Known for tourism and banking, the Cayman Islands is a work in progress, with the two giant housing and tourism projects – basically new cities – took place in the British Overseas Territory.

Cayman is now claimed as the world’s fifth-largest financial center, with more than 600 banks. His reputation as a tax paradise attract foreign second home buyers. But U.S. buyers are often motivated by other things the Cayman Islands has become synonymous with: scuba diving, ranked among the best in the world.

There is also broad patch of beach, great restaurants, the pure beauty of nature and sports every description. Added appeal comes from a safe and modern infrastructure.

“It’s close and convenient, just one hour from Miami, with flights from Chicago, New York and other cities,” says broker James Bovell, owner of remax Cayman Islands, which says 70% to 80% of second home buyers is the North american . “We speak English. It’s friendly and safe.”

The island also offers a variety. With a population of about 50,000, the main island, Grand Cayman, home of five star hotels, restaurants, shops and other facilities. In comparison, middle Cayman Brac is home to less than 2,000 people and has a small town feel. Little Cayman just a little more than 100 permanent residents.

Most second home buyers choose 7-Mile Beach, which stretches on the west side of Grand Cayman from the capital, Georgetown, to the West Bay at the northern end. Condos and big resorts here, including the development of the Dragon Bay, the Ritz-Carlton hotel and three residential communities (dragonbaycayman.com). Camana Bay nearby is even bigger, the other major resort development that only the opening (camanabay.com).

A look at three environmental Cayman Islands

7-Mile Beach: This seaside corridor is “a clear choice over,” says broker James Bovell. “The most beach condos, with major projects in the new country.” This is also in the top three markets with the community, Residences at the Ritz-Carlton (from $ 2.9 million); House Deck, 19 houses, each on a man-made private island (from $ 3.5 million); and Secret ports, with 125 apartments (from $ 650,000). Elsewhere, Bovell said, “You can go down to $ 350,000 – $ 400,000 for two bedroom condos.”

Cayman Kai: At the end of the peninsula in the north-central coast, this planned community of single-family homes Grand Cayman is the second most popular place, developed over 30 years. “That’s where everybody used to go on the weekend to get away from Georgetown,” Bovell said. Houses range from less than $ 1 million to around U.S. $ 5 million.

Little Cayman and Cayman Brac: Both foreigners and residents of Grand Cayman to buy a holiday home in the two islands are famous for diving. “The diving at Little Cayman extraordinary,” said Bovell. “It’s like a step back in time.” Cayman Brac is a larger community, but most people know other people. This is hillier, with high cliffs and lack of beaches. Both islands have many homes, there are some condos. Little Cayman offers two-bedroom properties from $ 400,000 to 500,000, while the cost of Cayman Brac house a little less.