Business and vacation are the two big reasons for visiting the Cayman Islands. Many tourists return time and again, and some stay for extended periods eventually becoming residents. Grand Cayman caters well to this lifestyle.
The weather in the Cayman Islands is always sunny and mild, but with the potential for a few tropical storms throughout the year. There are prime spots for snorkeling, including actual shipwrecks, set in Cayman Islands’ clear blue waters. The Islands situated just off Florida’s coast have frequent daily flights to many major cities in North America and Europe, so there is never a problem accessing the mainland. The islands offer vacationers and residents a high standard of accommodation, services, entertainment and amenities in a safe and friendly environment, a combination rivaled the world over. With an extremely large expat population, Grand Cayman is also home to some of the finest private schools in the region, and fosters a wide range of sports and recreational activities including marathons, triathlons, competitive swimming, horse riding, world class tennis and golf instruction, gymnastics, soccer, cricket, basketball, baseball, roller hockey and more.
Should you choose to invest in a vacation property here or to reside in the Cayman Islands, here are some things you need to know before you purchase real estate.
You may have heard that Cayman Islands real estate is tax free. This is true, but it’s important to understand what you will owe at the time of purchase. Aside from the cost of the home, you’ll also owe a stamp duty that corresponds to the purchase price of the home, but there are no other annual property taxes or other fees owed to the Cayman Islands government for the time that the property is owned or even upon the re-sale of the property. There are no capital gains taxes owed to the Cayman government or even any inheritance tax should the property be passed on to one’s beneficiaries. If you decide to rent your property later, you can hire the services of a property management company. Should you decide to have the property available for tourist rentals, the property needs to be registered with the department of tourism, which ensures that a high standard of accommodation is maintained. This requires a small annual fee of $250, but there are no other fees or taxes owed to the Cayman government. You do however need to consider the tax requirements with respect to property income and capital gains of one’s home country, as this varies from country to country and is sometimes dependent on where one legally resides.
Legality and Ownership
Unlike the Bahamas, the Cayman Islands do not carry any kind of requirement to purchase Caribbean homes for sale on the island chain. Anyone can buy anything from a condo to a mansion or a plot of land, as long as they have the cash to complete the deal.
— James Bovell and the agents of Dream Finders specialize in luxury Cayman Islands properties