The Cayman Islands has one of the most effective and efficient system of land registration in the Caribbean. This system is based on the registered land system in the Cayman Islands and the Australian Torrens System. In fact, the Torrens system of land registration has been refined continuously, and has been adopted in many countries around the world.
Today, The Cayman Islands is a booming Crown Colony as it has opted to stay as a British overseas territory. Tourism is booming in Cayman and so is the construction business. There is much Cayman land for sale, but as a discerning buyer, you need to exercise some caution while purchasing land for sale in Cayman Islands.
Nevertheless, when it comes to Cayman Islands land for sale, vacant land in Cayman is a considerably disregarded and miscalculated real estate investment as is the fact in most other parts of the world. Not many investors are capable of understanding the superior benefits that come along with buying raw Cayman land. While putting your money in vacant land in Cayman is one of the best investment propositions, you also need to consider another side of the story, which we have described below:
- In what way has the land been zoned?
If one considers Cayman Islands properties for sale, buying land in Cayman Islands is a simple and straightforward process. However, zoning information is the most vital to understand because you will come to know whether the land has been classified for residential, agricultural, industrial, commercial, or mixed-use. You can also enquire about what kind of property would be allowed on the land that interests you.
- Will you be able to access public utilities easily?
Although this problem could rarely crop up in Cayman, you will still need to find out if you can easily access essential utilities such as sewer, water, electricity, gas, and phone on the land upon which you intend to build property. Even inability to access even one of these public utilities could mean an obstacle to your objective of building on the concerned land.
- Would you like a beach front or canal front property?
If yu are looking for a beach front or a canal front property, make sure to check out the required land regulations and make sure to get the land evaluation done as this would form a strong base for your beautiful beachfront/waterfront property!
- Have you hired a land surveyor?
It may be necessary to hire a chartered land surveyor who will evaluate your potential purchase. Thus a topographical survey may be essential and so will an early assessment to ensure that the foundation for any suitable structure is suited to the property.
- Has the stamp duty been paid?
In case you buy land in Cayman, the stamp duty on land transfers is 5% of the stated consideration or market value whichever is the highest, as assessed by a government valuer. However, the rate is 9% from George Town to the West Bay Cemetery.
There is no restriction on foreign ownership of real estate in case the property is for personal use. In the case of raw land, there are no deadlines for building on raw land unless stipulated within the covenants for a particular development. Let’s hope that you find the right land parcel you have been looking for. Good Luck!