Cayman Islands has a stunning property market. Rentals, houses to buy or lands to build dream homes on, everything is just more than abundant. Year by year, this market is growing as far as volume is concerned. People are streaming in and the number of expats has seen a sharp growth in the islands in the past few years. As far as buying a land in the Cayman Islands, well, it is as clean and as easy as anything else here. Here is a list of 7 unforgettable things that you must know before you take a plunge into buying a land in Cayman Islands.
- Pieces of lands are known as parcels in Cayman, and every parcel is registered. So once you own a land, you are the declared owner and there would be no future infringement on that, until and unless you decide to sell it off.
- The land registry maintains legal and financial information regarding each parcel. So once you are interested in a particular parcel, make sure you inquire about the history of the land. There might be unpaid liens or debts attached to it. It is better to take all these details into account before buying a parcel.
- You can buy as much land as you want in Cayman Islands. There is no limit to foreign investment here. And there is no tax that you have to pay on the property that you possess. The maintenance of a land would be your responsibility.
- While you buy a land, there is a particular amount known as the stamp duty on Assignment that you have to pay. It is somewhere close to $200. It is to be paid immediately after you get the possession of a piece of land.
- A 10% deposit is to be given within a week of signing the contract. Till the property is transferred physically and legally to the claimant, the buyer must file a 'search and stay' status, sticking to which, any change in interest towards the property is not possible
- Once the property is transferred, the first and probably the last big amount to be paid is the Stamp Duty. It is compulsorily 7.5% for all buyers. The stamp duty needs to be paid off within 45 days of closing. Closing the deal does not require the physical presence of the owner.
- The best way to find out a piece of land, that is free of all legal obligations, is hiring Real Estate Agent. There is a wonderful distribution of Real Estate Agents throughout Cayman, Regalrealty, to name one an excellent one to go for. An agent would take care of every single detail to make buying a parcel of land easy for you.
