Can Anyone Buy Property in the Cayman Islands?

The simple answer is YES! The government is not hostile to expats or foreigners buying property like other islands. 99% of all property in the Grand Cayman is freehold. You can own the property in your personal name, a corporation, a trust, or a foundation for estate planning. Remember, there is no inheritance tax in the Cayman Islands. The idyllic Cayman Islands, with their stunning beaches and vibrant culture, attract many people looking to invest in real estate. With no property taxes and a friendly investment climate, it's no surprise that the islands are an easy choice for buying property. Suppose you've ever wondered whether you can purchase a slice of paradise with steady appreciation and safety. In that case, we can confidently say that foreigners have been buying property in the Cayman Islands since the 1960s.

Understanding the Property Buying Process The Cayman Islands has a straightforward approach for foreign buyers interested in real estate. Here are some key points to keep in mind:

1. No Restrictions for Foreign Investors: Property ownership in the Grand Cayman Islands is not restricted. This means anyone, regardless of nationality, can purchase land or real estate without special permits or approvals.
2. Types of Property Available: You can buy various properties, including residential homes, condos, oceanfront land or canal house lots and commercial properties. Whether you're looking for a vacation home, a rental investment, or a permanent residence, there's something for everyone.
3. Investment Requirements: Although there are no restrictions, to qualify for a Residency Certificate through investment (which allows you to reside in the Cayman Islands without working), you must invest at least US$1.2 million in real estate. This requirement is an excellent opportunity for those looking for long-term residency.
4. Engaging Local Professionals: It's essential to engage the services of local real estate agents or Advisors, as we call ourselves at Engel & Volkers. We will also recommend a few legal professionals familiar with the market and the buying process. They can guide you through the nuances of property transactions, including title searches and due diligence.
5. Buying & Closing Costs: When purchasing property in the Cayman Islands, buyers should be aware of additional costs, including a one-time stamp duty of 7.5% on the purchase price. However, you will never have to pay another tax again; there is no property tax! Other potential costs include legal fees, property inspections, and moving costs. Our real estate markets work much like North America's, where we have one MLS that most real estate agents are members of called CIREBA. The vendor pays the commission.
https://www.cireba.com/find-cayman-real-estate-company/engel-volkers
6. Financing Options: While many foreign buyers pay in cash, it's also possible to obtain financing from local banks, which often offer mortgage options to non-residents. Several local banks lend, such as Cayman National Bank, FCIBC, Scotiabank, RBC and Butterfield Bank. Make sure to contact a few banks and get the best rate. Beware: The mortgage lenders at the local banks do not work on commission, so they move extremely slowly.

Investing in real estate in the Cayman Islands offers fantastic advantages. With a strong rental market, particularly for vacation and short-term rentals, many investors find it a safe option. The lack of property tax further makes it attractive compared to other islands. Owning property in the Grand Cayman can give you access to a welcoming community and a lifestyle that promotes relaxation and adventure. From water sports to fine dining, the islands provide a healthy way of life.

In conclusion, if you are considering buying property in the Cayman Islands, rest assured that as a foreigner, you can easily navigate the process with the proper guidance. Whether your goal is to enjoy a second home or invest in rental income, the opportunities here are abundant. It is very important to interview a few Agents and make sure they are full time Agents so they will know the best areas and the best deals. Once you find a local real estate expert they can help you decide where on Grand Cayman or Cayman Brac you want to you settle down. Check out the list of our Advisors on this page and read their bios. We were either born here or moved years ago as gorgeous, and now we are locals who know real estate inside and out!