The Basics of Buying Property in the Cayman Islands

Article written by Get Travel Tips

Summary: Everything you need to know to purchase property in Grand Cayman.

Considering buying property in the Cayman Islands? The government makes it easy to pass properties down to your children, and you can use Cayman Islands property rentals to accrue tax-free income. There are multiple benefits to owning property here, and that begins with knowing the basics.

No Requirements

Unlike other parts of the Caribbean, there are no requirements for off-shore investors to buy property. No proof of income, no residency requirements and no bank accounts required. You may purchase property on the islands as long as you pay the stamp duty due at time of sale, but the properties carry no other financial restrictions unless you sell or rent long-term. If you hire a Cayman property management firm, which is recommended, the cost is often offset by value from renters or increased equity.

Tax Free

Tax free doesn’t mean cost free. There are still some of the usual bills to pay during closing time, like agents fees, but you won’t owe annual taxes on the property. If you decide that you want to rent the property, for any length of time, you also won’t pay taxes on income that property accrues for you. Always consult a tax professional before you make a move like this, but the Cayman Islands have historically been viewed as a safe vessel to store money in the form of real estate.

If you hire Cayman residential property management to act as custodian for the property, your investment is basically on auto-pilot. They collect checks, maintain and clean, and work on behalf of the owner.

Bio: REM Services specializes in property management for properties in Grand Cayman, including commercial and residential rentals.