Every year, people from all around the world visit our beautiful islands, enjoying the culture and commerce of George Town on Grand Cayman and the peace and tranquility of the bluff all the way at the end of Cayman Brac in the east.
Some of these visitors never want to leave, understandably. The Cayman Islands offer beautiful weather and scenery, endless opportunities for recreation, well-developed, modern facilities and amenities, and extremely safe neighborhoods.
In the search for houses or even land for sale in the Cayman Islands, questions arise - some more frequently than others.
So we rounded up some of the more common ones and provided a few answers.
What Is CIREBA?
CIREBA, or the Cayman Islands Real Estate Brokers Association, is a non-profit real estate organization founded in 1987 with the aim of providing a high level of integrity and service to potential buyers.
CIREBA, which operates an extensive member network, extends training and maintains a code of ethics to which members must adhere, upholding a high standard of service and fidelity to the buyers and sellers they represent.
CIREBA also manages the Cayman Islands’ MLS, or multiple listing service, the most comprehensive database of properties for sale on the island.
Do I Need to Work with Multiple Agents?
Not necessarily. If you work with an established real estate agency that is a member of CIREBA, you are guaranteed a high level of service and access to all of the properties in the Cayman Islands MLS.
What Is Stamp Duty?
Stamp Duty is a one-time land transfer fee levied on real estate transactions and payable to the Government of the Cayman Islands, typically by the buyer. It corresponds to 7.5% of the market price of the property or the price paid, whichever is the higher amount.
What Are the Restrictions on Foreign Ownership of Property in the Cayman Islands?
Any individual or entity can own property in the Cayman Islands - including corporations - and there is no restriction on foreign ownership.
Is It Difficult to Buy Property in the Cayman Islands?
Not particularly, since there are no restrictions on foreign ownership and the process follows internationally recognized standards. Closing times are not drawn out, either, with cash buyers potentially able to close within as little as a week. If financing is involved, it can take a few weeks or longer, depending on any relevant considerations associated with the sale.
Land vs. Developed Property: Which Is a Better Investment?
This is a difficult question to answer as it will depend on the property in question as well as on the needs and goals of the buyer.
Land for sale in the Cayman Islands does make an excellent investment, as land does not depreciate, and, if anything, will trend upwards in value over time. Land also requires little to no maintenance at all; making it sort of like cash in an interest-bearing account, except that it is immune to inflation and other fiscal mismanagement.
Developed properties, however, can also be an excellent investment, especially for those that plan to become Caymanian permanent residents, who wish to raise a family here, or who simply come here for work.
Buying a house in the Cayman Islands will give you a place to move into on shorter notice, if not immediately, with little to no extra work. Also, if well kept, a house also has the potential to increase in value.
Some prospective buyers might also be interested in the purchase of a condo, as there is less maintenance involved in buying a condo and they usually offer a wealth of shared amenities.
So, ultimately, neither is better than the other. It just depends on what you expect to get from it.
Do the Cayman Islands Offer Citizenship by Investment?
The Cayman Islands do not offer residency by investment (RBI), there are other residency options available, including the relatively recent Global Citizenship Concierge Programme and Digital Nomad Visas. The latter is good for up to two years.
Is Living in the Cayman Islands Expensive?
The Cayman Islands are frequently listed among places with the highest costs of living, due to the fact that they are islands and rely heavily on imports of essential resources.
However, the Cayman Islands also rank well among places with the highest quality of living, so this is a fair trade-off, due to our low crime rate, modern infrastructure, and prestigious medical and financial institutions.
Houses, Condos, and Land for Sale in the Cayman Islands
Do you have a question about properties like houses or land for sale in the Cayman Islands that we didn’t answer here? Feel free to get in touch with us and one of our knowledgeable, helpful agents will help you out.
We are a member of CIREBA and have been helping people around the world realize their dream of home ownership in the Cayman Islands since the 1970s, and are ready to assist you!
You can reach us by phone at 345-949-5250 or by email at Info@CrightonProperties.com