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Buying Property in the Cayman Islands

October 13, 2011 | Comments: 0 | Views: 156

The Cayman Islands are made up of three islands Little Cayman, Cayman Brac and Grand Cayman. They are located in the Caribbean sea and are a British overseas territory. It is a fantastic location with great weather and for many reasons an ideal location to buy a home. Property for sale in the Cayman Islands has been popular amongst property investors not only because of its location but also because of the taxation system with no capital gains, no income tax and no inheritance tax - you can understand why!

The language is English with the Cayman Islands dollar (CI$) being the local currency however the US dollar is accepted everywhere. The government gathers its revenue by charging import duty which can be from 5% to 22% and particularly for cars anything from 29% to 100%.

The climate is typically Caribbean, the dry season is November to May and the wet season May to October.

If you are thinking of moving to and working in the Cayman Islands you need a work permit. You must apply for this before you arrive and you will need an offer of employment (the employer normally applies for this permit).

When you buy a property in the Cayman Islands you will be subject to the property transfer fee "Stamp Duty" and this would be paid by the purchaser as part of the closing fees. This fee differs from location to location eg along the Seven Mile Beach it is 7.5% and the rest of the island is 5% and upwards. Once you have purchased a property then the title is recorded at the land registry office along with any mortgage (Charge) on the property. Solicitors fees are negotiable and tend to be around 1% of the purchase price.

According to a report by CIREBA (Cayman Islands Real Estate Brokers ) property is on the increase and, in 2011, sales are up on those from 2010. In the September 2011 report it shows up to August 2011 property has seen an increase of 203% compared to the previous year. There has been CI$422 million in transfers up from CI$207million in 2010 and the figures are up on 2009 and 2008, but the actual number of transactions is down which means the high end property market is still good but the lower end is struggling.

Mortgages are available in the Cayman Islands and deposits are normally between 10-35%. There is no interest only mortgage available and you can ask to pay biweekly, which will reduce the interest payments and the term can be 20 to 35 years.

Property is available from Land, Condo's or luxury villas with the higher prices in the Seven mile beach area, but if you buy to let then rental is also high in this area.

If you wish to buy a property in the Cayman Islands or any other country in the world then visit our web site or if you wish to sell a property then you can place a free property advert with us.

Written by: Micky Davies October 2011 Look at our Property for sale by Owner web site for advertising your property anywhere in the world. You can even place a free property advert.

Source: EzineArticles
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