Inaugural Project Castaways' Cove, Grand Cayman
Cove in the Spectacular Tax Free Cayman Islands
by Marcus Eby
A. Derek Dale, an international airline pilot for over two decades, was
based in Honolulu, Hawaii for three years in 1980, flying to Fiji and Sydney,
Australia. He obtained residence in Vanuatu (formerly the New Hebrides
a tax free jurisdiction in the South Pacific) and quickly realized the
benefits of substantially reducing income taxes legally. As a result of
that experience the seed was planted and as time went by he met more of
his peers in the worldwide airline fraternity and recognized that there
were a significant number of international airline pilots/professionals
who would also greatly benefit from his knowledge and expertise in the
offshore arena. As a result the International Pilots Group (IPG) began
to take shape in the early summer of 1999.
It was quickly
realized through negotiations with senior politicians of several tax-free
Caribbean jurisdictions (where our group was considering investing) that
there was strength in numbers. As the numbers of IPG began to grow (at
this stage primarily via word of mouth) it became obvious that the Governmental
concessions were directly proportionate to the economy of scale and the
economic spin-off a larger group could provide. Consequently the founders
aggressively began to expound the benefits of forming a global international
ad-hoc group seeking privacy, legal tax relief and above average financial
return, combined with a world-class lifestyle. They also incorporated a
limited company as the legal entity for IPG and developed their own secure
websites to showcase their group and it’s projects. Home Page www.ipgglobal.net
and current project www.castawayscove.net
As IPG evolved
it became apparent that its operations would have to be streamlined into
a more formal structure and it was decided that the core members would
form the Executive Council (ExCo). ExCo is made up of pilots from major
international airlines from primarily high tax domiciles recently ExCo
has diversified to include many more professional organizations.
Project Castaways' Cove, Grand Cayman
Islands is just 480 miles south of Miami, with wonderful blue sky and turquoise
water, containing all the amenities of a sophisticated tax-free British
colony; the average annual temperature
to the Reef Resort
a consistent 78 F (24 C) degrees with gentle accompanying tropical breezes
minimizing humidity. Direct air service by many of the world’s major airlines
facilitates your arrival at this island paradise.
Cove forms the majority of a 1,450-foot pristine ocean/beach front exclusive
development on the quieter East End of Grand Cayman Island. Over the past
ten years no less than 22 homes in excess of $1,000,000 have been built
in the surrounding area. A sense of privacy and serenity greets their owners
and their guests as they enter the resort's gates. This all-inclusive investment
package has been specifically designed to appeal to affluent professionals
such as airline pilots, physicians, lawyers, financial advisors, sports
figures, celebrities and the like.
Phase 1, completed
as 'The Reef Resort', consists of thirty, five star, two bedroom interval
ownership villa’s, complete with three interconnecting seaside pools, attached
whirlpool, fountains, lit dock, lit seaside tennis court, beachfront bar,
oceanfront restaurant, fitness center offering Life Fitness training equipment,
outdoor BBQ/Gazebo, the ease of a centralized charging account, fully staffed
lobby and security, a centralized switchboard, Ocean Frontiers on-site
dive operation, mini-market, on-site concierge, liquor store and internet
Rendering Phase 2
2, 'Castaways' Cove' construction began on August 19, 2002, it features
72 fee-simple studio, one, two, three bedroom ocean front villas, all with
spectacular views of the Caribbean Sea; a 75ft Kidney shaped ocean front
pool completes this stunning setting to be built on the remaining 900 feet
of unspoiled beach on beautiful Colliers Bay. It will be built adjacent
to the existing ’The Reef Resort’, stretching from the edge of their oceanfront
tennis court to the tip of the bay to the west.
range in size from approximately 400 sq. ft. to 1,500 sq. ft. of space,
plus approximately 90-270 sq. ft. of oceanfront terrace/balcony. With the
exception of studio villas, all villas boast a living room and master bedroom
facing the ocean, both with three sliding doors that can open up onto the
balcony or provide a lovely 9-foot wide window onto the ocean.
offered to ’The
Reef Resort’ owners. Owners of the 2 & 3 bedroom villas will
also have the flexibility to rent their units as separate studio and one
bedroom’s to further enhance the Return on Investment. Given the
growing attraction for the tranquility of East End and the crowds of Seven
Mile Beach, owners stand to realize an excellent probability of future
owners and guests will also share all of the existing facilities offered
to ’The Reef Resort’ Timeshare owners, as referenced above. The neighboring
Morritt’s a 180-room timeshare also has equivalent amenities and fine dining.
Units are sold
fee simple with a title guaranteed by the Cayman Islands Government and
ownership in perpetuity. CENTURY 21 Just Condos, one of the largest and
most respected real estate companies in the Caribbean will personally handle
the purchase details. There will be a rental program supplemented by what
is currently being
to this development, and for the first time ever in Cayman, is the ability
of the owners (even though their units are fee simple) to trade time when
their unit is not being occupied, through Interval International’s Time
Share Exchange Program. This will allow the owner to vacation for weeks
or months at any of Interval International’s 1600 five-star resorts around
the world. Currently, Grand Cayman is one of the most sought after
destinations in the world, giving owners great trading power. The Cayman
is very safe relative to many other Caribbean tourism destinations.
at the Barefoot
There is a high
level of awareness of the Cayman. Among the high-end market it is known
as a world-class destination. Ocean front properties historically have
provided owners, with significant capital gains. This has been further
enhanced by the Cayman Islands tax-free status.
people are extremely friendly and hospitable.
political system and economy are stable.
The Cayman dollar
is stable (CI $1.00 dollar is US $1.25).
The Cayman Islands
has substantial cachet and mystique (intangible value).
The Cayman has
world-class beaches, golfing, fishing, scuba diving and sailing.
The Cayman is
proximate to the United States.
The Cayman Islands
have two International Airports
The planned Castaways’
Cove development will have an upscale orientation.
in many areas of the music industry, including writing songs for literally
croons at this picturesque beachfront setting. You can also dance to his
jumpy calypso and rhythmic reggaes. The motion pictures, such as John Grisham's
'The Firm' filmed on Grand Cayman.
Pool at the Reef Resort
inclusive package/project will have few competitors in the Caribbean. Only
a handful of properties in the Caribbean are as inclusive and exclusive
as the Castaways’ Cove villa/resort. Built by IPG’s partners, Thompson
Development, with over 30 years of building experience in the Cayman Islands,
they have earned a well-deserved reputation as first-rate developers. Their
senior executive was just awarded an OBE (the Order of the British Empire)
on the Queen’s last birthday which is very prestigious.
Man www.barefootman.com plays
every Tuesday and Thursday nights at the Castaways' Restaurant. His performances
are as casual as his lifestyle and music. Barefoot Man
are looking for an offshore investment/residence or a secondary vacation
home, you'll find your own benefit to choosing Castaways' Cove.
Residence Status (PRS) in the Cayman Islands, a high profile tax-free Caribbean
jurisdiction, as a result of a fee simple real estate purchase in Castaways’
Cove, an IPG joint venture. The PRS may be deferred or utilized immediately.
reduction in income taxes due to obtaining a PRS for the owner, his/her
spouse and dependant children. (Requires owner to reside in the Cayman)
owning your own fee simple VACATION or RESIDENT VILLA on a beautiful Caribbean
beach complete with first class amenities.
for future capital gain, no income, sales or property taxes. (Requires
owner to reside in the Cayman)
A return of approximately
5-10% on investment (down payment) through the hotel rental pool (optional)
all in US dollars (based on 30% down).
members of the International Pilots Group (IPG) and its associate members
with unparalleled, all-inclusive, tax advantaged global investment opportunities,
as a result of the economy of scale of the group. These opportunities are
anticipated to provide above average returns, potential for significant
capital gain, combined with a world-class lifestyle and sufficient uplift
for commuters. IPG has spent several years globally researching, per a
strict set of criteria, highly credible worldwide tax-free jurisdictions
in search of the best comprehensive overall value, which cannot be duplicated
on an individual basis.
If you wish
to learn more about IPG visit their website @ www.ipgglobal.net
or their project @ www.castawayscove.net
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