Welcome home to the Cayman Islands – 101 Real Estate Essentials.
Buying in a foreign country is stressful. There are a lot of questions to answers. However, you have come to the right blog. Heidi Kiss is the Broker/Owner of Engel & Volkers; yes, that me, I am talking to you, and I am here to help you. In 1998 (originally from Prince Albert, Saskatchewan), I moved from Toronto, Canada, but there are not many people who know where that is. It is flat, sunny, with great people, pretty in the summer and cold in the winter. It is just like Cayman, flat, bright, great people but pretty and warm all year round. Ok, getting back to real estate. I have been in real estate for an exceptionally long time and know many parcels for sale and history and the homes and the various owners. I know every street in Cayman, I feel like a London Cabby sometimes. So, what do you want to know? Some questions I am asked is Who can own real estate in Cayman? It is essential to know because you buy shares in a company in some Caribbean countries, and you do not have a controlling interest. Or foreigners are not allowed to own land at all like Bermuda, or maybe you are restricted from buying an oceanfront, or the land ownership is controlled 51% like in Cuba. Well, in Cayman, the government welcomes all ownership.
I am often asked what the least expensive home in Cayman is? What is the average home price? What is the average condo price in Grand Cayman? How much is the Property Tax? $0.00, yes there is NO property tax; however, we do have a tax, and it is called Stamp duty of 7.5% of the value of the property, and just recently in Jan 2021, Zero % stamp tax on land in Cayman Brac and Little Cayman and 3% in developed property. Therefore, now is the time to buy a little piece of paradise and wait for your investment to grow. Other questions I am asked is when I move to Cayman, what should I bring? The short answer is everything you want to buy is here. We get groceries three times a week by plane or ship. We have a massive Home Depot here called ALT Home Depot for hardware supplies and other smaller hardware stores. You can buy any American appliances you want, and if there is something special you want from Europe or Canada or the USA, you can always order it and have it shipped from Miami. If you are desperate, you can fly to Miami on American Airlines, or Cayman Airways on the 7 am flight and come back in time for dinner.
In conclusion, pick one of these rock star Real Estate Agents, or realtors at Engel & Volkers in CAyman Island to help find your next best investment in paradise.