The nature of some businesses in the Cayman Islands lends itself to frequent short-term visitors. Many people come for weeks or months at a time to see a deal through to its conclusion, or to meet with potential clients. Staying at a hotel for that time isn’t very feasible, so there is a growing demand for Cayman luxury property rentals. These rentals often have the same kinds of amenities a hotel has, with a setting and feel that is closer to home away from home.
Stamp duties are the Cayman government substitute for taxes, so your property is tax free in the traditional sense. You pay the duty at the time of sale, and again when you plan to rent the property for any extended period of time. These fees are not annual, nor are they recurring in most cases. They typically apply to documents and the transaction itself.
Property management companies offer a valuable service to offshore investors. It’s common to maintain Cayman Islands condos year round to cater to renters, or to the family who owns the property. These companies handle all maintenance, oversee the property and collect rent for a fee. The fee is usually well worth it if you can find consistent renters, as it frees you from the personal responsibility of micro-managing the property.
The Web has provided an excellent outlet to find more visitors and temporary renters. Classified ads, short-term rental sites and vacation hubs all present an excellent outlet to attract more renters to your property.
:: RE/MAX Cayman Islands specializes in the sale of Cayman luxury real estate, including condos and residential homes on Grand Cayman and the surrounding Cayman Islands.
Written by New York Socials
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Body Language Matters
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You Go First
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