Written by: REM Services
Summary: Learn the secrets to property ownership in the Cayman Islands.
We’ve all heard the sales pitches about beautiful beaches and lively cities, but there are no doubt skeptics wondering how so many are able to make Grand Cayman real estate work for them. The real estate market in Grand Cayman tends to grow and hold its value precisely because the island remains a tourist destination, in addition to being one of the cornerstones of the financial market. Cayman property management is just one ingredient in the secret sauce of investing knowhow related to the Cayman Islands.
Red Tape
Grand Cayman is surprisingly easy to relocate to, own property within or to visit so long as you have a legal passport. You won’t need proof of income or bank statements to own property here either. The government only collects a stamp duty at the time of sale, or when long-term rental contracts are drawn up. That means you’re free to rent temporarily and gain tax-free income.
Grand Cayman condo rentals are also easy to pass down to family when you retire, or leave as a gift in your will. Succession laws are clear cut. There are contracts involved, but the process is relatively painless.
Serious Opportunity
The airport just expanded and multiple hotels are scheduled to be built in the next three to five years. Cayman Islands property rentals will be in high demand until those developments are completed, so foreign investors who buy now stand to see their value increase overtime while earning tax free rental income.