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| | | |  | Cayman Islands Real Estate Practices
Overview
Grand Cayman is the largest of the three islands and supports almost the entire population. The islands are a British overseas territory and attract a large number of expatriates who both live and work on Grand Cayman. As the fifth largest finance center in the world, the economy thrives on offshore finance as well as a booming tourist industry.
Caymanians enjoy the highest standard of living and the lowest crime rate in the Caribbean, supported by a stable economic, political, and social structure. There are no taxes on income, capital gains, property or inheritance in the Cayman Islands.
CIREBA (Cayman Island Real Estate Brokers Association) operates the MLS and there are mandatory CIREBA exams for sales associates to ensure a high standard of professionalism.
Real Estate Practices
Purchasers are not required to pay any fees as the commission is paid by the vendors (sellers). Depending on the price range of the property, the vendor will pay between five and 10 percent of the eventual sales price. Advertising is part of the service provided at no additional charge. International mortgages are available.
There is a sophisticated land registry and user friendly sales contracts which usually allow the sales process to be completed in one to six weeks.
Information courtesy of 5nternational Relocation Group/IRG Real Estate Ltd. Learn about local communities and neighborhoods in Cayman Islands
Welcome to the Cayman Islands
The Cayman Islands are located in the Caribbean Sea, 180 miles northwest of Jamaica, 120 miles south of Cuba, and 480 miles south of Miami, FL. Th... Read more
Real Estate in the Cayman Islands
With so much to offer—gorgeous and unique natural beauty, a fascinating history, and a strong economy—the Cayman Islands have not only attracte... Read more
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