The closing costs in Cayman can vary - it depends on your particular relationship with your bank, as well as your ability to come up with deposits. For example, if you're a local you may only have to come up with 5%, whereas if you're an overseas investor and you're not living in the Cayman Islands, the bank may require you to put down as much as 30%. It's always going to depend on your relationship with the bank.
There is a one-time stamp duty, which is our transfer tax, or our version of a one-time property tax. You also have other costs - legal fees will cost you around 0.5% and the bank will require an evaluation and life insurance, which could cost you anywhere from $500 to $1,000, again, depending on the property. Lastly, the bank and government commitment fee will be about 1% to 1.5% of the purchase price.
As you can see, there are a lot of different fees involved in the closing cost. If you don't have a lot of experience with the process, you may end up spending more than you want to. That's why I highly recommend contacting me, so I can do a specific analysis for your particular scenario.
I would love to help you pin down what your actual costs are going to be, which could range from 14% to 40% of the purchase price. Give me a call or reach me online for the assistance you deserve. Thanks, and have a wonderful week!
