What To Search For In Real Estate Buying In The Cayman Islands
Investing or buying a property in a stunning Caribbean destination like the Cayman Islands embraces an obvious allure. However there are a host of other reasons linked to investing in real estate in the Cayman Islands that the savvy investors must be aware of.
Where Are The Best Locations For Real Estate Investment Purposes In The Cayman Islands?
Various areas that surround Grand Cayman’s capital George Town are exceptionally popular among the luxury real-estate purchasers. Today buyers can choose from a host of luxurious properties on sale in the resorts that spread across the world-renowned Seven Mile Beach or the beachfront houses in Savannah and South Sound along with various others.
What Process Is Involved In Purchasing A Property In The Cayman Islands?
Once the buyer has completed a written (formal) offer in a standardized format followed by the offer being accepted by the seller, the buyer is required to put down a deposit. It is advisable for buyers to make use of one of the real-estate attorney’s that are local to the area and the property must be inspected by a professional. On the transfer of the funds, the seller and the buyer will complete a Transfer of Land form which will then be recorded in the form of “title to the property” by an institution known as the Land Registry system. The state in the Cayman Islands guarantees that proprietors that happen to suffer a loss that arises from an error in the register that is unable to be corrected will be entitled to a compensation that comes directly from the Cayman Islands government.
Cayman Islands Life Is Less Taxing
When it comes to the view of taxes, the two most prominent benefits available to investors who buy properties in the Cayman Islands is that there are no real estate annual taxes. In actual fact there are no taxes for real-estate at all and the Cayman Islands is a host to a world-class financial-services center that comes with numerous benefits. This state experiences the highest in income-per-capita in the whole of the Caribbean.
No restrictions On Foreign Ownership
Unlike the Bermuda and the other Caribbean islands there are no restrictions in place for foreign-ownership of a property or properties, except the amount of properties foreign nationals can own without the requirement for a business-license. In fact the foreign ownership of properties is encouraged and promoted by Government that offers a guarantee associated to Title.
Property Transfer Ease
The transfer process of properties in the Cayman Islands has been rated as the most simple and efficient processes anywhere across the globe. The process necessitates one Land Transfer document that is signed by the Purchaser and the Vendor in order to transfer the Title legally. In the Cayman Islands it is a usual practice to have what is referred to colloquially as a “Search and Stay” put into place that covers the time frame that the transaction will take place in order to avoid changes that can be made to the title from another party. An example of this would be to stop any additional charges been added on to the price of the property.