The Cayman Island is the newest and the hottest destination for the real estate investors. Nowadays real estate investors are pumping money like any thing into Cayman Islands. Both foreigners and Cayman Island’s natives are active participants in the process. You can find wide range of real estate options to make money from. A person can benefit from buying, selling or renting different properties. Homes. Condos, Hotels, Restaurants, Ocean Facing Properties, Vacation Homes and Commercial Properties are hot favorites among investors.
There are many reasons for Cayman Islands being the preferred real estate investment destination. Some of them have been jotted down below.
· No income tax
· No capital gain tax
· No property tax
· No inheritance tax
· No restrictions on foreign ownership
· A modern land registration system
· Dazzling and pulchritudinous surroundings
· Politically stable, smooth transportation, easy communication and invulnerable
· Highest per capita income in the Caribbean
· Phenomenal upsurge in real estate prices
· Numerous real estate companies arriving in Cayman.
To get the taste of the rich fruits of Real Estate in Cayman Island you must know how to sow the right seeds, means you must know “How to Buy and Sell” real estate in Cayman Islands. For that you should be familiar with legalities so that dealing becomes easier for you. Cayman government has made specific arrangements and has law system to protect the rights of the property owners. The land registry system has been setup according to which a land register containing past and current records of various properties is created. An investor can check the land register to know the status and history of ownership of property before getting involved in any kind of transaction. Once any investor owns a portion of real estate in Cayman Island he gets the absolute rights for that portion. He can rent the property and can sell it if he gets good profit.
Strata Titles Registration Law (STRL) governs the condos or strata units in Cayman. The registration on condos or strata units is done by STRL. It has two provisions in it one for individual units with separate titles and other for common property for common areas like pools, tennis courts, grounds etc. The Strata Corporation holds the right to manage and maintain the common property. It also collects maintenance charges from the owners of common property as well as individual units. The Land Law protects the ownership rights of the owners. The government generates some of its revenue from stamp duty levied on all transactions, which is fixed at 5%.
Real estate marketing in Cayman is done aggressively by the real estate agents. The Cayman Islands Real Estate Board Association (”CIREBA”) is the governing body of these agents. The CIREBA has its own rules governing the member agents. There is no separate legislation governing them. You must consult the real estate agents so that you are able to strike the best deal. Before investing in any kind of property you must recognize what your needs and expectations are. While advertising, using a picture of the property along with other information will prove to be beneficial. If you are planning to sell your property then it is advisable to make it look better so that you get a better price. It is must to check if there are any disputes on a property before buying one. It is also good to do some research on the current real estate trends. For that you may consult couple of good real estate agents.
If you follow all the basic steps then you will be at large in owning a piece of real estate in Cayman Islands.