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The Cayman Islands are made up of three islands, Little Cayman, Cayman Brac and Grand Cayman. They are located in the Caribbean Sea and are a British overseas territory. It’s a great location with great weather and an ideal place to buy a home for a number of reasons. Property for sale in the Cayman Islands has been popular among property investors not only because of its location but also because of the taxation system. There are no capital gains, no income tax and no inheritance tax – you can understand why!
The language is English with the Cayman Islands dollar (CI$) being the local currency although the US dollar is accepted everywhere. The government collects its revenue by levying import duty which can range from 5% to 22% and anything from 29% to 100% especially for cars.
The climate is typically Caribbean, with the dry season from November to May and the wet season from May to October.
You need a work permit if you plan to move to and work in the Cayman Islands. You must apply for this before you arrive and you will need an offer of employment (the employer usually applies for this permit).
When you buy a property in the Cayman Islands you will be subject to property transfer fee “Stamp Duty” and this will be paid by the buyer as part of the closing charges. This fee varies from location to location for example with Seven Mile Beach it is 7.5% and the rest of the island is 5% and above. Once you have bought a property the title is recorded at the Land Registry Office along with any mortgages (charges) on the property. Solicitor’s fees are negotiable and are approximately 1% of the purchase price.
According to a report by CIREBA (Cayman Islands Real Estate Brokers) http://www.cireba.com ) the property is increasing and the sales in 2011 are higher than in 2010. The September 2011 report shows that as of August 2011, the property has seen an increase of 203% over the previous year. From CI$207 million in 2010 to CI$422 million the figures are up in 2009 and 2008 but the actual number of transactions is less which means the high end property market is still doing well but the lower end is struggling.
Mortgages are available in the Cayman Islands and deposits typically range from 10-35%. A no interest only mortgage is available and you can ask to pay twice a week, which will reduce interest payments and the term can be 20 to 35 years.
Property from land, condos or luxury villas is available in the Seven Mile Beach area with higher prices, but rents are even higher in this area than if you buy to rent.
Visit our web site if you are looking to buy property in the Cayman Islands or any other country in the world http://www.online-property-sale.com Or if you are looking to sell a property you can advertise a property with us for free.
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