Cayman Islands luxury real estate truly lives up to its name. Grand Cayman is beautiful with some of the most highly valued property in the world. Cayman property offers offshore investors multiple benefits to purchase. Here are just a few of the ways investors stand to benefit.
Tax Free Holdings
When you purchase Grand Cayman real estate, you don’t pay any annual property taxes for any property. There is still a stamp duty fee paid at the time of purchase, which is 7.5% of the sale price less chattels, but you end up paying substantially less in taxes over the time you own the property than you would elsewhere. This is one reason why Cayman Islands holdings are so highly valued for long term investment.
When you purchase Grand Cayman property, you can hire the services of a property management firm to manage the renting of the property or do it yourself, if you reside on island. If you decide to rent your property to tourists, there is a small annual fee of $250 that is paid to the department of tourism. The property will then be inspected each year to ensure it is up to the standard expected. You of course pay for the services of the private management company, but there are no other fees or taxes owed to the Cayman Islands Government after your purchase transaction is completed. Any income earned from the rental property comes to you without a tax from the Cayman Islands government. Since the Cayman Islands is one of the most attractive parts of the world, it’s relatively easy to rent your property when you are not using it.
Use Rentals as Vacation Homes
Anyone can buy real estate in Grand Cayman, and many owners use their Cayman property as a second home or vacation property. Some come for business, as there is a thriving international banking industry here, others for pleasure to escape harsh winter climates. The Cayman Islands offer privacy, exclusivity and all of the luxury you would expect back home, often attracting international celebrities who can enjoy the tropical climate free of paparazzi. We take great pride in respecting the privacy of others, famous or not.
:: James Bovell and the Dream Finders team are experts in Cayman Islands property, specializing in the most beautiful and desirable homes in Grand Cayman.