Cayman Islands Real Estate
Cayman real estate is becoming increasingly popular; after all, who doesn’t want to spend every day in paradise? The Islands are an excellent place to sneak away, and they’re an even better place to call home! Whether you’re interested in living in the Caribbean or renting out your property, there are countless reasons to take advantage of the real estate opportunities on the Cayman Islands.
Resident Buyers
To many, moving to a tropical island can seem like a far-fetched, unrealistic goal. The Cayman Islands, however, are one of the easiest places for foreigners to purchase property! There are no restrictions placed on foreign ownership, and we welcome entrepreneurs, retirees and investors to apply for residency.
Are you renting a property in the Cayman Islands? It’s actually more affordable to pay a mortgage if you intend to stay for longer than 3 years. And, more importantly, there are no annual property or capital gains taxes if the property is for personal use.Houses, apartments, townhouses and condos are all available for purchase, and many foreigners own multiple properties!
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Non-Resident Buyers
Even if you’re not living on the Islands, purchasing a rental property is a smart financial investment. Because the Islands are tax neutral there are no real estate taxes, no taxes on income, profits, or even additional taxes that apply solely to foreign investors.
There are other advantages to owning a rental property in the Islands; if the property is rented out to residents, for example, then you won’t be required to pay a tourist tax. Many property owners on the Cayman Islands make a lucrative income from property rentals! In fact, only half of all properties on the Cayman Islands are owner-occupied.
Don’t forget – the best advice on buying property in the Cayman Islands will come from a local real estate agent. Having someone who is familiar with the market will play a key role in pairing you up with the property of your dreams.
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How to Buy
Once you’ve decided that you’re ready to invest, the purchasing process is extremely easy. There are no restrictions for foreigners who would like to own property, so you will be able to choose from a wide variety of real estate locations.
Similar to the USA and Canada, the Cayman Islands Real Estate Broker’s Association utilizes a multiple listing service system to aide you in your property search -you’ll need to determine which of the Islands will fit your needs. Little Cayman is much more laid back than Grand Cayman, for instance, while Cayman Brac is popular among locals.
Once you’ve chosen your property, the Cayman Islands require only a single Land Transfer document to legally transfer the title from seller to buyer. All titles are granted and guaranteed by the Cayman Islands Government, making it simple to acquire your tax-free property. After the purchasing process is finalized you can then begin to apply for residency!
Are you ready to claim your slice of paradise? For a more detailed description of the purchasing process, consult a Cayman Islands real estate agent today!
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