Due to the recent global economic recession, the market has led to property values dropping. Sellers have become more competitive and have lowered prices and improved the quality of their holdings. Some market areas are showing discounts of 10-25% on sales prices. As a result, Cayman real estate holdings represent an excellent value for money.
The Cayman Islands is a tax free jurisdiction. The government does not impose income tax, property tax, capital gains tax, or inheritance tax. Anyone can invest in Cayman real estate without restriction, no partner is necessary and residency is not mandatory. There is a one-time stamp duty on real estate at the time of purchase which varies from 5-7.5% and higher based on location.
There are no restrictions on foreign ownership of real estate for personal use. Individuals and companies can own property in the Cayman Islands. The land registry system is well organized and the government guarantees title as all deeds are registered under a unique block and parcel number. Land transfers are secure and expeditious. The Land Registry is a matter of public record, anyone can investigate a property for ownership, liens or covenants for a nominal fee.
Combined with a low crime rate, stable government and close proximity to US gateways, investment opportunities in the Cayman Islands has never been better. Contact a reputable Cayman Islands real estate agent and own your piece of paradise today!
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