Buying Cayman Islands Property
The Cayman Islands is a premier destination known for dream-like vacations, its thriving financial centre and its business-friendly setup. In addition, it offers distinct incentives for investors, outstanding cayman real estate, 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.
Invest in Cayman Real Estate
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.
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, some excellent land parcels are available across Cayman. Perfect for the more adventurous and 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. For example, there are no restrictions on foreign ownership of Cayman Islands property, and the Government guarantees title for all real estate transactions.
The Cayman 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, local banks can 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.
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 of buying Cayman Property. Start your search today by viewing all the current properties for sale.
Get in touch with us today to arrange a property viewing.