Relocating to The Cayman Islands
If you are considering purchasing a second property or relocating to the Cayman Islands, the Dream Properties team is here to assist you.
We offer more than just locating a suitable house, providing valuable advice on becoming settled on the island, finding the best schools, banks, and vehicles. Our team offers comprehensive services, and our agents go above and beyond to ensure that our customers become satisfied homeowners. |
Stamp DutyExemptions for first-time Caymanian buyers are available, and the stamp duty rate is 7.5% of the market value or sale price, whichever is higher, paid by the buyer. Additionally, a rate of 1% is charged on mortgages of less than CI$300,000, while mortgages of CI$300,000 or higher are subject to a rate of 1.5%.
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ConveyancingA fee commonly referred to as a property transfer fee is applicable, which is equivalent to 1% of the value of the property.
The aim of conveyancing is to ensure that the buyer acquires legal ownership of the property, and that the seller is able to transfer it without any legal obstacles. Legal conveyancing is typically carried out by a solicitor or licensed conveyancer who is regulated by the relevant legal authority. |
Strata FeesIn the Cayman Islands, the management of condos and shared property complexes is commonly done through a strata plan. It's important to note that the size of these plans can vary, and this should be taken into consideration when going through the purchase process.
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Property ValuationProperty valuation refers to the process of determining the market value or worth of a property. It involves assessing various factors such as location, condition, size, and features of the property to arrive at an estimated value. Property valuation is typically performed by professional appraisers. Typically, a property valuation is carried out by the buyer and is mandatory for obtaining a mortgage from local banks. The cost of valuation may vary.
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