Fielding Some Questions about Grand Cayman Property for Sale

Fielding Some Questions about Grand Cayman Property for Sale

• 1.Can overseas buyers purchase land in the Cayman Islands?

  Aside from the obvious fact that our islands are beautiful and rich in history and culture, the government of the Cayman Islands is friendly to foreign investors. The government of the Cayman Islands guarantees ownership of land and there are no restrictions on foreign ownership at all. This makes the Cayman Islands attractive to buyers from all over the world.

  In addition to the fact that there are no restrictions on foreign ownership, there is no income tax in the Cayman Islands and no taxes on capital gains either. This brings us to the subject of another common question regarding property and tax law in the Cayman Islands.

• 2.Is there a property tax in the Cayman Islands?

  No, there is no annual property tax on property purchased in the Cayman Islands. One of the most frequently asked questions regarding the purchase of property in the Cayman Islands.

• 3.What is Stamp Duty? Is it universal?

  While there is no property tax levied on property in the Cayman Islands, there are closing costs associated with the purchase of property here. What is probably the largest of these is known as the Stamp Duty. This is a one-time duty levied on the purchase of property here, payable to the Cayman Islands Government, set at 7.5% of the value of the purchase of the property. The value of chattels included in the purchase is not included in the assessment.

  While there are exemptions to the Stamp Duty for certain first-time buyers, these exemptions fluctuate according to a variety of other factors, including the purchase price of the property. Contact us for more information and we will be happy to discuss your particular situation.

• 4.What is the weather like in Grand Cayman?

  In addition to the Cayman Islands’ acceptance of foreign buyers and its tax-friendliness, the weather is another factor that attracts plenty of people. Our islands feature a wealth of natural beauty that is complemented by pleasant weather all year round.

  If you’re seriously thinking about pursuing Grand Cayman property for sale and the weather is a hot issue for you, rest assured that temperatures are warm to hot throughout the year. We experience hot, humid summers, typically with temperatures in the 80s and 90s. The winters are slightly cooler and drier, with typical temperatures in the 70s, 80s, and sometimes the 90s. We also get plenty of sunshine throughout the year.

• 5.How far away are the other islands?

  Grand Cayman, the largest of the three Cayman Islands, is only about 90 miles to the west- southwest of the Sister Islands, Little Cayman, and Cayman Brac. Both Little Cayman and Cayman Brac are accessible by boat; either of them is also about a half-hour plane ride away.

  Both Little Cayman and Cayman Brac are accessible by air service. Little Cayman is served by Edward Bodden Airfield at its eastern tip, and Cayman Brac is served by Sir Captain Charles Kirkconnell International Airport, at its own eastern tip.

• 6.Is it better to buy a home or a condo?

  Whether or not a home or condo is a better investment for you is subject to innumerable factors, many of which may be unique to your specific situation. While homes tend to be more expensive than condos, Grand Cayman offers many luxury communities for condo living. You’ll have flexibility with a home, but with a condo, you’ll also have to consider the cost of HOA dues that will help cover the costs of maintenance and shared amenities. It’s really a matter of what you prefer; in terms of resale, while no one can predict market forces with certainty, the market is and has been hot, with homes and condos both in high demand. Check our Cayman Islands real estate listings to see some examples of condos and island homes for sale.

• 7.Is financing available to assist in the purchase of Grand Cayman property for sale?

  Financing may be available to you, even if you are a foreign buyer, in order to help afford the purchase of property here. We can help put you in touch with a local representative that may be able to answer some more of your questions about financing. Get in touch with us at 345-949-5250 to learn more.