A Guide to Buying Property in the Cayman Islands for Foreign Buyers
With world-class beaches, superb quality of life and inviting tax incentives, the Cayman Islands has one of the most fast-moving property markets in the Caribbean.
If you are currently considering investing in real estate in the Cayman Islands but you are wondering “where are the best places to buy property in the Cayman Islands?” or “how do I go about owning property in the Cayman Islands as a foreign buyer” then this guide is for you.
Our guide takes you through the process of buying property in the Cayman Islands from beginning to end, including an introduction to the real estate market, the buying process and the taxes you will need to be aware of.
Overview – The Cayman Islands Real Estate Market
As a highly successful offshore financial center, the Cayman Islands has one of the strongest economies in the Caribbean region. High net worth individuals and businesses are attracted to its tax neutral status and one of the highest standards of living in the Caribbean. This trio of islands, which is located north-west of Cayman Islands, has much more to offer property buyers too.
With some of the world’s best beaches, including the famous Seven Mile Beach on the main island Grand Cayman and several luxury hotels, the tourism industry has been growing at record levels. The smaller sister islands Cayman Brac and Little Cayman offer a slower pace of life and beautiful scenery. All three are renowned for some of the best diving in the Caribbean.
With such a large number of hedge funds, banks and businesses based in the Cayman Islands, the real estate market is geared to the top end of the market – much like the nearby BVI. Property for sale includes luxury condos and beachfront homes for sale overlooking Grand Cayman’s Seven Mile Beach. Beachfront land for sale is also available on Cayman Brac and Little Cayman.
Buying Property in the Cayman Islands
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. There are no restrictions on foreign buyers acquiring real estate in the Cayman Islands.
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 property in the Cayman Islands is a relatively simple process, which typically involves the following steps:
- Begin your property search.
- Find your perfect property and make an offer.
- Once you have made a formal written offer in a standardized format and that offer has been accepted, you will be required to pay a deposit.
- You should have the property professionally inspected.
- Upon transfer of funds, both you and the seller should execute a Transfer of Land form and the transaction will be complete and title is guaranteed by the government via a computerized Land Registry system.
- Pay all required taxes and fees.
Buyers are required to pay a one-time stamp duty of 7.5% of the purchase price or market value of the property (whichever is higher).
Legal fees typically amount to an additional 1% of the purchase price of the property.
Search Cayman Islands Real Estate Listings
As specialists in luxury Caribbean property, we can introduce you to a wide selection of the finest residential property in the Cayman Islands.
Homes for Sale & Condos for Sale
Land for Sale
You can also browse undeveloped land. Purchasing a lot of land provides you with a blank canvas and the opportunity to build your dream home in the Cayman Islands.
Whether you are looking for beachfront land or a centrally located lot, we’re here to help you find the perfect lot of land for sale in the Cayman Islands.
For larger parcels of land for commercial development, please see our commercial real estate listings.
Hotels for Sale
Searching for hotels for sale in the Cayman Islands? Browse hotels, B&Bs and guests houses right here.
Finding the Perfect Property for Sale in the Cayman Islands
Discover the most sought after real estate investment opportunities and benefit from unrivaled insight into the market.
To find your perfect property in the Cayman Islands, search our Cayman Islands real estate listings.
Best Places to Buy Property in Grand Cayman
Discover Grand Cayman – Read our guide to buying property in Grand Cayman.
Discover Bodden Town – Read our guide to buying property in Bodden Town.
Discover Cayman Kai – Read our guide to buying property in Cayman Kai.
Discover Crystal Harbour – Read our guide to buying property in Crystal Harbour.
Discover East End – Read our guide to buying property in East End.
Discover George Town – Read our guide to buying property in George Town.
Discover Rum Point – Read our guide to buying property in Rum Point.
Seven Mile Beach
Discover Seven Mile Beach – Read our guide to buying property in Seven Mile Beach.
Discover West Bay – Read our guide to buying property in West Bay.
Best Places to Buy Property in the Sister Islands
Discover Cayman Brac – Read our guide to buying property in Cayman Brac.
Discover Little Cayman – Read our guide to buying property in Little Cayman.
Cayman Islands Residency
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 I become a resident of the Cayman Islands?
The Cayman Islands offers 2 routes to residency.
Firstly, individuals who have been lawfully resided in the Cayman Islands for a period of at least 8 years may be eligible for Permanent Residency.
Secondly, “wealthy retirees, entrepreneurs and investors” who are aged over 18, are financially self-sufficient and have invested in real estate in the Cayman Islands may be eligible for a Residency Certificate for Persons of Independent Means. Certificates are valid for a period of 25 years and are renewable thereafter.
How do I 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).
Mortgages in Cayman Islands
Looking for financing to fund the purchase of property in the Caribbean?
Contrary to popular misconception, it is possible for foreign nationals looking to invest in Cayman Islands real estate to apply for a mortgage.
Our partner – a very well respected international financial organization – offers mortgages for qualifying non-residents buying, building or improving a second home in the Cayman Islands.
For more information, see our page on: Caribbean mortgages.
Sending Money to the Cayman Islands
You could save money when investing in Cayman Islands real estate by using a foreign exchange expert to get the best rate for your property purchase. We have partnered with Halo Financial, a specialist in foreign exchange, to help you get the best exchange rates when making one-off or regular international payments for a property purchase in the Cayman Islands. To see how you could save money, read more: Foreign Exchange.
How to Get to the Cayman Islands
There are direct flights to the Cayman Islands from various cities across the United States, Canada and various Caribbean islands.
Flights arrive at Owen Roberts International Airport which is located in George Town near to Seven Mile Beach on Grand Cayman.
From the USA, there are direct flights to the Cayman Islands from Atlanta (Delta), Boston, Charlotte and Philadelphia (US Airways), Miami (American Airlines), Houston and New York (Continental Airlines) and Detroit and Minneapolis (Northwest Airlines).
From Canada, Air Canada flies from Toronto to the Cayman Islands.
From the UK, fly with BA from London.
From Jamaica, Air Jamaica operates direct flights from Kingston and Montego Bay.
Atlanta to Grand Cayman: 2 hours 45 mins
Boston to Grand Cayman: 6 hours 35 mins
Houston to Grand Cayman: 2 hours 55 mins
Miami to Grand Cayman: 1 hour 30 mins
New York to Grand Cayman: 5 hours 55 mins
Toronto to Grand Cayman: 4 hours 00 mins