Purchasing Real Estate in Cayman made easier

Planning to purchase a land or a villa for yourself in the Cayman Islands? Well, legalities, they are always there. But possessing a property in the Cayman Islands is not difficult at all! Here is a summary of what all you need to do to invest in real estate here.

The first thing you would have to do is, get your property checked up regarding any kind of pending liability that the prime owner is yet to pay. Once clear with that, you can concentrate on the stamp duty. Every non-Caymanian person, who buys a property, has to pay a flat 7.5% as stamp duty. Stamp duty is actually an amount which you need to pay to the government in lieu of the property that you are possessing.

Previously, Caymanians had a specific consideration as far as the stamp duty was considered. They were supposed to pay 4% as against 7.5% that is to be paid by non-Caymanians. First time Caymanain buyers, however, would still enjoy benefits. The percentage of stamp duty would depend on the value of investment that is being made. Similarly, difference would also be realized with the fact as to whether it is just a bare land that you are buying or a ready-made property that you are purchasing. If you purchase a bare land, effectively, the stamp duty would be levied on the land and not on the residence that you build up on that land. But worth remembering, don't pay your stamp duty after setting up your palace, or else you will have to pay accordingly.

Apart from the stamp duty, you would also have to shell out 1% on your mortgages if they are less than CI$300,000. Above that, it would increase to 1.5%. Legal procedures and registration can claim upto another 1%, so plan your budget accordingly.

And once your property is ready, there is nothing more to play! No capital gain taxes and not property taxes! Just a peaceful life along with your loved ones in the heaven cocoon of the Cayman Islands. So reach out and buy one for yourself!