Looking for Cayman Islands homes for sale? Purchasing homes in the Cayman Islands is easy. There are real estate professionals who can make the hunt simple, and mortgage lenders and banks who can make it financially possible.
There is also CIREBA (Cayman Islands Real Estate Brokers Association), which provides a professional network for different real estate companies in the islands. It provides its members with the multiple listing system (MLS), supports property purchases and maintains real estate listings, upholds standards in real estate practices, and promotes a better buying experience.
So if you’re retiring to the Cayman Islands or even if you’re just looking for vacation homes for sale in the Cayman Islands, this article is for you. This post answers your most important questions about moving to Cayman so you can better decide or prepare for a life on the island.
Can Americans Buy a Property in the Cayman Islands?
Yes, Americans can buy property and houses for sale in the Cayman Islands. There are no restrictions on foreign ownership of a single property, and there are no property taxes.
Foreign ownership of real estate properties in the Cayman Islands is not subject to any legislative restrictions, and ownership can be held in one or more names of persons or even in a corporation.
If you want to build from the ground up, you can buy land for sale and have the option to build a structure on it later. There are no restrictions that limit construction within a specified period. So you can always just buy the land first and build later.
Property ownership in Cayman is absolute and the government guarantees each parcel of land’s right of ownership recorded in a computerized Land Registry system.
How Much Is a Home in the Cayman Islands?
The Cayman Islands, comprising of Grand Cayman, Cayman Brac, and Little Cayman attract expats and people who love island life from around the world. Purchases for houses, condos, land and other properties are on the rise.
According to CIREBA data, house prices in the Cayman Islands can range from an average of around $942,000 to $1.16 million.
A property on the Seven Mile Beach, a prominent resort destination with a cluster of complexes in the northwest corner of Grand Cayman, can command about $1.4 million for two-bedroom condos, $2.5 million for three- and four-bedroom condos, and can go up to $14 million or more.
As a non-resident, you can borrow up to 70% of the value of a home from local banks. However, aside from the property purchase price, you should also prepare for other fees. For instance, for stamp duty, buyers normally pay 7.5% on the purchase price or the market value of the property, whichever is higher.
Buyers also normally get in touch with a local real estate company and hire an attorney. Real estate companies that are members of CIREBA charge a sliding scale commission to sellers, ranging from 7% for houses under $500,000 to 4% for properties over $10 million. For attorney’s fees, they range from 0.5 to 1% of the property’s purchase price.
What Is the Cost of Living in the Cayman Islands?
Living in the Cayman Islands can be pretty expensive. One Caymanian Dollar is equal to 1.20 USD. Food and other essentials are affordable but utilities can be expensive. Fortunately, salaries are compatible with high prices and if you have a two-income household, you can live comfortably and still enjoy tax-free living.
Need Help Finding Cayman Islands Homes for Sale?
Get in touch with Crighton Properties , a founding member of CIREBA. They have been helping people find their perfect home in the islands since the 1970s. They know the island like no other.
Crighton Properties are also known for their high standard of customer service, before and after the purchase. Contact any of their agents or give them a call at 345-949-5250.