Buying Plots of Land and Homes is Easy in the Cayman Islands
Ownership is Simple
With no restrictions on foreign ownership, owning real estate in the Cayman Islands is simple. The government guarantees title, and most title is "absolute" (fee simple). The Torrens system of land registry provides a Land Register for each property showing its legal description, history of ownership and record of any liens. The government guarantees title making title searches, and title insurance obsolete, saving that expense for the purchaser.
There is a one time stamp duty paid to the government to transfer the land of 6-7.5% in Grand Cayman,
and only 6% in Cayman Brac and Little Cayman. No property taxes, no inheritance tax in the Cayman Islands, ever.
Residency as a Retiree and/or Residency with Independent Means can be applied for with the following requirements:
a. be at least eighteen years of age
b. not have any serious criminal conviction
c. be in good health and possess adequate health insurance coverage
d. have attained the following financial standing:
Where the applicant intends to reside in Grand Cayman, he must satisfy the Chief Immigration Officer:
---that he has a continuous source of annual income in the amount of CI$150,000, without the need to engage in employment in the Islands; and
---that he has invested the sum of CI$750,000 in Grand Cayman of which at least CI$250,000 must be in developed residential real estate.
Where the applicant intends to reside in Cayman Brac or Little Cayman, he must satisfy the Chief Immigration Officer:
---that he has a continuous source of annual income in the amount of CI$75,000 without the need to engage in employment in the Islands; and
---that he has invested the sum of CI$250,000 locally of which at least CI$125,000 must be in developed residential real estate.after six months temporary residency, with a clean police record,
---investing US$200,000 in a home in the Cayman Islands, and payment of a one time fee to the government of CI$15,000.
Basics Before Building
You must acquire permission from the building and planning board prior to
beginning construction. All local architects can walk you through this process and usually know the current timeframe required. An application fee is paid to the government when filing the building
plans for review. Having the land properly surveyed, and obtaining boundaries and right-a-way easements, where applicable, should be done
before hiring an architect. Decisions regarding the source of the fresh water supply, septic tank requirements, and land fill needs can be discussed with the architect or the local government planning department.
Hurricane Preparedness
Listen to common sense and add tips from the locals, and you'll have a recipe for successful hurricane preparedness. Additional airline flights are always added to assist those wishing to evacuate to Miami and Tampa, Florida. Securing the hurricane shutters, and anchoring down or putting away any outside loose furniture or debri is essential for protecting property. It is wise to have a person on island, available to assist in this area if you are not in permanent residence.
If you are remaining in the islands, fill your fresh water supply at the house and fill the gas tank in your automobile. If using natural gas at home, make sure you have an
ample supply in reserve. If you cook with electricity, then invest in a good outside gas grill as a back up if your generator fails. Have batteries for all flashlights and radios and plenty of non-perisable food items and paper goods on hand.
