Buying property in the Cayman Islands can save you significantly if you plan to spend a lot of time on the island, especially if you're there during the peak of the tourist seasons. The cool thing is that the Cayman Islands don't have a residency requirement, which means you can own property there without being a permanent resident. Here's a look at some things you need to know about Cayman Island property ownership before you purchase.
Easily Accessible Property Information
The Cayman Islands identifies every piece of land with a parcel and block number. As part of that registration, every property owner is listed as well. If you're interested in a specific property, this makes it easy to see exactly who owns it. Additionally, the records for properties are easily accessible, so you'll be able to ensure that the property isn't bound by any liens or restrictions.
Buying Undeveloped Land
Another great thing about investing in property in the Cayman Islands is that they don't place build deadlines on most undeveloped land. You can buy a plot of land and hold it indefinitely if you want to with no restrictions. In fact, some families in the Caymans invest in land that they can hold for generations so that the family has more land to build on when needed.
Building on Undeveloped Land
If you decide to build on the land, though, make sure you allow sufficient time for planning and permits. The builder is going to need several months to get the necessary planning approvals. In most cases, you can expect your home to be ready within about a year of starting the process.
Another thing you'll want to consider is the property inspection and survey. Any time you buy land in the Cayman Islands, you need to request the conditions site survey. This is a process of evaluating the property for structural stability. It's important, because any soil that could erode will need to be reinforced as part of the home's structure. Sometimes, you'll need to use pilings under the foundation to support the structure. Otherwise, your home may shift in the soft sand.
As you can see, buying land in the Cayman Islands isn't as complicated as it could be, but you're still going to want to be sure that you're prepared. As a foreigner, understanding these insider tips about buying land is a great way to make the process a sure success. Talk to a Cayman real estate agent about your options today.