The Cayman Islands has more to offer than sun drenched beaches and world class diving. The country boasts the highest standard of living in the Caribbean, and the quality of life is highly ranked internationally. As the 6th largest banking centre in the world, the economy is stable. Residents also enjoy one of the safest environments in the Caribbean and have access to exceptional services that are comparable to those found in major cities worldwide. There are three well-equipped hospitals located in Grand Cayman alone. Many medical facilities have advanced diagnostic testing technology from 4D ultrasounds to the most sophisticated MRI machines. The redevelopment of the Owen Roberts International Airport will be completed in 2018, in anticipation of projected growth in tourism.
Top 7 Reasons to Buy Real Estate in Cayman
No Barriers to Ownership
The Cayman Islands has zero annual property taxes and there are also no restrictions on foreign ownership of a single property. With no requirements for immediate development on purchased land, building is another great option for those desiring a second home.
There has never been a better time to invest in Cayman property! The Seafire Residences is an exclusive 10-story tower with access to the Kimpton Hotel’s luxury facilities and private rooftop terraces, boasting panoramic views across Seven Mile Beach. Cayman Enterprise City’s campus, in a special economic zone, has broken ground in South Sound, further stimulating residential growth in the area. South Sound has experienced a housing boom recently and modern developments like The Tides are becoming the top choice for investors. Solar power, energy efficient appliances, private elevators, gym and rooftop terraces are just a few amenities setting these properties apart. Looking to the future, St. James Point, on the unspoilt shores of Beach Bay holds great promise. This hotel will be situated on a 16 acre oceanfront stretch, featuring a marina, restaurant and 75 residential units.
There is a level playing field for prospective home owners and investors. Banks welcome overseas clients and many offer great mortgage packages. Interest rates are quoted based on the KYD and USD prime rate published in Cayman’s retail banks. Many banks require a life insurance policy for mortgages. Your loan’s officer will advise you if this is a requirement. Standard mortgage terms are usually between 10 to 15 years and can be taken out in either KYD or US dollars.
Stamp Duty and Other Charges
A one-off 7.5% stamp duty is payable on all real estate purchases and transfers. This duty is paid by the buyer of the property on the purchase price or market value— whichever one is higher. If you’re building a house, provided that stamp duty is paid before construction begins, duty is payable only on the land value and not on the building. There are other charges such as the one-off 1% duty on mortgages of less than KYD300,000 and 1.5% on mortgages of KYD300,000 or higher.
Choose an Agent
There are many real estate companies based in the Cayman Islands, so there is an ample roster of professionals on hand to assist you with your search. As a visitor to the Islands, we strongly recommend that you select an experienced real estate professional to assist you. Below are some popular real estate agencies based in Grand Cayman: