Purchasing property in the Cayman Islands is attractive not only because of its Caribbean charm, near-perfect weather and ease of access, but also because the purchase process is acclaimed for its structured and straightforward practices. Here are some reasons why buying property in the Cayman Islands is as breezy as its trade winds.
1. Tax Neutrality
There are no income, property, corporate, capital gains or inheritance taxes in the Cayman Islands. A one-time stamp duty (land transfer fee) is generally applicable on real estate sales and is currently 7.5 per cent of the purchase price or value of the property (whichever is higher).
2. Ease of Access
The Cayman Islands is one of the closest Caribbean destinations to the United States. Direct flights from Miami are just over one hour in length, and flights from New York City are only three and a half hours. The Owen Roberts International Airport is currently undergoing a multi-million dollar renovation. Once completed, it will have capacity to welcome two million visitors annually, making it one of the most advanced airports in the Caribbean.
3. British Overseas Territory
The Cayman Islands is a British Overseas Territory. As a result, the jurisdiction enjoys a high degree of political, economic and social stability, with a democratically elected government along with a governor appointed by Her Majesty Queen Elizabeth II.
Modern infrastructure makes living in and visiting the Cayman Islands easy and convenient. There are three hospitals, 10 private schools, modern grocery stores, a developed road network and a variety of retail and professional services. In addition, there are modern and reliable utilities and communications services on Grand Cayman.
5. Property Title is Guaranteed by the Government
The Cayman Islands’ Land Registry is a modern system that makes title transfer simple and safe, and provides peace of mind to purchasers. Property title is guaranteed by the Cayman Islands government and title insurance is not required.
6. Friendly and Safe
In addition to its enviable lifestyle with a superlative selection of fine dining venues, cultural and sporting events, a vibrant fine and performing arts scene and renowned beach and marine experiences, the Cayman Islands was rated one of the friendliest countries in the world by Forbes Magazine. Safety is top-notch thanks to a well-equipped Royal Cayman Islands Police Service that keeps crime levels among the lowest in the Caribbean.
7. Financing and Legal Framework
Buyers are encouraged to appoint an attorney to prepare the necessary legal documentation for closing. With an abundance of legal and financial professionals on island, buyers can find comfort with expert care and advice when they have chosen a Cayman Islands home that best suits their requirements.
For information on buying real estate in the Cayman Islands, contact the team at Provenance Properties, now a member of CIREBA, at provenanceproperties.com.