Thinking of buying your dream property?
Looking to buy your dream property, or investing in the beautiful islands of Cayman Brac and Little Cayman?
Let us help you make your dream a reality.
Top 6 Reasons to Buy Real Estate in Cayman Brac & Little Cayman
No restrictions on foreign ownership
No property, income or capital gains taxes
High standard of living
Top dive sites and beaches
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 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.