Buying property in the Cayman Islands has many advantages. Individuals who plan to stay on Cayman for three-to-five years may find mortgages more cost effective than renting. Cayman real estate is also considered an attractive and profitable investment.
Easy entry for foreigners
Foreign buyers purchasing property for personal use will find the process simple and straightforward. The Islands place no restrictions on foreign ownership; and after a one-time stamp duty, owners do not pay an annual property tax or capital gains taxes. Vacant land may be owned and held for future investment potential.
Right of ownership guaranteed
Cayman has a modern, reliable, and centralised land registry, where every plot of land is mapped and given a descriptive title number based on location. Titles are granted and guaranteed by the Cayman Islands Government, which maintains a central registry of all mapped plots of land on the three islands. A potential purchaser may examine the records regarding any piece of property to check for encumbrances such as mortgages, rights-of-ways and cautions pending contracts.
Seek local legal assistance
Most law firms in Cayman have attorneys who are experts in property law and it is recommended that you consult with one before signing a contract. Owning land in the name of a corporation is possible, but strict rules apply and a lawyer’s advice is essential. Realtors, architects, land surveyors, and building contractors are readily available on Cayman.