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Beachcomber, Seven Mile Beach, Grand Cayman

Buying Cayman Islands Property

Buying Cayman Islands Property

A premier destination, the Cayman Islands is known for dream-like vacations, its thriving financial centre and business-friendly setup. In addition, it offers distinct incentives for investors and world-class services designed for high-net-worth individuals; it is easy to see why buying Cayman Islands property has become the pinnacle of property ownership.

Fortunately, the process of buying a Cayman Islands property is straightforward. Cayman Islands Sotheby’s International Realty has an experienced, professional real estate team with insider knowledge and network connections to find the perfect Cayman Islands property for you and the expertise and negotiation skills to close the deal.

Buying a Cayman Islands property

Compared to the often time-consuming and complicated process of buying a property in the mainland United States or Europe, the property buying experience here is relatively simple and easy. There are also some significant financial benefits to owning property in Cayman.

Balcony view from Castillo Caribe looking over the beach towards the Caribbean Sea

Castillo Caribe, Grand Cayman is one of the finest beachfront estate homes in the world

First, let’s talk about the selection of properties available.

The Cayman Islands real estate market is robust, with a wide array of luxury Cayman real estate to choose from. You will find a property to suit every taste and lifestyle, from private canal-front residences and townhomes to luxury condominiums within the ultra-exclusive beachfront developments under construction along Seven Mile Beach.

Build your own Cayman Islands property

If you are looking to build your own custom Cayman Islands home from the ground up, then there are some excellent land parcels available across Cayman that, for the more adventurous, will allow you to construct your dream home in paradise.

The government and regulatory bodies work hard to make it easy for wealthy foreign investors to spend money in the Cayman Islands. For example, there are currently no restrictions on foreign ownership of Cayman Islands property, and the Government guarantees title for all real estate transactions.

The regulatory structure

The regulatory structure of the Cayman Islands makes buying property a particularly solid and potentially lucrative real estate investment. In addition, the Cayman Islands enjoys a tax-neutral status. Property owners pay no annual property taxes, and no local capital gains tax is assessed upon the sale of properties. Best of all, the local banks are happy to work with well-qualified foreign buyers if you require financing.

What are the expected costs?

The stamp duty for real estate purchases in the Cayman Islands is currently set at 7.5% of the market value or property price, whichever is higher. Stamp duty of 1% is charged on mortgages of less than CI$300,000, while larger mortgage amounts incur additional stamp duty of 1.5%. Additionally,  legal and administrative fees are often associated with purchasing and transferring Cayman Islands property. Buyers should expect to pay roughly 1% of the property’s market price to cover legal and administrative costs.

Pool deck views from Stepping Stone in Grand Cayman

Stepping Stone, a Balinese inspired villa in Grand Cayman

There are often differences in the lending rules imparted by each lender.  Most will require verification of assets and liabilities, proof of a valid life insurance policy and an employment letter. Many banks will also require a private appraisal or valuation of the property before agreeing to provide financing. Usually, banks require 15% down on residential homes; but may allow 10% depending on the buyer’s circumstance.

There are no annual property taxes, but you can expect fees attached to purchasing land or real estate.  Therefore, having an experienced realtor to help you navigate the process of property assessments and stamp duty payment is crucial.

Start your property search today

Are you ready to start your Cayman real estate journey? Cayman Islands Sotheby’s International Realty can seamlessly guide you through the whole process. Start your search today by viewing all the current properties for sale.

Get in touch with us today to arrange a property viewing.

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  • About Us

    25+ years in Cayman Islands real estate

    The Cayman Islands is a unique place to own property and viewed by those fortunate enough to hold real estate here as a true Caribbean paradise and a privilege to call home.

    There is a great selection of houses and condos from which to choose, from the modest townhouse, to luxury condos on Seven Mile Beach to ultra-luxurious beach front mansions, the infrastructure in Cayman is world class and the lifestyle options are bountiful and varied.

    Read More About Us