Government and CIREBA have joined forces to offer huge incentives to property purchasers.

As of April 1, for 6 months, everyone who purchases property in the Cayman Islands will pay their Transfer Tax at greatly reduced rates. In addition, for those properties where the vendor has chosen to be in the program, the CIREBA Real Estate Brokers will pass along 20% of their commission in a rebate back to the Purchaser.

Stamp Duty rates on 7 Mile Beach and Commercial properties downtown drop from 7 1/2% to 5%, while rates for everywhere else drop from 6% to 5%. For Caymanians, the rates drop from 4% to 3% (except on 7Mile and George Town where they will be 5% for all).

For example:

• On a US$3,000,000 condo purchase on 7 Mile Beach you save US$105,000.
• On a US$1,000,000 canal home in Governor’s Harbour you save US$35,000.
• On a US$350,000 canal lot you save US$13,610.
• On a CI$50,000 lot purchase you save CI$1,500.

These discounts apply to properties, which are likely already discounted.

With stocks performing badly and interest rates so low, Real Estate in Cayman at discounted prices is a great investment option. Do not lose your hard earned savings. Invest in something that will give you a return year after year, both for your spirit as well as your wallet!

Check to see if the property you are interested in is part of the program.

PS – And don’t forget, no Annual Property Taxes here.

Call Coldwell Banker - 345-623-4411