Real Estate Practices in Cayman Islands
Overview of the Cayman Islands
Grand Cayman is the largest of the three islands and supports almost the entire population. The islands are a British overseas territory and attract a large number of expatriates who both live and work on Grand Cayman. As the fifth largest finance center in the world, the economy thrives on offshore finance as well as a booming tourist industry.
Caymanians enjoy the highest standard of living and the lowest crime rate in the Caribbean, supported by a stable economic, political, and social structure. There are no taxes on income, capital gains, property or inheritance in the Cayman Islands.
CIREBA (Cayman Island Real Estate Brokers Association) operates the MLS and there are mandatory CIREBA exams for sales associates to ensure a high standard of professionalism.
Real Estate Practices in the Cayman Islands
Purchasers are not required to pay any fees as the commission is paid by the vendors (sellers). Depending on the price range of the property, the vendor will pay between five and 10 percent of the eventual sales price. Advertising is part of the service provided at no additional charge. International mortgages are available.
There is a sophisticated land registry and user friendly sales contracts which usually allow the sales process to be completed in one to six weeks.