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Mortgages are available in Cayman for residents, expatriates and foreign investors. There are a large number of banks and financial institutions offering mortgage packages in the Cayman Islands.
Interest rates for real estate in Cayman are based on prime plus one or two. Standard mortgage terms require 10% to 25% down payment plus closing costs, at a rate of one or two percent above the prime rate.
Loan duration is normally from 10 to 30 years, with most lenders eliminating pre-payment penalties.
When purchasing a property in Cayman a one time “stamp duty” must be paid at the time of purchase. Along Seven Mile Beach where there is high infrastructure, stamp duty is 7.5%. Duty on all other areas of the island varies from 5% upwards.
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