Property in the Cayman Islands is highly attractive to buyers all over the world. Our high standard of living, beautiful islands, inviting weather, rich cultural heritage, and friendliness towards foreign investors makes us a destination for countless travelers and potential buyers every year.
Still, the prospect of buying Cayman real estate, especially as a citizen of another country, can be daunting. These are some of the most common questions surrounding the process – start here and then solicit the help of an experienced Cayman real estate agent.
Can foreigners buy property in the Cayman Islands?
Yes, there are no restrictions on property ownership among foreign buyers in the Cayman Islands. You can own up to three properties in your own name, after which point you will need a license.
Is it safe to live in the Cayman Islands?
All of the Cayman Islands – Grand Cayman, Little Cayman, and Cayman Brac – are very safe. The Cayman Islands have very low crime rates and boast some of the safest communities in the world. While there are many beautiful gated communities available in Cayman Islands real estate, you shouldn’t necessarily confine your search to them.
Can I live in the Cayman Islands?
Persons of Independent Means can apply for a Certificate of Permanent Residence, giving them the ability to live in the Cayman Islands. This does not guarantee the Right to Work; the certificate can be amended to include that if need be.
How long does it typically take to buy a home?
It is possible to begin your search for a home in the Cayman Islands and complete the process in anywhere from 10 to 12 weeks, but of course, the process may take much longer given your own requirements.
With respect to the period of time required to complete the escrow process after an offer has been accepted, it typically takes between 30 and 45 days. However, buyers with cash in hand can theoretically complete the process more quickly.
How many houses should I visit before making a decision?
That’s up to you. It’s more important to determine what your goals are with the purchase, then you can go about finding a home that meets all of your requirements. For some buyers, visiting one home is enough. Others might feel more comfortable getting familiar with what the islands, or just one area, like George Town, has to offer before making a decision.
Who pays realtor fees?
The seller pays realtor fees in the Cayman Islands, which is good news for anyone looking to buy a house. If the seller uses a broker, the seller pays the broker and the broker splits with the realtor that brings the buyer.
What is Stamp Duty?
Stamp Duty is a one-time fee payable by the buyer, assessed at 7.5% of the purchase price or the market value of the property (not including the chattels or furniture), whichever is higher.
Are homes in the Cayman Islands sold furnished?
Not all of them, but many of them are. Approximately 95% of condos and homes in the Cayman Islands are sold furnished. It is important to note that the value of used furniture is not used in the assessment and calculation of Stamp Duty.
Why should I work with a Cayman Real Estate agent?
There is a lot of value in working with an experienced Cayman real estate agent. Notably, real estate agents are aware of available properties, are familiar with historical local values, and are familiar with legal processes that will apply to the sale.
Can a Cayman real estate agent recommend a bank for a mortgage?
Yes, a Cayman real estate agent can recommend banks you may speak to regarding obtaining a mortgage. Most real estate agents have developed long-standing relationships with lenders in the area.
Have Other Questions?
If you still have unanswered questions about the process of buying a property in the Cayman Islands, get in touch with Crighton Properties (CrightonProperties.com).
A member of CIREBA, Crighton Properties has been helping buyers achieve their dreams of homeownership in the Cayman Islands for years. Get in touch with them via their website or contact them directly at 345-949-5250.