Purchasing property in the Cayman Islands is attractive not only because of its Caribbean charm, near-perfect weather and ease of access, but also because the purchase process is acclaimed for its structured and straightforward practices. Here are some reasons why buying property in the Cayman Islands is as breezy as its trade winds.
1. Tax Neutrality
There are no income, property, corporate, capital gains or inheritance taxes in the Cayman Islands. A one-time stamp duty (land transfer fee) is generally applicable on real estate sales and is currently 7.5 per cent of the purchase price or value of the property (whichever is higher).
2. Ease of Access
The Cayman Islands is one of the closest Caribbean destinations to the United States. Direct flights from Miami are just over one hour in length, and flights from New York City are only three and a half hours. The Owen Roberts International Airport is currently undergoing a multi-million dollar renovation. Once completed, it will have capacity to welcome two million visitors annually, making it one of the most advanced airports in the Caribbean.
3. British Overseas Territory
The Cayman Islands is a British Overseas Territory. As a result, the jurisdiction enjoys...