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New to buying property in the Cayman Islands? Here’s a quick guide to the basics.
- If you work with a CIREBA agent like April Cummings, you’ll have access to all the listings across more than 30 companies. That means no matter who the original listing agent is, you only need to work with one agent. As members of CIREBA, our job is to ensure as seamless and trouble free an experience as possible.
- Cayman has no property, income or corporate tax and no capital gains tax.
- There are no restrictions on foreign ownership of property although full time residency requires approval from the Cayman Islands Department of Immigration.
- Stamp duty, which is payable on all real estate transfers and purchases (other than those between close family, aka ‘by love and affection’), is 7.5%. However, a first time Caymanian buyer will pay no stamp duty if the property is below CI$300,000 (2% if it is over CI$300k but does not exceed CI$400k) and is going to be owner occupied. Stamp duty on bare land purchases by first time Caymanian buyers are set at 2% for land that is valued above CI$100k but does not exceed CI$150,000.
- Stamp Duty is paid by the buyer on the purchase price or market value, whichever is higher (as assessed by the Lands and Survey Department), but not on chattels purchased with the property. Duty must be paid within 45 days of a contract being signed.