Advantages of Buying Cayman Real Estate
When you are purchasing Cayman Island real estate, there are many advantages to recognize.
If you are staying for a while, mortgages come out to be much cheaper than renting over a three to five year period. There aren’t any restrictions on foreign ownership of Cayman Island real estate as long as the property is for personal use. There is no annual property or capital gains tax. Cayman’s Land Registry Office is very efficient, allowing for hassle-free transfers.
Each piece of Cayman Island real estate is registered under a special numbering system, which means that every owner is registered and the Government guarantees ownership of land. Potential real estate buyers may check the government records regarding whether a piece of property has any liens, charges or restrictions.
The government does not have a deadline for building, meaning you can keep real estate undeveloped for as long as you want. Building times in the Cayman Islands are very fast. Most homes up to 3,500 sq. ft. can be constructed within a six to eight month period. This allows your architect to acquire planning approvals.
It is very important that you take local and legal advice when purchasing Cayman Island real estate.
Especially when you are buying land from a company not based in the Cayman Islands. It has been seen that Cayman Islands real estate has been sold at a much higher price from international companies.
Here at Cayman Structural Group Ltd. we are dedicated to providing you with the home of your dreams. While working with us, we can ensure that you fall in love with your new Cayman Islands home. Every step of the way we will help you to allow for a hassle free process.