Buying an apartment, not only as a perfect place to live but also as an investment in Cayman Islands real estate is a great choice. This tropical paradise draws visitors from all over the world to enjoy its top-rated beaches, dive sites, restaurants and amenities, and the serenity of island living in the Western Caribbean.
If you are considering relocating or investing in a property, here are five benefits of buying an apartment in the Cayman Islands.
- You can’t go wrong by buying luxury real estate in the Cayman Islands. With a prosperous economy and status as a top international financial center, the Cayman Islands continue to draw new residents from all over the world. Development on the island is booming, and housing is in demand. What better time to buy an apartment and settle in with your family?
- You are likely to get a better deal by buying sooner rather than later. While there are many apartments for sale in the Cayman Islands, demand is increasing along with development and tourism. If you wait too long, prices may rise. With numerous apartments for sale in Grand Cayman, the largest of the three Cayman Islands, you are sure to find the property that is best suited for you, in the neighborhood you prefer. Since Grand Cayman is such a small island – about 76 square miles (197 square kilometers) – there is no such thing as a bad location!
- It’s easy to buy Cayman Islands properties. The government welcomes foreign ownership, to the extent that there are no restrictions on foreign ownership of real estate in these islands. The land title system is among the simplest in the world, and the procedure for buying property is based on American and Canadian precedent and is relatively free of red tape.
- Mortgage financing is available. Most local banks offer mortgage financing based on the deposit amount (usually 10 percent down), the buyer’s credit rating and value of the collateral. Interest rates are usually 1 percent to 3 percent above New York Prime. Closing typically takes places within 30 to 90 days.
- There are no annual property taxes and no capital gains taxes. While the buyer must pay a Stamp Duty fee, there are no property taxes as in the United States. This is a considerable saving over time when you invest in Cayman Islands property. And remember, your property is an excellent value for money when you take into consideration the islands’ prosperous economy, stable political climate, and that it is a friendly and safe place to live. With new development on the island and more and more businesses relocating to Grand Cayman, apartments are always a popular option for expats who choose to move here.
Take a look at apartments for sale in the Cayman Islands and find a great property that fits your needs and your budget!