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OWN A PIECE OF PARADISE--CAYMANS

by Sport Diver Staff

CAYMAN OWN A PIECE OF PARADISE

The Cayman Islands have a lot to offer the non-resident interested in buying a home either for retirement, as a vacation home or as a permanent residence. The Caymans have no taxes; meaning no sales tax, no income tax, no capital gains tax, no property tax and no inheritance tax. With fantastic weather, beautiful beaches, amazing diving and little restrictions for buying property, it makes the Cayman Islands a perfect place to own your own piece of paradise. Here are some basic questions and answers about buying land or homes in the Caymans collected from several Internet resources. For more specific information contact the Caymans Government, or for general information check out some of the other informational Web sites like ehow.com or cayman123.com.

Note: While we've done our best to verify these websites and resources are legitimate, www.sportdiver.com and Sport Diver magazine cannot be held liable for information obtained from these sources. Each individual is responsible for verifying any information obtained through this or any other Web site.

Can I buy property in the Caymans?
Simply put, yes, but with restrictions. One can own property outright if the title is guaranteed by the government and is recorded with the Cayman Islands Land Registry. Non-residents can own real estate in the name of the individual or in the name of a corporation. Title to property is "absolute" or fee simple, which is based on the Torrens system, where each property is registered, showing the legal description, history of ownership and records of any liens.

Some additional purchase information:

  • A downpayment of between 25-30 percent is customary with a 10- to 15-year loan term.
  • There is a one time "stamp" tax of approximately five percent of the sales price due within 45 days of the sale.
  • Note: Although legal representation is not required, it's recommended that in any property purchase, a competent and reliable attorney be consulted.

Can I work in the Caymans?
The work requirements are very specific for the Cayman Islands. If you plan on working on the islands, you must get a work permit. There are many types of work permits and each one has certain requirements the prospective employee must meet. For more information on working in the Cayman Islands, go to the Caymans Government web site.

Can I become a permanent resident of the Caymans?
Yes, under certain circumstances and after fulfilling certain requirements under the Caymans immigration laws. Some of the basic permanent residency requirements are:

  • Apply for residency with the Caymanian Status & Permanent Residency Board.
  • You must have been a legal "resident" for at least eight years.
  • Permanent residency is granted based on a point system, and points are given for fulfilling certain requirements.

For more on how to become a permanent resident, go to the Cayman Islands Immigration Web site.

REAL ESTATE BROKERS

This list was collected from the Cayman Islands Real Estate Brokers Association.

Disclaimer: The information and resources listed here are deemed correct at the time of publishing and are not an endorsement nor do they reflect the opinions of Sport Diver magazine and the PADI Diving Society or Bonnier Corporation. Each individual is responsible for investigating and verifying any information obtained through this or any other website

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