Caribbean property closing costs and cash budget

Set up three amounts: the total cost to acquire the property, the cash needed to complete and the reserve you want to retain afterwards. Enter every item in the contract's currency. Obtain written quotes for professional services and written calculations for taxes and duties.

Record the purchase price, applicable transfer tax or stamp duty, legal work, registry and search fees, survey and inspection, valuation, foreign-purchase applications, mortgage charges, bank transfers and conversion costs. Add initial repairs, furnishing and connections to show the cost of getting the property ready for its intended use.

Ask whether each quote includes tax, whether a retainer has already been paid and whether the quoted work includes registration and reporting after completion. Identify conditional costs, such as another survey, a licence application or extra title work.

Use the purchase price plus acquisition expenses, then subtract loan funds available at completion and payments already credited to the price or those expenses. Add the initial works and reserve you need to fund at that stage.

For example, assume a US$300,000 purchase, US$20,000 of acquisition expenses, US$15,000 of immediate works and a US$10,000 reserve. The total is US$345,000. A US$210,000 loan reduces the buyer's total cash contribution to US$135,000. If a US$30,000 deposit has already been paid and credited to the price, the remaining cash required is US$105,000.

This is an illustration using hypothetical amounts. It does not set a tax rate, lender deposit requirement or expected fee for any country. The calculator below uses your own inputs and shows the same arithmetic.

The Cayman Islands Government announced that, from 1 January 2026, transfers at or above CI$2 million attract 10% stamp duty, using the higher of purchase consideration and market value. Request the applicable assessment and check whether any relief affects your transaction. Keep the CI$ threshold distinct from a US-dollar asking price. ^[1]

At an assessed basis of CI$2 million, 10% is CI$200,000 before any applicable relief. Other acquisition expenses still need their own budget lines. Confirm the current treatment of a company-share acquisition with counsel where the company holds Cayman land.

Ask the attorney for the stamp-duty calculation, the applicable residential or other classification and the evidence needed for any relief. The Ministry of Finance explains that relevant instruments are presented to the Inland Revenue Division with the necessary payment. ^[2]

The Finance Act 2020 amended the first-time-homeowner provisions, including references to two million dollars in the relevant conveyance exemption and mortgage-deed exemption. Ask for the applicable calculation under the legislation in force for your deed, including the treatment of joint purchasers and the property's use. ^[3]

Keep the lawyer's fee, valuation, survey and lender charges separate from government duty. An itemised completion statement lets you check which payments have already been made and which amounts remain due.

A foreign-purchase process can add government application fees, professional work and document-authentication expenses. In Saint Lucia, the legislation distinguishes the certificate process from the property licence. In Barbados, the Central Bank provides for registration of foreign investment funds. Ask for the exact work and charges required for your status and property. ^{[4] [5]}

Obtain the bank's conversion quote and transfer charges close to the payment date. Identify the amount that must arrive in the receiving account after any deductions. Build a practical margin into the transfer timetable and agree a verified payment procedure with your attorney.

Request the latest tax assessment, insurance quotation, shared-building or estate charges, maintenance records and management proposal. Ask about special assessments, major works, vacant-property insurance conditions and the timing of annual payments.

Keep an accessible reserve for repairs, an insurance deductible and a period without rent. Choose that reserve using the property's condition, the policy terms and your financial capacity. The rental-income guide provides a separate operating calculation.

Use this budget as preparation for a transaction-specific written estimate from your attorney, lender and insurer.