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What Investors Need to Know Before Investing in rental property in the Cayman Islands

December 17, 2014 by · Leave a Comment 

Written by: REM Services

Summary: Before you invest offshore in the Cayman Islands, read these tips on buying real estate.

You may have heard that the Cayman Islands was tax-free. It’s not wrong to call it tax-free, but the region is more like tax-neutral. Goods that come into the country are still subject to customs duties, work permits cost money to issue to expatriates, businesses licenses also cost and tourism income makes up for the bulk of the government money flowing in. The costs, while higher in some areas, are comparable or cheaper in others. As a result, owning rental properties in Grand Cayman has always been something of an attractive investment long-term. Here is what a foreign investor needs to know before buying real estate in the Cayman Islands.

Entry is Easier

If you wanted to purchase property in Bermuda, you’ll find that there are several legal speed bumps in your way. You’ll need to bring significant cash into the country, with an established bank account, and may need to jump through other hoops to buy property. Grand Cayman doesn’t carry these extra requirements; anyone can purchase real estate in the country as long as they pay the fee on the transaction, which is about 7.5%.

Value Increases Year Over Year

Grand Cayman offers a lifestyle unmatched in most other places. The Island has a busy night life, beaches are lively throughout the day with some of the best dive sites in the Caribbean and the urban areas are relatively crime-free. That makes the Cayman Islands an excellent vacation spot, which makes vacation rentals a popular investment. If you hire a Cayman residential property management company, you can watch your investment grow with little to no input from you directly.

Demand for property to rent is always high

There are many investment properties and opportunities in the Cayman Islands for both local and international investors no matter the budget. The number of ex-pats who arrive in Grand Cayman each year is growing and they all want great rental property for their duration of the work permit. REM Services offer relocation advice and will work with both landlord and tenant to find the best property and best tenant. Investment in rental property in Grand Cayman will benefit all involved.

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