Written by: James Bovell
Summary: Find out what you need to know before you buy real estate in the Cayman Islands.
The Cayman Islands have become a thriving financial hub because of the financial sector’s ability to handle money from any country on the planet. That financial sense translates to real estate too, where non-natives can purchase Cayman property anywhere that they may wish to settle. Before you consider a property on these amazing islands, you should be aware of a few important formalities that must be settled.
The Cayman Islands is commonly referred to as “tax free,” and so many people hoping to purchase Cayman Islands real estate think they are getting a tax-less deal. This is technically true, but you must pay a duty due at time of sale. Properties here are free from annual taxes, but the government collects its funding in the form of duties that are due upon certain large transactions. Real estate sales are the most common example, but also one of the most commonly overlooked. Remember to factor this cost into the purchase price of a home.
Open for Business
Unlike places like the Bahamas, real estate in Cayman Islands is legal for anyone to purchase. As long as you have the money to afford the land you want, you can purchase property in Grand Cayman. No hoops to jump through, no proof of income.
One of the hidden benefits to living in Grand Cayman is the sense of privacy you get here. Grand Cayman has a thriving night life, a bustling city and beautiful beaches. It also has tons of privacy. The island frequently receives high profile guests who come and go without press intervention.
Bio: James Bovell and the Dream Finders team specialize in homes for sale in Grand Cayman