The Cayman Islands is a much sought-after British Overseas Territory located in the Caribbean – the ideal place for vacationing and, with a rising real estate market, an appealing place to own luxury real estate. With exclusive residential enclaves, oceanfront condominiums and luxury villas dotted throughout Grand Cayman, there is property available to delight any potential buyer.
The Cayman Islands is an increasingly popular destination, particularly with North American travelers who can easily access the islands via year-round direct flights from major gateway cities like Toronto, Chicago, New York, Boston and Dallas. The trendy destination features great weather, exceptional views, and sensational resorts. In fact, the opening of new resorts such as the Kimpton Seafire Resort + Spa has led to an increased interest in the islands. With the destination rising in popularity, owning real estate on Grand Cayman can be a compelling proposition.
Consider a Resort-Residential Property
One of the most popular questions people ask when they think about buying property in the Cayman Islands is, “Where should you look?”
For those who want to live where they vacation, there are exclusive resort-residential condominiums on Grand Cayman’s Seven Mile Beach adjacent to some of the island’s best resorts. Two exceptional options to consider are The Residences at Seafire and The Residences at The Ritz-Carlton, Grand Cayman.
As the newest resort on Grand Cayman, the AAA Five Diamond-rated Kimpton Seafire Resort + Spa is a great place to spend a vacation and the adjacent Residences at Seafire offer the privacy you expect from a luxury condominium with the amenities of a world-class resort.
Another great option is the Residences at The Ritz-Carlton, Grand Cayman. With all the luxury you would expect from the Ritz-Carlton name, these oceanfront properties feature open floorplans and one of the most coveted locations on Seven Mile Beach.
For international buyers, the beautiful Caribbean scenery and beaches is not the only appeal of owning real estate in the Cayman Islands. The Cayman Islands is a tax-neutral jurisdiction meaning there are no property taxes save a one-time stamp duty (land transfer) fee of 7.5% of the purchase price or the value of the property (whichever is higher). There are no restrictions on foreign property ownership and the Cayman Islands government guarantees the property title.
Additionally, those who purchase property in the Cayman Islands are eligible to reside in the territory for a period of up to six months without the need for an additional travel visa.
Foreign buyers who purchase property valued at US$1.8 million or higher are eligible to apply for a 25-year renewable residency certificate allowing them to reside on the island full-time.
The ease of purchase and wealth of options to choose from make owning luxury Grand Cayman real estate an attractive proposition.
The Cayman Islands is a true tropical paradise and owning luxury property there can be an asset for years to come. Its growing appeal to tourists, steadily increasing property values and the ease of foreign ownership makes it the ideal destination to buy real estate. If you are thinking about purchasing luxury property abroad, the Cayman Islands should be at the top of your list.