The Cayman Islands are made up of three islands, Little Cayman, Cayman Brac, and Grand Cayman. They are located in the Caribbean Sea and are a British Overseas Territory. It is a fantastic place with good weather and for many reasons an ideal place to buy a house. Properties for sale in the Cayman Islands have been popular with real estate investors not only because of its location but also because of the no capital gains tax system, no income tax, and no inheritance tax. You can understand why!

The language is English and the Cayman Islands dollar (CI$) is the local currency; however, the US dollar is accepted everywhere. The government earns its revenue by charging import duties which can be anywhere from 5% to 22% and, in particular, for automobiles, from 29% to 100%.

The climate is typically Caribbean, the dry season is from November to May and the wet season from May to October.

If you are considering moving to and working in the Cayman Islands, you need a work permit. You must apply before you arrive and you will need a job offer (the employer normally asks for this permit).

When you purchase property in the Cayman Islands, you will be subject to the “Stamp Duty” property transfer fee and will be paid by the buyer as part of the closing fees. This fee differs from place to place, for example, along Seven Mile Beach it is 7.5% and on the rest of the island it is 5% or more. Once you have purchased a property, the title is recorded at the land registry office along with any mortgages (charges) on the property. Attorney fees are negotiable and tend to be around 1% of the purchase price.

According to a report by CIREBA (Cayman Islands Real Estate Brokers http://www.cireba.com) property is on the rise and in 2011 sales are higher than in 2010. In the September 2011 report it shows up to August 2011 ownership has seen an increase of 203% compared to the previous year. There have been 422 million CI$ in transfers compared to 207 million CI$ in 2010 and the figures are higher than those of 2009 and 2008, but the actual number of transactions has decreased, which means that the high-end real estate market It’s still good, but the lower end is struggling.

Mortgages are available in the Cayman Islands and deposits are typically between 10-35%. There is no interest only mortgage available and you can request to pay bi-weekly which will reduce interest payments and the term can be from 20 to 35 years.

Property is available in land, condos or luxury villas with the highest prices in the Seven Mile Beach area, but if you buy to rent, rent is also high in this area.

If you want to buy a property in the Cayman Islands or any other country in the world, please visit our website http://www.online-property-sale.com or if you want to sell a property, you can place a property ad with us.