The Cayman Islands are known for the beautiful beaches, resorts and scuba diving and snorkeling sites. While the British Overseas Territory is also known for the beneficial conditions for Cayman Islands company formation
, it is also a location when entrepreneurs may wish to purchase property for personal or commercial use.
Buying real estate in this location is simple and straightforward, helped by the fact that English is an official language and the jurisdiction is a tax neutral one. However, despite the simplicity, investors who wish to purchase a property in the Cayman Islands will need to be prepared for the prices that are common for this location.
Main reasons to buy property in the Cayman Islands
A tropical climate, beautiful islands and plenty of entertainment activities are three reasons why the Cayman Islands are attractive for tourists. And the same main reasons can also apply to those who wish to purchase a property in a unique island paradise.
However, natural beauty is not the only reason why individuals and entrepreneurs are purchasing property here. Some of the other reasons are listed below by our Cayman Islands incorporation agents
Tax neutrality: there are no taxes payable on income, there are no inheritance taxes or capital gains taxes.
Accessibility: proximity to the United States is an advantage for many investors; with a direct flight, Miami is just one hour away.
Infrastructure: the international airport has been expanded and it can easily accommodate the millions of tourists coming to the islands each year.
Friendliness: the islands are known to be welcoming, safe and friendly; new property owners and residents are welcomed.
Stability: the Cayman Islands enjoy the status of being a British Overseas Territory.
The tax neutrality of the Islands also makes them attractive to international investors. Setting up a Cayman Islands company
is also a simple process during which our experts in incorporation can offer the needed assistance, particularly to those foreign nationals who cannot be present in the location at all times.
How to purchase property in the Cayman Islands
Purchasing a property is an important decision and investors should first answer some important questions:
- the budget: the Cayman Islands has a varied offer in terms of real estate that also includes luxury properties; establishing the budget is an important phase in order to determine the types of properties that are targeted.
- the location: another important decision that is linked to the property prices, as some areas are more coveted than others.
- work with an agent: this step is optional, however, a real estate agent can help you find the property you are looking for much faster; he will also be able to explain the process.
- due diligence: inspecting the property and making a documented choice before singing the property transfer documents falls onto the buyer; a minimum real estate due diligence is recommended.
The following documents should be verified during the due diligence: the title documents (the land register for the parcel or the house), leases verification and review as well as specific inquiries with the seller about the condition of the property. The property sale/purchase agreement can be a standard one and buyers are required to present personal identification documents when entering into the agreement.
The stamp duty is the only notable type of tax applicable to property purchases in the Cayman Islands. one of our agents who specialize in Cayman Islands incorporation can also provide information about the local tax laws.
- total population in George Town: 34,878;
- population in West Bay: 12,624;
- people in Bodden Town: 12,649;
- total population across all of the six districts: 65,813.
The Cayman Islands is a tax-neutral jurisdiction that also has no restriction on the ownership of land or property. This, together with the simple property purchase transaction, are the main reasons why foreign nationals are choosing to invest in real estate.
Investors who are interested in more information about property purchase in this jurisdiction can reach out to our Cayman Islands incorporation specialists. We provide complete services to investors who wish to open a company and can assist with further services in the post-incorporation phase, among which assistance for purchasing a property when the owner is a legal entity.