Buying property in the Cayman Islands

Hi,

can a foreigner buy property in the Cayman Islands?

If so, is it complicated? What is the process of purchasing a property in the Cayman Islands?

Any tips for buying property, such as a check-list of items to verify ?

Thanks in advance for participating!

Christine

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Yes, foreigners can buy property here, but ownership doesn't carry the right to live here permanently. The cheapest one-bedroom condo is USD100,000, more or less, and there isn't much land available for less than say $35K. Oh, plus stamp duty of 7%. The process is simple, but it is always prudent to do it through a lawyer. Anyway, any prospective buyer should visit first; never, ever buy land you haven't seen!

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Hi Gordon Barlow!

Thanks for helping ;)

Armand

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question - is it true an expat MUST put 30% down payment to buy property in the island?

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There's no legal requirement, but the banks would want 30% or so before they gave you a mortgage - and then only if you were legally resident here. Chloe: if you live on Seven Mile Beach, you must know that already!

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http://www.caymannewsservice.com/node/1 … ent-221269

This is a relevant thread carried by Cayman's alternative media. None of the postings are mine; I merely pass this on to give readers here a broader range of opinions.

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Gordon, thanks for pointing that out!

No actually I don't know that already - I'm a renter, not an owner.. yet!

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Butterfield accept 10% down payment for 20 year mortgage. So you are not entirely correct on the 30% minimum Gordon.

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Well, I think you got an excellent deal, Chloe, especially if you're on a Work Permit.  Good for you!

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Well its not really an 'excellent deal', this deal is being offered to the general public - WP holder or not.

Happy to share this information if you don't know it already :)

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Chloe, it appears that you are quite right and I was way out of date! I do apologise. I have learnt a useful lesson - namely, that I must start listening to my wife's reports on what she does at the office. She processes mortgages at one of the large-ish law firms, and told me last night that some of the banks have become a lot less strict than they used to be. 90% financing is not uncommon and nor are 20- and 25-year mortgages for Work Permit expats (who have a term limit of ten years these days, increased from seven years just in recent months).

At a time when foreclosures are running at record levels, and much of the local property market is drifting in the doldrums,it seems strange to me that any banks are extending 90% financing. It doesn't leave them much room for safety. I'm very sorry that Butterfield is among them. We have several accounts with Butts, so I had better watch them rather carefully lest they start lending 100% of collateral.

I think you did get an excellent deal from the bank, and I hope you got an excellent deal on whatever property you bought. I wish you well.

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