There are no restrictions on foreign ownership and in fact foreign ownership is what has made Cayman grow the way it has over the past 40 years. The land title system (Torrens) is the simplest world wide and the procedure for purchasing property is based on American and Canadian precedent but with half the red tape. Ownership can be verified by means of a simple check at the Land Registry and title is guaranteed by the Government, eliminating the need for title insurance. Title can be taken in a variety of ways including a corporation which does not reveal beneficial ownership. There is a government Stamp Duty fee on registration of title which is paid by the purchaser.
For foreign owners a one-time fee of either 6% or 7.5% (depending upon the location) is paid on the higher of the price or fair market value of the property, but NOT on furnishings (chattels) purchased with the property. Stamp duty along West Bay Road, on the water in the Seven Mile Beach corridor, and in the downtown George Town area is charged at 7.5%. In all other areas the rate is 6%. Caymanians purchasing property falling within the 6% duty rate area pay 4%.
Once you have zeroed in on a property you like, you will need to put down a deposit, usually 10% to accompany your offer. Closing periods usually range from 30-90 days. It is normal that much of the actual negotiation and transaction takes place by email, phone, fax, and Courier. There is usually no need for you to return for closing (unless you want to.)
Mortgage financing is available from some local banks generally between 50 % up to about 80% based on the three "C"s of lending CASH, ( how much of a deposit is being provided) CREDIT (what is the credit rating of the individual) , COLLATRAL )What is the value of the collateral being offered). A minimum of two years tax returns is usually required to verify income and employment information. Interest rates vary and are usually 1 to 3% above New York Prime.
As a member of CIREBA (Cayman islands Real Estate Brokers Association) , I have access to all listings - no need to call every listing agent individually.
Your time is valuable ? let me do the leg work for you!
Rick is your advisor and problem solver.