New Incentive Program!!
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, 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 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!
PS ^ And don’t forget, no Annual Property Taxes here.
Call Coldwell Banker - 345-623-4411