Historically speaking, property in Grand Cayman has performed well as a vessel for investment. That’s because the area continues to grow. Grand Cayman is a thriving financial center, with a bustling tourist industry attached. The island has monetized itself very well, which spells good things for potential investors looking for long-term value. The even better news is that there are options for almost every price level.
Tax-Free: What You Need to Know
Before we look at options, you need to know that the Cayman Islands has no property taxes. That means property in Cayman carries no annual financial obligations beyond any mortgage you may carry. However, properties are subject to a stamp duty that is due at time of sale. This fee helps fund the government of the Cayman Islands, and makes taxes a thing of the past.
Single-family residences are among the most expensive of Grand Cayman real estate, but there models that may fall within your price range. For those looking for less than a multi-million dollar home, Cayman Islands condos offer a significant benefit. In addition to the lower price tag, you also get amenities that make your stay more appealing. Pools, sunning patios and private beaches are possible with a condo.
Homes are the most expensive option, but the value of ownership is definitely worth it. Where homes make up their money, and even make more money, is as rental properties. Those who buy and hold Cayman property tend to rent their homes out for temporary residents on short-term stays. If you can get multiple tenants yearly, your property basically pays for itself.