The government of the Cayman Islands has purposely made real estate investing easy for foreigners, making this a very attractive investment for anyone looking for long-term growth. Here are eight reasons why a property investment here makes perfect sense.
Real estate boom - The Cayman Islands luxury real estate market has grown massively in recent years. With so many hedge funds, banks and businesses based in the Cayman Islands, the real estate market is geared to the top end of the market. Yet in the last few years, the increase in demand for housing in the Cayman Islands has not been met by supply, resulting in higher prices as more people compete for fewer places to live. This undersupply is particularly true in the Cayman residential rentals market – despite ongoing and significant development activity.
No Property Taxes, No Direct Taxation - There is no income, property, corporate, or inheritance taxation in the Cayman Islands. A buyer only pays a one-time stamp duty payment of 7.5% on the purchase price of a Cayman Islands property, or the market value of the property, whichever is higher. There is also no annual property tax, which makes the cost of owning property all the more attractive. A residential investment property will generally generate enough income to cover expenses and can even make a profit because of this.
No Restrictions on Foreign Ownership - There is no restriction on foreign property ownership in the Cayman Islands so ownership can be held directly by the purchaser, via a trust or by a company, making it a straightforward transaction and a major reason why there’s such a strong market for luxury homes for sale in the Cayman Islands.
No Obligation to Develop Land - In most cases, you can also purchase land in the Cayman Islands with no obligations to develop.
Excellent Infrastructure - Between three hospitals, a wide range of public schools, 10 private schools, well-paved roads and modern stores and conveniences, Grand Cayman leads the Caribbean in its sophisticated infrastructure. High-speed wireless internet and telephone service are widely available, making it effortless to keep in touch with family, friends and business contacts overseas. Meanwhile, Grand Cayman’s Owen Roberts International Airport is undergoing a major expansion and the George Town port is undergoing redevelopment that will add further berthing facilities for cruise ships and mega yachts
Lively Social Scene and Lifestyle - The Cayman Islands has the highest standard of living in the Caribbean and the 14th highest per capita GDP in the world. The Cayman Islands are renowned for beach living, boating, golfing and – famously – the snorkelling and scuba diving. The abundance of exquisite dive sites draws thousands of avid divers to visit every year to explore the wonders of nature in this amazingly pristine Caribbean ecosystem. Overall, the islands offer an enviable lifestyle with outstanding cultural, music and sporting events, as well as a vibrant fine and performing arts scene. Among its many appealing features, the Cayman Islands is also a family-oriented destination, where families are safe to enjoy all the wonderful beaches, restaurants and entertainment that the islands have to offer.
Rental income - A thriving long- and short-term rental market offering great investment yields and returns. Vacation or non-resident buyers, and their Cayman realtors, tend to focus on beachfront luxury condos for hassle-free maintenance and because there are more condos than houses to choose from on the beach and water, where vacationers prefer to be. Investors looking for excellent returns on short and long term rentals look to Seven Mile Beach, where many purchase vacation/rental million dollar properties in Rum Point and Cayman Kai.
Culinary Capital of The Caribbean - The culinary influences of many regions is reflected in Cayman cuisine. Local specialities such as fish, turtle and conch are delicious and often less expensive as they don't need to be imported. With more than 150 restaurants, unwinding with a good meal in the Cayman Islands can include chic five-star dining as well as a more casual venue under the stars, or even a themed event. From traditional Caymanian seafood to Caribbean and Thai to Italian and New World cuisine, discerning diners are sure to find something to fit their taste.
All in all, the Cayman Islands is a great investment opportunity. Most people look at the tax status of the jurisdiction but miss other important benefits such as political stability and the consistent appreciation of real estate.
Invest in the Cayman Islands property that is right for you!
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