Sue Nickason of Dart Real Estate attended the annual owners’ conference hosted by Christie’s International Real Estate (CIRE) in Paris, France in April 2019. As the exclusive CIRE affiliate in the Cayman Islands, members of the Provenance Properties team attend the annual owners’ conference, which presents an opportunity for affiliates from across the globe to gather and share industry insights.
At this most recent conference, Sue participated on a panel with CIRE CEO Dan Conn, Hawaii Life Real Estate Brokers CEO Matt Beall, and Michael Baynes of Maxwell Baynes in Bordeaux France, and left the conference with three key takeaways about the Cayman Islands’ attractiveness to international buyers.
Ease of Ownership
International property buyers want a seamless and straightforward purchasing process. In the Cayman Islands there are no restrictions on foreign ownership of property and the Cayman Islands government offers a “statutory guarantee” of title, offering compensation to any who suffer a loss due to Land Registry errors. Consequently, title insurance is not required.
The Cayman Islands has a democratically elected government with the Privy Council in the UK serving as the highest court of appeal. The British Overseas Territory has a well-established history of political stability.
The Cayman Islands is a tax-neutral jurisdiction. There are no income, corporate, property, capital gains, inheritance or value added taxes. A one-time stamp duty (land transfer tax) of 7.5% is applied on residential transactions. There are no special taxes or land holding licenses applied to real estate acquired by foreign buyers, making the Cayman Islands an increasingly compelling place to acquire property abroad given the barriers being imposed on foreign property ownership in other locales.
For more on how easy it is to purchase real estate in the Cayman Islands, including a description of the timing and process of the average purchase, download our free Buying Real Estate guide by subscribing to our newsletter here.