Five Things To Know About Buying Cayman Islands Real Estate

Buying Cayman Islands real estate is a fabulous reward for a lifetime of hard work.

 

 
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The sun-drenched Caribbean nation is a well-established and secure British Overseas Territory that offers a compelling combination of modern conveniences and infrastructure, direct airlift year-round from major cities in the USA and abroad and a laid-back island lifestyle.

While you might already be imagining the first party you’ll host at your new Cayman Islands property, it’s important to do some research and plan a budget before you tour the island’s luxury villas and condos.  Here are some key facts to get your started: 

1  Cayman Islands has its own currency.  The Cayman Islands dollar (CI$), is permanently fixed at an exchange rate of CI$0.80 to US$ 1.00.  Real estate prices are listed in either U.S. or Cayman dollars.  Always ask which currency the listing price for a property is expressed in.

2  All property in Cayman Islands is registered under a unique block and parcel number so every owner is registered and the Government guarantees that right of ownership.

3  While there are no property taxes in Cayman Islands, a one time tax (stamp duty fee) is charged at the time of purchase. 

4  If you plan on using local bank financing to purchase a property, a property valuation will be required by a bank approved chartered surveyor. 

5  Other fees to consider as you develop a budget for your potential purchase of Cayman Islands property include legal closing costs, life insurance (if you are using local bank financing) and realtor commission fees. 

Working with a qualified and experienced realtor is an important part of the process.  Savills Cayman is part of Savills plc, a global real estate services provider with an international network of more than 600 offices and associates throughout the Americas, the UK, continental Europe, Asia Pacific, Africa and the Middle East.

 

The Savills Cayman team offers over 15 years of experience in the Cayman Islands.  We represent property buyers and sellers and are qualified to offer corporate relocation advice as well as assist in finding rental properties in Grand Cayman.

 

 

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