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Buying Property in the Cayman Islands

Buying Property In The Cayman Islands

May 02, 2019

Its all about you

Welcome! You are about to embark on the exciting journey of finding your ideal home in the Cayman Islands. Buying a home might easily be one of the most exciting and biggest personal decisions of your life.

While this guide is intended to inform you of every step of the buying process we will personally ensure you don't miss out on anything on the market and don't pay more than necessary.

More importantly, every homebuyer is different and having someone on your side who fully understands and anticipates your unique wishes and requirements in key.

As a property buyer in the Cayman Islands, there's absolutely no cost to you in hiring a real estate agent as any commission is paid by the seller. Expert advice, zero charge.

Let's start this exciting journey together. We will always be here with you!

Why owning your own home?

Home sweet home! Without a doubt, who did not dream about owning their very own four walls? Finally a place you can call home… Despite the unique emotional connection with owning a property the following points are not to underestimate:

  • It's a very strong investment, especially in Grand Cayman
  • Great potential for appreciation for a future sale of your property
  • Enhanced Quality of Life
  • Gain control over your living space
  • Paying your mortgage versus paying rent (paying rent literally only means you are currently paying someone else's mortgage)

Benefits of owning property in the Cayman Islands

Buying real estate in the Cayman Islands is a very straightforward & simple process and unlikely matched by any other Caribbean island. Given we have no restrictions on foreign ownership, no annual property taxes, no capital gains taxes to be paid locally on the sale of a property and a guaranteed property title, the Cayman Islands can pride themselves as a uniquely charming location for investors and soon to be homeowners like yourself.

Cayman boasts year round balmy warm weather, a melting pot of cultures with a vast number of high-class restaurants paired with breathtaking nature from West Bay over the famous Seven Mile Beach until its more rural parts of the eastern districts.

With over 125 nationalities living together in harmony, CaymanKind describes the kind and genuine approach towards each other here on our small but extremely well developed island.

Grand Cayman is currently experiencing an unprecedented development boom in real estate including vast enhancements to the already strong infrastructure, the arrival of world-class international events and the airport expansion resulting in more direct routes to Grand Cayman.


Steps involved in buying real estate

(Don't be shocked by the lengthy description, I just want you to be on top of the game)


1. Contact us

It is crucial you have a person on hand you trust to guide you through this exciting journey.

2. Mortgage Pre-approval (if required)

Pick your bank of choice and setup a meeting

This is essential for you to know the exact amount you qualify for and to speed up the process once your offer has been accepted. In addition, sellers feel more comfortable accepting an offer when you have already been pre-approved

3. Determine your goals with us

Meet with us to determine your very specific property goals, dreams and preferences for your new home

4. Visit homes and fall in love

We will ensure you don't miss out anything available on the market and share all relevant options with you. Access to the Multiple Listing Service (MLS) of CIREBA will enable us to select suitable property options out of a pool of hundreds of properties available in the Cayman Islands.

5. Identify "The one"

We always recommend visiting the property a second time once our offer is handed in, ideally during a different time of the day.

6. The Offer to Purchase

If you decide to move forward with a specific property we will prepare the Offer to Purchase (OTP) for you to sign. This is a standardized document of CIREBA (Cayman Islands Real Estate Broker Association) and used by all Agents.

Based on your very specific needs, conditions for the purchase can be added. The most common ones are as follow:

  • Subject to the purchaser obtaining a valuation for the property by xx date (this costs around $500-1500 and to be paid by the purchaser).
  • Subject to the purchaser conducting a home inspection to his / her sole satisfaction by xx date
  • Subject to the Vendor providing a copy of the strata-by-laws, the minutes of the last Strata meeting to confirm their financial solvency, the latest financial statement(s) detailing and special assessments planned and the insurance cover note, section 6(4) and confirmation of the monthly costs.(All of those documents will be provided by the Seller / Strata)
  • Subject to the purchaser receiving bank financing by a class A bank in the Cayman Islands to his / her sole satisfaction by xx date.

The closing and other dates are important terms of the contract so that each party is fully aware of the time frame in which they must operate. Something which we won't let you miss!

Other clauses can be added based on your individual requirements.

The OTP then gets forwarded to the listing Agent / Owner for revision.

7. Negotiation

We will be assisting you in negotiating in order to achieve a win-win situation between you and the seller

8. Accepted offer

If accepted, owner signs the OTP, which you can then present to your bank in order to start the mortgage process. At this point the property status is changed from "Current" to "Pending Conditional" (meaning an offer has been accepted and the conditions mentioned earlier need to be waived first in order to move forward with the closing)

Property is changed to "Pending" if no conditions are present or property is a cash deal.

5-10 % down payment to be paid to the listing agent's company who will hold this amount in Escrow for the vendor.

At a later stage, once all conditions are satisfied and waived with your agreement, the Offer to Purchase Contract will become pending and your deposit is non-refundable unless the seller cannot complete the sale.

9. Start the Mortgage Process with your bank

Your bank will require a list of documents in order to process your mortgage request. The individual requirements vary with each bank and will be shared with your during the initial pre-approval meeting.

10. Property Valuation

Your lending bank will coordinate the valuation of your chosen property. Your mortgage amount will be based upon the result of the valuation. The costs of the valuation are covered by the buyer and will form part of the closing costs.

11. Closing preparation

Your bank will involve a closing lawyer to assist with the property transfer. The partial legal costs are to be covered by the purchaser. All parties involved will then agree on a closing date.

You will receive a Section 6.4 which is a document detailing any outstanding strata fees to be paid by the seller. You will join the strata with a $0 balance. In addition, you will be given an insurance cover note as a proof of insurance for the building.

12. Final walkthrough of your home

Let's walk your future home one last time to ensure it is in the same conditions as during your property showings

13. Closing day

All parties involved meet for the closing, checks are exchanged, new ownership is confirmed & keys handed over. You will receive a copy of the transfer documents, which enables you to transfer CUC and Water into your name

Congratulations - You are the proud owner of a home in the Cayman Islands!


Costs involved in purchasing a property in the Cayman Islands (Mortgage based)


Percentages are based on the total property value and may vary slightly depending on your bank


Deposit 5-10%
Property Stamp Duty 7.5%
Gov. Stamp Duty 1.5%
Agreement Stamp Duty 0.5%
Bank fees 1.0%
Legal fees 0.5-1.0%
Valuation of property $CI 500-1000
Disbursement Costs $CI 400-800
Down payment (varies based on our mortgage agreement)

All costs above excluding the 10% Deposit will form the total closing costs.