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Apart from a one-time stamp duty of 7.5% there are no annual property taxes or restrictions on foreign ownership by individuals. Property can be passed on duty-free to family members and vacant land can be owned and held for future investment potential.
There are no restrictions on foreign ownership of land in the Cayman Islands. A modern land registration system is run by the Government's Department of Lands and Survey. Stamp duty is payable on transfers of land and mortgage deeds. Download a list of stamp duty charges click here.
Real estate prices are lower on the Sister Islands than Grand Cayman. Investors and developers will find a surprising amount of prime ocean-front property available on both Little Cayman and Cayman Brac, ideally suited for retirement property or for those looking for a more relaxed lifestyle.
Title to land is recorded in a modern, reliable and centralised land registry, where every plot of land is mapped and given a descriptive title number based on location, and title is granted and guaranteed by the Cayman government. Any encumbrances such as mortgages, rights-of-way and cautions pending contract are recorded on the title register of that parcel of land. Buildings are subject to planning regulations and are required to be constructed to high standards. These are monitored by the Cayman Islands Central Planning Authority and Building Control Unit, which carries out inspections.
There are many affordable townhouses for sale as well as family homes and the further you go out some have large gardens. There are also very desirable plots of land for sale including in-land, canal-front and waterfront lots. Historically, buying land and building a home has been very popular with Caymanians. Waterfront properties on Seven Mile Beach have always been a good investment and though the recent trend has for the new ultra-luxurious condominium, the older properties on Seven Mile Beach often offer better value for money and deals are available. However, according to Re/Max agent, Michael Joseph, there is no 'flip' industry in Cayman; it takes approximately 465 days to sell a house, 365 days to sell a condo and 5-7 years to make a profit.
Time shares, or interval ownership developments, are another popular form of real estate investment. US$15,000.00 will buy you and your family a week's vacation accommodations in the Cayman Islands. Options for this type of investment are spread island-wide and range from small, intimate resorts to large scale developments.
For a listing of real estate companies and agents click here: Cayman Islands Real Estate Agencies List
To start searching for properties now go here: Cayman Islands Real Estate Listings