Visitors to the Cayman
Islands cannot help but fall in love with the place, no matter what part of the
globe they are from, and therefore frequently end up wanting to spend even more
time here. The charm of the people, the breathtaking ocean vistas and the
sophistication of the infrastructure all add up to an inviting holiday-home
destination.
Those entering into
the local real estate market should have no fear of the journey on which they
are about to embark, so long as they follow a few simple guidelines.
First and foremost
there are no restrictions on foreign ownership on property, which is great news
and cuts through any perceptions of red tape that prospective buyers might have
had. Secondly property can be held in a number of ways – by a person, a company
or a trust, so long as the entity in question is locally registered. Title is
guaranteed by the Cayman Islands Government, although there are certain aspects
of the conveyencing process that do require legal counsel, so it is always a
good idea to use a lawyer for this purpose.
To assist with the
sourcing and negotiating on a property it is wise to use the services of a
Cayman Islands Real Estate Brokers Association (CIREBA) member who has access
to the Multiple Listing System (MLS) which is the sharing of inventory among
CIREBA-member companies and agents.
It is essential that a
prospective buyer be comfortable working with their real estate agent. They
need to be someone you can trust and who has a proven reliable track record and
reputation within the market. It also helps if that person works for a brand
for which you may have had positive dealings in the past, a sure sign that the
relationship should be just as good here in the Cayman Islands.