Cayman Islands Buying Property in the Cayman Islands

Buying Process, Fees & Taxes

Can foreigners buy property in the Cayman Islands?

Yes, foreigners can buy property in the Cayman Islands and the Government of the Cayman Islands welcomes investment from overseas buyers. Unlike some other destinations, there are no restrictions on foreign buyers acquiring real estate in the Cayman Islands and no annual property taxes.

Property can be purchased in the name of an individual or corporation which may offer tax benefits.

Foreign investors can also purchase land and there are no requirements to develop the land within a defined time frame, unlike other Caribbean islands.

Buying process

Buying property in the Cayman Islands is a relatively simple process, which typically involves the following steps:

1. Begin your property search.
2. Find your perfect property and make an offer.
3. Once you have made a formal written offer and the offer has been accepted, you will be required to pay a deposit.
4. A contract will be drawn up stipulating the terms and conditions of the transaction.
5. Upon transfer of funds, both you and the seller should execute a Transfer of Land form and the transaction will be complete.
6. Closing takes place upon satisfaction of the terms and conditions outlined in the contract and payment of all required taxes and fees.
7. As each land lot in the Cayman Islands has a designated block and parcel number, title ownership is simply and securely recorded in a computerized Land Registry system. Ownership of each parcel is guaranteed by the government of the Cayman Islands. This simple, secure and effective system means there is generally no need for title insurance and allows for the rapid completion of property transactions.

Fees & taxes

Stamp Duty

Stamp duty is the largest additional cost paid by buyers at the time of closing. This one-time payment to the Cayman Islands Government amounts to 7.5% of the purchase price or the market value of the property (whichever is higher).

Stamp duty is not payable on the furnishings or chattels of the property.

There are concessions on stamp duty available to Caymanian first time buyers, as follows:

For Caymanian first-time buyers purchasing developed residential property:

• No stamp duty on values up to CI$550,000
• For properties valued between CI$550,000 and CI$650,000: stamp duty assessed at 3.75% on the difference above CI$550,000 only
• Properties over CI$650,000: full 7.5% stamp duty applies

For Caymanian first-time buyers purchasing raw land:

• No stamp duty on values up to CI$250,000
• For land valued between CI$250,000 and CI$350,000: stamp duty assessed at 3.75% on the difference above CI$250,000 only
• Land over CI$350,000: full 7.5% stamp duty applies

For groups of 2-10 Caymanians purchasing their first property together:

• Developed residential property: No stamp duty up to CI$600,000
• Raw land: No stamp duty up to CI$450,000

Caymanians purchasing their second property also receive reduced rates:

• Developed residential property: 3.75% stamp duty on values up to CI$600,000
• Raw land: 3.75% stamp duty on values up to CI$300,000

Stamp duty ranging from 1% to 1.5% is also payable on mortgages.

Legal Fees

Legal fees typically amount to an additional 1% of the purchase price of the property.

Residency & Citizenship

How long can a foreign citizen stay in the Cayman Islands?

Citizens of the USA, Canada, EU and the UK may generally stay in the Cayman Islands on holiday for up to 6 months without a visa.

How do you become a resident of the Cayman Islands?

Residency Options for Investors (updated 2025)

The Cayman Islands offers several pathways to residency for qualified investors and entrepreneurs:

1. Residency Certificate for Persons of Independent Means

• Investment requirement: CI$1,000,000 (US$1.2M) in developed real estate
• Annual income: Demonstrate CI$120,000 (US$145,000) continuous annual income, OR maintain minimum CI$400,000 deposit in a Cayman Islands Monetary Authority regulated local institution
• Physical presence: Minimum 90 days annually in the Cayman Islands
• Certificate validity: 25 years, renewable
• Work rights: No right to work (certificate holder may work only in the business in which they have invested)
• Application fee: CI$500; Issue fee: CI$20,000

2. Certificate of Permanent Residence for Persons of Independent Means

• Investment requirement: CI$2,000,000 (US$2.4M) in developed real estate
• Physical presence: Minimum 1 day annually
• Status: Lifetime permanent residence with no expiry date
• Work rights: Certificate holder and spouse may apply for variation to obtain right to work
• Citizenship pathway: Eligible to apply for naturalization as British Overseas Territories Citizen after 5 years of legal residence
• Annual quota: Subject to limit of 250 certificates under current legislation

Reduced Requirements for Sister Islands

For applicants intending to reside in Cayman Brac or Little Cayman, the requirements for the 25-year certificate are reduced to CI$500,000 total investment (with at least CI$250,000 in developed real estate) and CI$75,000 annual income requirement.

Additional Options

• Certificate of Direct Investment: For investors in approved local businesses (25-year renewable certificate with work rights in the invested business)
• Residency Certificate for Substantial Business Presence: For senior executives or significant shareholders in approved offshore businesses

All applicants must demonstrate good health, obtain local health insurance, and have no serious criminal convictions. Spouses and dependent children may be included in applications.

How do you become a citizen of the Cayman Islands?

Individuals who have been legally resident in the Cayman Islands for at least 5 years may be eligible under the British Nationality Act to apply for naturalization as a British Overseas Territories Citizen (BOTC).