch and Tacori. Shopping on the Paseo, Camana Bay Since 2017, the Cayman Islands tourism industry earned the following awards: Quick Facts • Scuba Diving Magazine, Readers’ Choice Awards 2018 • Conde Nast Traveler, Readers’ Choice Awards 2017 • Cruise Critic, 2017 Cruisers’ Choice Destination Awards George Town harbour • TripAdvisor, Travelers’ Choice Best Hotel Award 2017 million+ 82.5% • TripAdvisor, Travelers’ Choice Awards, Best Beaches in air arrivals from USA 200+restaurants tourists2 annually Tourism the World - Seven Mile Beach #5 Grand Cayman welcomes over two million visitors to the island • TripAdvisor, Travelers’ Choice Awards, Best Beaches in each year via air and cruise ships. Approximately 400,000 of the Caribbean - Seven Mile Beach #4 these tourists are overnight visitors who are attracted to the islands white sand beaches, world-acclaimed dive sites, thriving • TripAdvisor, Best Destination 2017 Contributions to GDP: culinary scene and a blend of Caribbean charm and modern • Wine Spectator Awards 2018 conveniences. Close proximity to the United States and airline • Caribbean Journal, The 50 Best Restaurants in the min and cruise ship options offered by leading companies in their flight90 from Miami cruise500+ ships dock annually Caribbean 2017 respective industries makes access easy and affordable. 9.7% • Caribbean Journal, The Ten Best Beach Resorts to Visit Visitors can choose from 19 hotels, including the AAA Five 2018 Diamond-rated The Ritz-Carlton, Grand Cayman and Kimpton • Microsoft Network, 25 Best Beaches in the World Seafire Resort + Spa as well as a wide selection of luxury • Caribbean Journal, The Cool List, The Coolest Hotels in villas, traditional B&Bs or beachfront condos for their vacation the Caribbean 2017 and 2018 accommodations. 12,500+ 5,500+international flights annually industry employees • USA Today, Reader’s Choice 2018, Best Restaurants in the Caribbean • Caribbean Journal, Best Caribbean Islands to Visit 2019 16 | DARTREALESTATE.COM DARTREALESTATE.COM | 17 Camana Bay Harbour

Why choose Dart Real Estate? 1 | Global Organisation. Local Focus. 2 | Committed to the Cayman Islands 5 | Dedicated Landlord and Property Management Team 6 | Operational Efficiency Dart Real Estate is a subsidiary of Dart, a global Camana Bay, the developer’s signature property, is a Dart Real Estate is dedicated to supporting the Dart Real Estate’s properties offer the best in operational organisation with headquarters in the Cayman Islands. Dart lively waterfront town blending New Urbanism with prosperity of its tenants. From design to delivery of efficiency, renewable energy, recycling and healthy living Real Estate is responsible for real estate development and traditional Caribbean charm. The address for the head leased premises, Dart Real Estate provides a meticulously practices. Buildings are designed with sustainability in creates places where people want to be and are inspired to offices of a number of global accounting firms, including EY managed work environment matched to tenants’ specific mind and typically incorporate energy efficiency in the live their best lives. Dart Real Estate has developed more and PwC, a superlative range of restaurants, independent requirements, ensuring unburdened occupancy within a way of lighting, mechanical, electrical, plumbing and air- than US$1.5 billion in mixed-use, residential, commercial, boutiques and residential property, it is a testament to Dart state-of-the-art infrastructure. conditioning systems. recreational, educational and hospitality projects Real Estate’s commitment to quality, thoughtful design throughout the Cayman Islands. and placemaking.

3 | Growing Portfolio 4 | Broad Scope of Investments 7 | Personal Approach 8 | Turnkey Services In 2016, the company achieved a new milestone in its real The Dart portfolio of companies is owned by investor Ken Dart Real Estate’s property management team takes Dart Real Estate’s sister company, Decco, provides turnkey estate portfolio with the opening of Kimpton Seafire Resort Dart and spans a range of industries including real estate, pride in providing best-in-class maintenance services solutions and custom interior fit-outs that provide certainty + Spa and the adjacent The Residences at Seafire. The development, hospitality, retail, entertainment, finance and while working collaboratively with tenants to foster of delivery and costs and allow for a seamless relocation, award-winning resort and its adjacent luxury condominium biotech. Beyond the role of real estate developer, Dart is strong, enduring relationships. The first point of contact permitting you to focus on work. development firmly establish Dart Real Estate as a luxury committed to the Cayman Islands. Through its thoughtful for all premises matters, from day-to-day fundamentals lifestyle developer in the Cayman Islands. This milestone and innovative local investments and strategic partnerships to future planning or leasing, the property management In association with a prospective tenant’s interior was followed in 2017 with the acquisition of The Ritz- with both the Cayman Islands Government and the private team at Dart Real Estate ensures prompt management design team, Decco is responsible for project Carlton, Grand Cayman, the standard bearer for excellence sector, Dart shares a vision of growth and sustainable of all facilities or property issues and communication on management of the office fit-out phase, coordinating in the region for more than a decade. In 2018 the company development for the Cayman Islands which advances its all pertinent topics from operations to maintenance and design and construction, overseeing specialist contractors expanded its residential offerings at Camana Bay with the position as a premier financial services jurisdiction. billing. The fundamental goal is a long-term positive and providing procurement and delivery of furniture, waterfront community of OLEA. experience for each tenant, allowing them to focus on fixtures and equipment. their core business.

18 | DARTREALESTATE.COM DARTREALESTATE.COM | 19 The Kimpton Seafire Resort + Spa Salt Creek North Creek The Residences at Seafire Our Portfolio WEST BAY At 22 miles long and three miles wide, Grand Cayman is perfectly proportioned and offers some of the most idyllic locations for real estate in Regatta Office Park the Caribbean. Dart Real Estate’s portfolio includes mixed-use, residential, Cayman Islands commercial, recreational and hospitality projects. Yacht Club RUM POINT

The Ritz-Carlton, Grand Cayman NORTH SIDE North Sound Golf Club NORTH SOUND

Beach Suites

SEVEN OLEA MILE

BEACH

Camana Bay

EAST END

Flagship Building

BODDEN TOWN SOUTH Island Plaza SOUND GEORGE TOWN

20 | DARTREALESTATE.COM DARTREALESTATE.COM | 21 Work/Life Balance Consistent with its New Urbanism design philosophy of “live, work, play”, Camana Bay underscores the importance of a high-quality work and lifestyle environment. Tenants are awarded inspiring views, beautiful outdoor spaces, diversity in shopping, dining and entertainment, sports fields, a harbour, car parks, a helipad, a fitness centre, nightly entertainment and on-site medical services.

Sustainable Design Camana Bay’s newest commercial buildings, 18 Forum The Paseo, Camana Bay Lane and One Nexus Way, were both designed by award- winning firm Lake|Flato of San Antonio and are the first buildings in Grand Cayman built to LEED® Gold standards. This approach to sustainable design allows us to attract and retain global businesses. Quick Facts Sophisticated Data Centre • Office suites ranging in size from 800 sq.ft. to 60,000 sq.ft. The Camana Bay Data Centre is a cutting-edge data facility • Approximately 2,000 people visit daily to work and use with physical site security, environmental controls and power Camana Bay Town Centre Camana Bay services protection to ensure that tenants can get on with the business of doing business should a disaster or crisis strike. It is one of • Nearly 2,800 indoor/outdoor parking spaces the most technologically advanced and physically secure of Camana Bay • 10-minute drive from Owen Roberts International Airport its kind in the Caribbean, with the superior communications Dining on the Paseo, Camana Bay infrastructure being particularly well suited to the demands Camana Bay is a thriving business and financial centre in the • Pedestrian sea-to-sound connectivity via the Rise of international banking, financial services, legal, insurance, Cayman Islands and offers a prestigious address to the local and accounting and retail businesses. international business community. The 685-acre community is located in the heart of Seven Mile Beach, boasts nearly 700,000 square feet of Class-A office space and is the Caribbean’s only Living at Camana Bay true mixed-use, master-planned community. Camana Bay offers two options for those wanting the convenience of living and working within the community: The Terraces, a for-lease luxury apartment complex located in the heart of the Town Centre, and OLEA, a for-sale waterfront community of condominiums, duplexes and townhomes located to the south of Camana Bay’s Town Centre and adjacent to Cayman International School. OLEA’s Phase 1 is scheduled for completion in August 2020 and Phase 2 in Waterfront living at OLEA, Camana Bay February 2021. Camana Bay six-screen cinema, the only cinema in the Cayman Islands

22 | DARTREALESTATE.COM DARTREALESTATE.COM | 23 Flagship Building Flagship Building is an iconic structure centrally located in George Town, the capital of the Cayman Islands, and is home to a mix of retail and commercial businesses. It is within close proximity to the cruise port, major offshore banks, global law firms, the courthouse and a range of restaurants and amenities. Office suites are available from 500 to 6,000 square feet.

Property Features • Oceanfront building in the heart of George Town • Assigned parking • On-site building maintenance • Two interior elevators • New chiller system

• Back-up generator Flagship Building Property Features • Key fob access available • On-site security • Walking distance to dining, shopping and hotels Regatta Office Park • Short drive to central George Town and Owen Roberts International Airport Island Plaza Regatta Office Park • Accessibility from West Bay Road and Located in central George Town, the capital of Esterley Tibbetts Highway Grand Cayman, Island Plaza is a hub for duty-free Regatta features a fresh, distinctive working environment on • On-site property management shopping with internationally recognised retailers Pandora, nearly 10 beautifully landscaped acres. With 127,000 square Swarovski, and Diamonds Direct and the popular dining and feet of office space, Regatta is already home to an impressive • Fibre optic connectivity entertainment complex, Jimmy Buffet’s Margaritaville. tenant listing that includes Rawlinson & Hunter, CIBC, Cayman • Reserved parking available Water and St. Matthew’s University. North Sound Golf Club, • Beautiful landscaping and courtyards Grand Cayman’s only 18-hole championship golf course, is Property Features also right next door. With office suites available from 1,300 • Entire building available for one tenant • Central location to 10,000 square feet, Regatta Office Park is a remarkable • Key fob access available • Ideal for retail businesses business haven, with a character all of its own, offering Class-B • On-site security office space at superb value for Seven Mile Beach. • Excellent foot traffic of cruise visitors • Outdoor seating • Dedicated property management Island Plaza

24 | DARTREALESTATE.COM DARTREALESTATE.COM | 25 Christie’s International Real Estate is an invitation- only affiliate network comprised of the world’s most proven and qualified real estate specialists in the luxury residential sector. Provenance Properties is proud to be one of these exclusive affiliates, joining more than 1,200 global offices in 46 countries.

The Provenance Properties team of luxury lifestyle sales specialists offers a richly diverse scope of expertise and experience. They are passionately committed to introducing the celebrated real estate, beaches, experiences and culture that make the Cayman Islands one of the best places in the world to own real estate. The Residences at Seafire ProvenanceProperties.com.

Provenance Properties Provenance Properties is the signature real estate brokerage of Dart Real Estate in the Cayman Islands. In keeping with Dart Real Estate’s reputation for quality and service, Provenance Properties specialises in representing quality, luxury properties and delivering exceptional service to clients at every stage of the transaction process.

The relationship with Dart Real Estate is artfully combined with another organisation renowned for quality, luxury and The Nest, The Residences at Seafire service – Christie’s International Real Estate. As the world’s foremost auction house, the Christie’s brand embodies the same characteristics of the real estate represented by Provenance Properties – one of a kind, intended to be owned by those who appreciate the finer things in life.

26 | DARTREALESTATE.COM DARTREALESTATE.COM | 27 Doing Business in the Cayman Islands Setting up a business in the Cayman Islands is a straightforward process and involves a few essential steps.

Acquiring a Trade & Business Licence For more information about the advantages of registering Arranging Health Insurance There is a one-time stamp duty (land transfer fee) that is owed Before conducting any business in the Cayman Islands, all a company in the Cayman Islands and a schedule of the Employers are required by law to provide each employee with to the Cayman Islands Government when purchasing property. individuals, partnerships and companies must apply to the registration and annual fees, visit the General Registry of the basic health insurance, of which a minimum of 50% of the The dollar amount payable is based on the purchase price of Trade and Business Licensing Board for a grant of a Trade & Cayman Islands: ciregistry.ky. premium must be paid for by the employer. Employees may the property or the value of the property, whichever is greatest. Business Licence (subject to limited exceptions). If the company choose to include their spouse and/or dependent(s) on their health insurance plan at their cost. Buyers are encouraged to appoint an attorney to prepare the does not have at least 60% Caymanian ownership and control, Applying for a Work Permit necessary legal documentation for closing and it is estimated it will also require a Local Companies Control License from Persons who have received permanent residency and the right to cost between 0.5% and 1% of the purchase price. the Trade and Business Licensing Board (unless it is otherwise to work do not have to apply for a work permit, nor do persons Opening a Bank Account exempted from such requirement). The Trade and Business married to a Caymanian. There are several commercial banks in the Cayman Islands If using a broker, real estate agent fees are present, but are paid Licence fee is payable every year and the application for attending to everyday banking needs, including setting up a only by the vendor – offering buyers another cost-saving benefit. renewal must be made at least 28 days before the anniversary All non-Caymanians are required to apply for a permit to work new account, transferring offshore funds to a Cayman Islands of the grant of the Trade and Business Licence. It is an offence in the Cayman Islands. Permit applications are specific to a account, personal lending, business loans, mortgages and If you seek a mortgage and choose to finance with a Cayman to operate a business without a valid Trade and Business person’s role within the company and the fee structure is based credit applications. Islands bank, a valuation report is required and this cost is Licence. The Trade & Business Licensing Board meet every two on this role. Permits are generally granted in three-month, six- dependent on the size and value of the property, starting from weeks to review applications, which may take two to six weeks month, 12-month and two-year periods. Each bank will have its own required documents and forms approximately CI$400. The mortgage approval process usually to review, approve (or deny) and communicate with for opening a business account; however, most request takes four to six weeks from the time of application. the applicant. In addition to a completed application, cover letter and the company incorporation paperwork, the certificate of payment of the application, prospective permit holders will incorporation, financial statements or a business plan (for With an abundance of legal and financial professionals on Certain types of businesses will also require an inspection by need to complete a medical exam, undergo an English exam corporate accounts), a copy of the Trade & Business Licence, island, buyers can find comfort with expert care and advice one (or more) government departments; for instance, a new (for non-English speaking applicants), obtain a clean police a bank reference, a passport, a utility bill, and professional when they have chosen a Cayman Islands home that best suits restaurant will need to be inspected by the Department of record and include any supporting certificates, diplomas or references at the minimum. their requirements. Environmental Health. degrees from educational institutions attended.

A detailed guidance document, schedule of fees, further Opening a Pension Account Once you have completed the purchase process, international If hiring non-Caymanian employees, the prospective employer Employees are also required by law to have a pension plan. A information and all necessary forms are located on the buyers are eligible for permanent residency in the Cayman Islands must advertise the vacancy in a local newspaper to ascertain minimum of five percent of gross earnings are to be paid each Department of Commerce & Investment website at dci.gov.ky. if real estate is purchased at a value of US$2.5 million or more. the availability of a Caymanian to fill the role. If no such pay period by the employer and employee to said account. Caymanian applies, the prospective employer may submit the The real estate specialists at Provenance Properties can permit application for a non-Caymanian. Incorporating a Company introduce you to a wide range of luxury properties and help The most convenient way to incorporate a company is through Buying Property Unlike other Caribbean countries, there are no restrictions on explain the process of buying real estate in Grand Cayman. the services of a corporate services provider, of which there The Immigration Department provides a wealth of information foreign ownership of land in the Cayman Islands. Added to this, are many in Grand Cayman. These firms specialise in providing on its website, including guides to completing a work permit a simple and safe online land registry process that guarantees ProvenanceProperties.com compliance and regulatory advisory services, company application, fee structure, who is exempt from a permit and property title to landowners by the Cayman Islands Government. incorporation and secretarial assistance, fund administration, answers many frequently asked questions: immigration.gov.ky. client accounting and more.

28 | DARTREALESTATE.COM DARTREALESTATE.COM | 29 Quick Island Facts

Official language: Expatriate population: Average high: ENGLISH Time zone: 45% 30°C / 87°F Average low: Average annual rainfall: Nationality: Nationalities: Average relative humidity: UTC (-5) ° ° CAYMANIAN YEAR-ROUND 120+ 24 C / 76 F 1,428mm/56in 77%

National bird: GRAND CAYMAN Driving is on the LEFT PARROT Capital city: Total Population:

GEORGE

TOWN 65,813 National flower: WILD BANANA ORCHID

Size: (Cayman Islands Government, 2018) National tree: square102 miles indigenous to Grand Cayman SILVER THATCH Total imports: PALM CI$852.2M Official currency: Main industries: CAYMAN ISLANDS TOURISM Political status: DOLLAR (CI) Average annual total Unemployment rate: BRITISH OVERSEAS compensation per employee: FINANCIAL SERVICES CI$1 US$1.25 2.8% CONSTRUCTION TERRITORY US$66,585 (Cayman Islands Government, 2018)

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July 2019

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