The Cayman Islands government policy that makes real estate investing easy for foreigners is a boon for anyone looking for long-term property investment growth.
Cayman Islands investments rely on political stability and low-to-zero tax exposure. This autonomous British Overseas Territory in the western Caribbean Sea is consistently ranked among the safest destinations in the region and has the added attraction of no annual property tax, corporate tax, capital gains tax, income tax or sales tax. There are very competitive laws on foreign investment that are designed to make it easy for people to buy property from abroad.
Buyers of property for sale in the Caribbean islands now include retirees and city dwellers looking for permanent residence to escape overcrowding and pandemic lockdowns in their home countries, where social distancing has taken the luster off urban living. Then there are the traditional investors looking for rental income, holiday homes, a commercial property that offers a good return on investment, or even undeveloped land for sale for other investment projects.
The Cayman Islands government has deliberately geared the system to make real estate investing easy for foreigners looking for long-term growth. Most real estate investment activity in the Cayman Islands comes from wealthy foreigners, meaning that if a recession – or a pandemic – hits, the impact on the market is not so severe, since these types of events don’t usually affect the wealthy in the same way they do the less well-off.
Temporary expatriates quickly see the attraction of buying a Cayman Islands residential property, where a mortgage tends to work out cheaper than rent over the short-term three- or five-year period of their employment contract. They also enjoy a tax-free windfall on the sale of the property when they leave the islands.
The property market is overseen by the Cayman Islands Real Estate Brokers Association. Its members adhere to strict rules and regulations, a code of ethics, and other guidelines. There is also a Multiple Listing Service which updates property information in real time online, allowing buyers to choose one Cayman Islands realtor while simultaneously having access to every other member’s property listings.
And it can all be done online, with virtual showings and videoconferencing facilities that allow an overseas buyer to view and make an offer quickly and without delays or added expense.
One of its prime attractions for a permanent or temporary relocation is that the Cayman Islands is a family-oriented destination. Crime is very low and families are safe to enjoy the pristine beaches and waters, the restaurants and entertainment on offer. English is the official language, telecommunications, transportation are world-class and expat families can choose from five international schools providing primary and secondary education of high quality.
As well as having the highest per capita income in the entire Caribbean, the Cayman Islands is a place where the local people are friendly and warm, where locals and expats from over 100 countries live, work and play together as one community. New residents quickly appreciate the laid-back atmosphere and enjoy the many lifestyle options available in a friendly and safe environment without undue concern for their health or security.
With a top global ranking as an offshore financial center and tax-neutral economy, as well as the highest standard of living in the Caribbean, there is a Cayman Islands investment property to suit just about every well-heeled lifestyle and budget. And given the high quality of construction and the wide range of properties available, the perfect bungalow or condo, statement villa or multi-million-dollar beachfront mansion is there just waiting to be found.