Grand Cayman Real Estate

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 is British sophistication meets 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 links, relax at the spa, savor local cuisine, take a trip to the National Museum or Cayman Turtle Farm, or explore the boutiques�Grand Cayman has it all. 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.

Additional buying Information for the Cayman Islands

When you scan the various Cayman Real Estate websites, you will see a MLS #, for almost all listings. What this entails 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 Broker�s 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. Using another CIREBA agent to sell a property doesn�t affect the sale price of the property. This is called co-broking. During these sales, the commission is split evenly between the two companies involved.

There is no direct form of taxation imposed within the Islands. Although there is a one-time transfer fee which is called "Stamp Duty" on real estate. This is due at the time of closing and is generally paid for by the Purchaser. The fee is 9% along the Seven Mile Beach corridor and 7.5% for the rest of the island. The Stamp Duty "tax" has been temporarily reduced by the Government to 5%. Furnishings are deducted from the sales price before calculating stamp duty.

Advantage of buying Cayman Islands Real Estate

The Cayman Islands is inviting for potential investors for many important reasons. Not only is it an inviting location to visit, but upon arrival there are no property tax, 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.

When you scan the various websites about Cayman Real Estate, you will see a MLS #, for almost all listings. What this entails 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. Using another CIREBA agent to sell a property doesn't affect the sale price of the property. This is called co-broking. During these sales, the commission is split evenly between the two companies involved.

There is no direct form of taxation imposed within the Islands. Although there is a one-time transfer fee which is called "Stamp Duty" on real estate. This is due at the time of closing and is generally paid for by the Purchaser. The fee is 9% along the Seven Mile Beach corridor and 7.5% for the rest of the island. The Stamp Duty "tax" has been temporarily reduced by the Government to 5%. Furnishings are deducted from the sales price before calculating stamp duty.

The Cayman Islands is inviting for potential investors for many important reasons. Not only is it an inviting location to visit, but upon arrival there are no property tax, 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.



Cayman Islands Government
http://www.gov.ky

Cayman Islands Department of Tourism
http://www.caymanislands.ky

Cayman Islands Planning Department
http://www.planning.gov.ky