Choose a broker who understands your Real Estate needs
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.
Advantage of buying Cayman Islands Real Estate
The Cayman Islands is ideal to sophisticated 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.