Cayman Is.: Overview

RENTAL YIELDS

Last Updated: Dec 14, 2007

No yields figure in the Cayman Islands

Prices of condominiums in Grand Cayman range from US$300,000 to around US$2.5M, or from US$3,600 per sq. m to more than US$8,000 per sq. m. The average price is around US$5,350 per sq. m.

There is not enough information on rents, for us to be able to estimate rental yields.

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TAXES AND COSTS

Last Updated: Aug 31, 2006

Absolute tax freedom in the Cayman Islands

There are no rental income, capital gains, or inheritance taxes, either for residents or non-residents.

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BUYING GUIDE

Last Updated: Mar 03, 2008

Buying costs are high in Cayman Islands

Roundtrip transaction costs are around 10% to 20.50% of the property's value. The buyer pays the stamp duty, which can be 4%, 6% or 7.5% of proeprty value, depending upon the location of the property and the nationality of the buyer. The agent’s commission is around 5% to 10% of the property's value, and is usually paid by the seller.

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LANDLORD AND TENANT

Last Updated: Aug 31, 2006

The law is pro-landlord in Cayman Islands

Rent: Rents and rent increases can be freely negotiated. Landlord power is strong. Landlords can (in practice rather than strict law) increase rents in mid-lease, and impose surcharges for late rents.

Tenant Eviction: There are no specific legal provisions regarding rental contract termination. Landlords often give tenants notice a few days before contract expiry. Using formal legal channels, it takes an average of 180 days to evict a tenant.

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ECONOMIC GROWTH

Successful offshore base has more companies than people

The Cayman Islands consist of a group of three islands; Grand Cayman, Cayman Brac, and Little Cayman, home to about 42,000 people. They receive an impressive 1.5 million visitors annually. As a successful offshore financial center, there are more than 65,000 companies registered in the islands, more than the population.

The Cayman Islands have enjoyed a thriving economy for many years, which grew by 3.8% per year from 2000 to 2003.

Grand Cayman's Seven Mile Beach is one of the very best beaches in the world. The number of visitors to the islands increased an average of 25% per year between 2000 and 2003.