Finding Real Estate in Grand Cayman Islands

Cayman Real Estate, Cayman Property Investment in the Cayman Islands

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There are a number of reasons why real estate investors are attracted to the Cayman Islands. In addition to Cayman being an inviting location which provides substantial opportunities and benefits to the potential investor, the fact that there are no capital gains, income, property or inheritance taxes are an incentive Cayman offers a competitive offshore financial industry coupled with beautiful location and surroundings on one of the safest islands in the Caribbean, political stability through its relationship with the United Kingdom, accessibility of transportation, excellent communication and the highest per capita income in the Caribbean. The language is English, and the American dollar is readily accepted although the local currency is the Cayman dollar which is pegged to the US dollar at US$1.25.

 All land in the Cayman Islands is recorded in a registered system maintained by the government. The government effectively guarantees title which gives purchasers and owners an additional level of comfort. The registry is open to public inspection and a potential purchaser may examine the records of any property to ascertain who owns it and whether there are any charges or restrictions registered. The title to most property in Cayman is freehold although there are some leasehold properties.

 Title to all Cayman Islands real estate can be held by individuals (either alone or with others jointly or as proprietors in common) or in the name of a company. There are no legal restrictions on ownership of real estate by foreigners in the Cayman Islands where the real estate is for their own personal use. Ownership of real estate for business purposes is subject to licensing. Foreigners may open bank accounts and borrow to finance a purchase. Local banks will generally lend between approximately 50-75% of the property value to foreigners and will generally require a first legal mortgage over the property. If lending to a company, the lender will generally also require a guarantee from the shareholders and/or directors.

 Whether purchasing a property as an individual or through a company, local laws require that a prospective purchaser will need to provide certain personal information to the real estate agent (and any lender), include evidence of identity of an individual, shareholders and directors of a company, and satisfactory confirmation of the source of funds.

 Whilst there is no property tax in the Cayman Islands, stamp duty is payable on all transactions involving land. The standard one time fee of 7.5% to be paid on the value of the property upon transfer (9% in certain areas) has been reduced by the Government to 5% in all areas for a period of one year from November 14th 2003. There is 1% stamp duty payable on mortgages up to CI$300,000 and 1.5% on mortgages above this. Transfers in consideration of "natural love and affection" (for example, husband to wife, father to child) may be approved by the Financial Secretary for payment of minimal stamp duty. Additionally, when an individual desires to transfer title to a company of which he is the sole beneficial owner, the Financial Secretary may approve abatement of all stamp duty on such transfer.

 If an investor wishes to apply for permanent residency in the Islands, the requirements include an investment of approximately US$200,000 in real estate and a one off fee of CI$15,000. A clean police record, good bank and personal references and evidence of sufficient financial means are also required. Permanent residency allows unrestricted time in the Islands but does not entitle the holder to work in the Islands.

 There are a number of quality law firms in the Islands to deal with the property purchase transaction, from the straightforward conveyancing and mortgage to development and construction projects including building contracts, finance and funding. Fees for a purchase are usually based on a percentage of the purchase price of the property. Legal advice and services are also available for the formation of companies, and to ensure ongoing compliance with local laws.  

West Bay--Seven Mile Beach

West Bay is a beautiful location to buy a house, mainly because of the 7 mile beach which is literally 7 miles long! Besides the seven mile beach, there are many shopping centers, as well as gourmet restaurants, and grocery stores. A house in the West Bay vicinity starts at CI$800. West Bay is approximately 15-20 minutes away from the town

George Town

George Town is the capital of Grand Cayman as well as the main town; it is also the main stop for all tourists. There are many restaurants, activities, shopping centers, bars and grills, and beauty salons. In fact one of the best places to get your hair done or a soothing massage is at Sameena’s Beauty Salon. Houses in the George Town locale start at CI$900.

Prospect and Red Bay

This is the fastest growing area of the Cayman Islands. There is a grocery store, a video rental store, a book store, and a toys store. The houses in the Prospect locality start at CI$800. Prospect is approximately 10-15 minutes away from town.

South Sound

The South Sound area is an absolutely terrific place to live. There is a local dock there, rugby, tennis, and squash clubs as well many nice restaurants such as the Crow. Houses in the South Sound Vicinity start at CI$950. South Sound is about 5-15 minutes away from the main town.

Living by the Canal-North Sound

If you are planning to but a boat then North Sound is your place. There are many docks and canals, 13 to be exact! Although it is quite far away from the main town, it is a very peaceful place to live. Prices normally start off at mid upper range.

Savannah/lower valley/new lands/Pedro St. James

The Savannah district is a very exotic place to live, especially among young families, because it is still available as well as affordable. There are many golf courses, as well as beautiful trees, and lakes. The Government of the Cayman Islands also lies in the heart of the Savannah area. Houses over here start at about CI$800. Savannah is about 10-15 minutes away from the town.

Frank Sound and Cottage

Frank Sound is on the way to East End near Rum Point, there are many affordable rental properties. The Cottage area is on the way to Rum Point as well. There are many sightseeing options over here such as the Blow Holes, the Mastic Trail, and Queen Elizabeth II’s Botanical Garden. This area offers upscale townhouses. 

Rum Point

Rum Point comes right after North Sound and just before Cayman Kai. There are many exotic beaches as well as the infamous Stingray City, where you can swim with the stingrays. There is also the beautiful Ferry, where you can lie down on the hammocks, go kayaking, and try some of their delicious onion rings! Houses at Rum Point are quite exclusive. Rum Point is about 20-30 minutes away from the town.

Cayman Kai

Cayman Kai is just beyond North Side. Houses over here tend to be very expensive because of their executive style. There are many great restaurants; a favorite among many is called Cecil’s. There is also the Yacht Club. Cayman Kai is about 20-35 minutes away from George Town, where all the main action is.

East End

East End is a very famous place. There is the Hurley’s Supermarket, the ‘Over the Edge’ restaurant, and many great places for diving. Rental Properties over here tend to be very reasonable. East End is approximately 40 minutes away from George Town.

Before You Buy Your House

1. Are you a pet owner?; if you are call Humane Society(949-1461) and get all the scoop
2. Will your children get bored if there are no kids’ activities near by?

Renting a House

This is the following information you should provide to your Real Estate Agent.

·         Price Range: be reasonable rent in the Cayman Islands is not cheap

·         Size: How many bedrooms do you want? Do you need an extra room as a guest room

·         Location: How far away do you want to live away from your child’s school or your work?

·         Time: How long will it take to get to your work or your child’s school

Keep in mind that you need to worry about:

1.      utilities deposits

2.      maintenance costs

3.      furnishing

4.      no pets

5.      no children

6.      no smoking

7.      No sharers.

Buying a Property

Buying a property in the Cayman Islands has many advantages like it’s cheaper than paying rent every month. If you want you can bring pets, you can have children, you can smoke, and you can even rent out a room to a tenant. Also you won’t have to worry about paying rent every month.

Building a House

There are a lot of advantages to building you own house like, you get to design it the way you want, and you get to build it wherever you want. If you are building your own house you need to hire a professional architect, contractor, structural engineer. You would also need to follow the building codes. If you need to apply for a loan you should go one of the local banks, if you have good credit then you get the loan.

Temporary Housing

Most people that move here don’t have a place to live right away so here are some places that you might want to consider

1. George Town Villas: located at the 7 mile beach, this hotel apartment has 2 bedrooms, a pool, tennis court, and is walking distance to many great restaurants. Rent starts at $2500
2. Grand Caymanian: also located at the 7 mile beach, this hotel apartment has a studio, a pool, tennis court, and a restaurant next to the Links Golf Course. Rent starts at $1500
3. Sunshine Suites: also located at the 7 mile beach, this hotel apartment has 1 room, full kitchens, cable, pool, gym access, breakfast, and a great restaurant. Rent starts at $2,250
4. Plantation Village: also located at the 7 mile beach, this hotel apartment has 2 rooms, 2 pools, and a tennis court. Rent starts at $3000
5. Comfort Suites: also located at the 7 mile beach, this hotel apartment has a studio, 1 room, and 2 rooms a pool, meeting rooms and a restaurant/bar. Rent starts at $3,085
6. Sunshine Suites:  located at the 7 mile beach, this hotel apartment has 1 room, housekeeping, pool, and breakfast. Rent starts at $2,700

Content by: By Charles Adams, Ritchie & Duckworth, Attorneys-at-Law

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