Buying a property in Cayman has many advantages, not least that if you are staying for some time, mortgages tend to work out cheaper than rents over a three to five-year period.
There are no restrictions on foreign ownership of real estate if the property is for personal use and there are no annual property or capital gains taxes. If the property is rented out as an investment then no tourist tax is payable if the property is rented to residents. Cayman’s Land Registry office enables transfers to be relatively quick and simple.
Every piece of property is registered under a unique block and parcel number, which means every owner is registered and the Government guarantees the right of ownership. A potential purchaser may examine the records regarding any piece of property to check whether there are any liens, charges or restrictions on it.
In this section we explain the various home insurance options available when a purchasing home. Not many people know that you must have Life Insurance before purchasing a home in the Cayman Islands, so that, plus home insurance (and hurricane insurance) are things that can affect your finances when purchasing a home.