Once our visitors have been welcomed by the locals, bronzed by the sun, and soothed by the sea, it is little wonder that so many of them wish to return. One of the main factors that truly sets Cayman apart from most other tourist destinations is that Cayman has no taxes: no sales tax, no income tax, no capital gains tax, no property tax and no inheritance tax.

There are a wide variety of property alternatives available in the Cayman Islands ranging from a small, secluded cottage in one of our sister Islands to a lavish condominium on the world famous 7-mile beach. There are many factors to consider when making a vacation home purchase decision. Many people like the convenience and flexibility of condominium ownership, while others prefer the idea of having a private home on the beach. Whatever your preference, the professional real estate agents in the Cayman Islands will be able to assist you in finding the vacation home of your dreams.

"What about the availability of mortgage money?" Yes, you can borrow here and the standard finance terms are 25-30% down, a 10-15 year term and a rate of prime plus one or two. The property you are buying will be your collateral, but your personal balance sheet must indicate that you can afford to make the repayments. Some banks here are small branches of larger Canadian or British banks, but some local banks have no connection at all to Britain, Canada, or the USA.

The most useful item with which you can arm yourself when you start your search is the CIREBA link magazine, it contains colour pages of properties actually for sale and will give you a very good idea of value and what is actually out there. Since it comes out quarterly it may be dated as properties tend to come and go, so it will be necessary for you to check with your chosen agent as to the current availability of particular properties. Good luck in finding the home of your dreams in the Cayman Islands! 

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