One of the main factors that truly sets Cayman apart from most other Caribbean islands is that Cayman has no direct taxes:
- no income tax
- no capital gains tax
- no property tax
- no inheritance tax.
The Cayman Islands real estate market offers the serious investor many great opportunities to make substantial gains over their investment in just a few years. There are a number of reasons why real estate investors are attracted to the Cayman Islands. 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. The Cayman Islands offer a competitive offshore financial industry coupled with beautiful surroundings on one of the safest islands in the Caribbean, political stability through its relationship with the United Kingdom, accessibility of transportation, excellent communications infrastructure and the highest per capita income in the Caribbean.
Real estate prices in the Cayman Islands continue to increase each year, but some compelling bargains on real estate for sale can still to be found, if you know where to look. The best course of action is to contact a local real estate agent who will have the knowledge of the local market, which will be essential for you to make an informed buying decision.
Real estate prices are lower on the two smaller islands of Cayman Brac and Little Cayman than on Grand Cayman island. Investors and developers can still find a surprising amount of prime oceanfront or beachfront land for sale on these ‘sister’ islands. Such properties are ideally suited for retirement getaways or for those just looking for a more relaxed lifestyle.
There are many reputable international real estate companies represented here, as well as local independent realtors. The Cayman Islands real estate field is quite competitive and a multi-listing system (MLS) for properties gives the seller the widest possible exposure, and the buyer access to hundreds of hot deals on property for sale.