When you scan the various Cayman real estate websites, you will see a MLS # for almost all properties for sale. What this means is that the property is 'Multi-Listed'. This enables any agent in the system to assist you with information about a particular property. Cayman Islands Real-Estate Brokers Association members are all on the Multi-List System - which means you only need to work with one agent in the Association to get information on any listing. If you deal with more than one CIREBA agent during the purchase, the sales price of the property will not be affected. This is called co-brokering. In this case, the commission is split evenly between the companies involved.
The Cayman Islands is ideal to sofisticated property investors for many reasons. Not only is it an inviting location to visit, but also there are no direct taxes: no income tax, no capital gains tax and no inheritance tax. The language is English, and the American dollar is readily accepted although the local currency is the Cayman dollar which is pegged to the US dollar at US$1.25. The way the government exists in the Cayman Islands is by putting a 20% importation fee on all goods brought on the island.
Although there is no direct form of taxation in the Cayman Islands, the Government imposes a one-time property transfer fee called "Stamp Duty" on real estate. This is usually paid by the purchaser at the closing of the transaction. The fee is 7.5% along the Seven Mile Beach corridor and 6% for the rest of the island. Furnishings are deducted from the sales price before calculating stamp duty.
If you are looking to purchase a getaway that is still close to all of the conveniences of modern life, or want to invest in a property that will serve as a popular rental for tourists, Grand Cayman Real Estate is right for you. Grand Cayman is home to George Town, the capital city of the Cayman Islands. With a population of just under 30,000 residents, George Town offers British sophistication complimented with Caribbean hospitality. This financial center appeals to both tourists and residents, who can enjoy the convenience of a city center with the friendliness of a small town. Watch a movie at the local theatre, spend a day on the golf course, relax at the spa, savor local cuisine, take a trip to the National Museum or Cayman Turtle Farm, or browse the many fine boutiques. Grand Cayman has it all.
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